Never in our lives have we seen such a sudden shift in business required.
The recent coronavirus (COVID-19) outbreak has caused a dilemma for all businesses in the midst of digital transformation and acceleration, including @IGNW
On the one hand, this current situation will force companies to adopt rapid evolution and get serious about prioritizing the shift to virtual business. In order to survive, business must be able to be conducted online at every level - no more stalling - and this isn’t just about ecommerce, it’s our full business and social lifecycle. Everything from where we shop for food, to how we meet and socialize, how to see our doctor, get prescriptions, be entertained and stay informed. For companies, it’s how we manage the business and our teams, meet with one another and collaborate, and how we outreach to customers, handle logistics, complaints, and managing reputations- and how we do this in an automates fashion. It also means that influencing customers must happen in innovative new ways, and the ability to rapidly adapt to online competition will create the need for even more unprecedented software velocity, use of AI and implementation of data-ops strategies. So, what’s wrong with this?
On the other hand, the sheer panic and uncertainty in the markets, and the impending unprecedented loss of jobs or B2B partnerships and customers is causing companies to pause and rethink their fiscal priorities- especially right now. What was a priority 30 days ago may no longer be a priority in the “new normal” of the digital era that is coming next. Thinking about the “why” is more important than ever. The labor market shortages for businesses will be relieved for some time to come, as short-term unemployment will increase, creating competition for jobs that just 30 days ago went unfilled. This will also create an employer advantage, at least in the short term, where none existed in the last 3 years.
What’s next at work? Employees will increasingly work more and more remotely, or in isolation in the case of an outbreak, using collaboration tools like Webex, Slack, Google Docs, and Microsites. Cross platform integrations with those tools means that companies can quickly and effectively collaborate with each other. Bots and AI will help to keep track of things and allow for unprecedented scale of people. PTO policies will change. Conferences will be thought about differently. Customers’ digital interactions will increase dramatically as people reduce reliance on face to face, while increasing their confidence in collaborating with AI.
The New Online Citizen: The reality that each of us knows is that our online presence has INCREASED in these last several weeks and savvy companies will know how to capitalize on this permanent new reality. Amazon’s announcement of 100k new hires is confirmation that this “king of digital business” sees busy times ahead for online. The long term need for digital velocity has never been more imperative. There are undeniable shifts in how companies will do business now and forever, vs. just a few short weeks ago. Many of these shifts will create unprecedented efficiencies and customer relevance, which will create GDP and HELP the fragile economy in the long run.
What about IGNW? I continue to believe IGNW is extremely well positioned long term in the Digital Velocity segment and change is good for our company, our clients, our people and their families. I also believe that some customers and industries will slow their digital plans while they rethink digital strategy and where to apply funds and what to do next, but this could be dangerous as digitally savvy competitors will outperform the digital “have-nots”. Coronavirus is a tragic situation for people and potentially disastrous for the global economy, but there are several industries that are poised to transform themselves as a result. This bodes well for IGNW and for the people that those industries serve.
If your business is being negatively impacted today, you need very fast digital outcomes, or you need short term or long-term help with your people, project or strategy as a result of the coronavirus outbreak, please contact IGNW today. We have solutions that can reduce significant burdens that you may face and will be here to partner with the spirit of helping.
To learn more about how IGNW is committing to our customer’s success and safety through the coronavirus outbreak, please visit our announcement here.