During the initial Covid-19 pandemic lockdown, we surveyed businesses and discovered that, plans to increase spending on technology-driven transformation tracked closely with concerns about economic conditions. In fact, the data indicates that people concerned with economic disruption were 20 percent more likely to plan increased spending on transforming their business with technology. I work in the business transformation arena and can certainly affirm this.
Equipped to Rebound
As businesses are adapting to the anticipated economic recovery, there is reason to believe that companies with a progressive mindset toward technology investment will be well equipped to recover faster. While technological innovation will doubtlessly play a role in accelerating recovery, it is important to remember its vital role in helping companies here and now. As learnt from the financial downturn of 2008, providing the necessary process changes and analytics will ensure effective and informed decision-making.
High-tech service
Innovation has had to be swift.
Service organizations and regulators for example went to huge lengths to service communication networks, refrigeration, heating units and medical equipment etc., to ensure we were all fed, stayed warm and safe, as well as connected. Faced with the challenges of social distancing measures and travel restrictions, many businesses turned to new technology in order to keep the world running for us.
For example, organisations such as Alfa Laval, Munters and Panasonic quickly innovated and pivoted their operations with a state-of-the-art merged reality (MR) solution that enables technicians, engineers or customers in the field to share real-life situations with remote product experts in real-time to solve problems that would previously have required one or more in-person service call. By blending two real-time video streams into an interactive environment for mobile devices, hands-on service and repair instructions can be visually demonstrated and then acted upon.
These companies are ensuring new ways of sharing instant access expertise in a manner that is safe for customers and employees. Importantly, these new technologies also enable companies to rethink how skills and resources are remotely delivered.
Survive and thrive
During a downturn or economic shock, some will flourish and outperform competitors. Covid-19 has created a new landscape where challenger businesses have the opportunity to surpass the legacy players in their sector.
When the economy is strong, companies produce and sell as much of their goods as they can. During a downturn, however, the opportunity cost of business transformation projects is lower, giving companies a golden opportunity to redirect resources at tech innovation programmes.
Technology can make a business more transparent, flexible and efficient. Leaders should make use of data and analytics to understand their business and how the crisis is affecting it to make informed decisions quickly and to spot the potential for efficiencies and improvement. By introducing automation, companies can cut costs and improve margins. The right technology can also help businesses carry out changes to their products and supply chain.
Opportunity knocks
The challenge facing businesses today is twofold: There is the urgent need to navigate current crisis while simultaneously planning for recovery. Many businesses will have no choice but to find new ways of running their business and to generate new revenue streams.
Stay tuned to the realities of the shifting business landscape and adjust your course accordingly. Look for opportunities to evolve your business. Perhaps through diversification or by adding service layers to what your business already does or makes. Where is your opportunity?
By Alan Laing
About Alan Laing
As Managing Director, Alan is responsible for driving the Company’s business in the UK and Ireland. Before joining IFS in 2018, Alan was Executive Vice President and Managing Director of Sage’s business in the UK and Northern Europe. He has also served as Senior Vice President Western Europe at Avaya and Vice President at Oracle where over 14 years he worked in several roles, in many countries.
Alan’s 30-years technology career began at DEC where he worked in the UK and Asia Pacific, based in Hong Kong. Before joining Sage, he held a number of leadership and executive roles in Acronis, Avaya and Portal Software.
Alan lives just outside London and in Dublin, Ireland with his wife, and has one son. He is passionate about sport and helps to raise money for grass roots rugby in Scotland. He is also an Aberdeen Football Club fan and shareholder.
