The Corona pandemic has acted like a reset button for organizations. Everyone was forced to start in this new digital race. Even the organizations which weren’t leading on a certain field, now have the chance to adapt quickly and to prove themselves.
The next 5 years will be vastly different than the last 5 years, and we all have the chance to win this race. The truth is, online, now more than ever before, is where this race is held. For some it will be easier to adapt than for others to this increasingly important playing field. We have to let go of some old fashioned business models and restructure them for the new hybrid world.
Here are some thoughts for everyone who is standing before this big change:
- The trend of people and businesses moving online has increased in the past years, and last year even more. The expectation of customers have also increased, probably a lot more than we realize, and most companies come up short on these expectations. Customers want products and experiences which are self-explanatory, easy to use and work without any hiccups. Customized products and communication will continue to win over more and more customers – especially in the online world.
- The speed of implementing your digital presence is an important factor. Especially now, it could be crucial to skip some steps to win this race. For example, maybe we should not work on a new website, but develop an amazing app instead. Maybe we should not work on new technologies for hybrid cars, but focus on total electromobility right away. Only those who will make the right decisions now, will have advantages in the long-run.
- Artificial Intelligence, automation and data attribution will be crucial in the next 5 years. Especially AI will be a necessity to scale businesses. It will play an important role in areas such as marketing or CRM and will change industries like insurance or bank sectors entirely. Even when AI is still relatively young, the presence or absence of it will determine the way you start this race.
- Glocal Approach: The pandemic has shown that the global connection is not a problem, but the solution. It’s amazing how quickly the whole world has adapted to this new way of living. Globalization will continue accelerating. At the same time I think that a lot of things will be more regional, for example there will be more production sites close by, which will drive innovation and quality.
- The right people have always been important in business, and this will continue to be fundamental in the coming years. I’d recommend shifting the focus on your team. Every employee in your company should not only have knowledge in the areas of digital, data, customer experience, but also the right growth mindset. Maybe it is time to reflect, how good, really, is your team? Maybe it is time to invest in, or expand your team, or both.
We are looking at the future, and that future is digital omnipresence as well as hybrid solutions between the analog and digital world. This race may look very different in a few years, to start strong, companies should reconsider how up to date they really are. Look at your strategy, look at your tools and look at your people, make the necessary changes in 2021, and you may win this race.
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