2020 has been a tough year, bringing lamentable loss to lives and businesses.
The sudden knock of the COVID-19 pandemic was characterized by dire consequences, deeply affecting the businesses’ momentum. The strategies devised by even the biggest businesses of the industries stood defunct in the face of the health threat crisis followed by the grand global lockdown implemented in more than 20 countries.
Business Transformation during the Time of Crisis: The Need And Pace
Given the belief of authorities that contactless operations could curb the spread, the businesses couldn’t depend on their traditional practices. This resulted in a growing need for digital technologies and digital transformation strategies.
Business transformation at the inopportune time of crisis won’t be the same as it is under normal circumstances. According to a survey by Harvard University, senior executives of 70% of 1,000 companies stated that pandemic would accelerate business transformation and that it would be the only way to combat the economic effects of COVID-19 on businesses.
Why is now the best time to come up with Fresh AI Strategies?
The unforeseeable hit by the black swan event left the previously planned strategies lifeless. It is time to devise an intelligent strategy that could prevent businesses from short-term negative effects and help them adapt to the permanent effects of the crisis.
The following points would reveal how the current situations are favorable to a vertical change:
- Mitigated Market Reaction for Experimentation
Since the focus of the world is on the crisis and its effects, and markets are at a recovery phase, the sheer disruption that the vertical business strategies could bring normally to the effect is mitigated for a brief time period.
- Favorable Changes in Almost-Flattened Customer Adoption Curves
It is evident that customers are generally reluctant to abrupt changes and require considerable time to adopt new processes. However, since the crisis has had a major effect on the population, the spirit to compromise and adjust is escalated. Businesses can harness that spirit to create a positive change for themselves and customers.
- Crisis-Characterized Readiness to Change at All Levels of Organization
The internal business teams work in silos and are reluctant to change. The most kinetic business managers and shareholders demand immediate profits. Now that the black swan has had its massive effect on businesses, the urgency to revive has leveled-up the readiness to embrace changes at all levels within organizations.
Recover and Gain Profit with best Enterprise AI Solutions
Given the current unprecedented scenario, the need for business transformation cannot be overlooked. Businesses that stick to unshakable inertia and hope everything would snap back to normal would eventually land out of their cloudland or would have to shut-down.
Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.
Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.
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