In Formula One racing, “winning in the turn” refers to how racers break away by seizing opportunities that others see as risks. Getting ahead during the Covid-19 crisis requires your company to do just that.
We can talk forever about the devastating effects Covid-19 has had on workers, businesses and even nations. Instead, let’s look at the silver lining: Using technology, your company has an unprecedented chance to pull ahead.
Treat New Expectations as Norms
One of the biggest changes that impacted businesses during Covid-19 was the loss of customers. EY’s Future Consumer Index shows that 42% of respondents expect to change how they shop; nearly as many, at 35%, plan to change the products they buy.
“I don’t think we’ve seen a moment in time where so many customers are saying, ‘I want you to sell to me differently,’” said Jeff Wong, EY’s global chief innovation officer.
Unlike Formula One racers, however, your business isn’t simply circling a track.
“To predict and reframe your future, you need to innovate. Agility, flexibility, and resilience are your goals; strategic use of technology is your ticket to customers,” continued Wong. “And, remember, a third of them want something other than what you’ve been offering.”
These aren’t temporary, one-time changes. What you sell, as well as how you sell it, needs to change.
Take retail for example. Many companies put together delivery systems and rolled out contactless pickup services for the first time during the Covid-19 pandemic. Software helped these companies take orders and provide a safe, efficient experience for everyone.
The genie is out of the bottle. Businesses won’t just give up delivery-based revenue streams. Customers won’t suddenly stop wanting purchases placed in their vehicles when the crisis abates.
Delivery and pickup services are the table stakes. Pulling ahead will require redefinition and reinvention.
Redefine Your Service, Not Just Your Services
Technology can facilitate new services. But these days, how you serve customers matters as much as the services your company offers.
For obvious reasons, healthcare companies have been ahead of the curve here. Rather than send patients to their primary care doctors for screening, some health insurers are using a chatbot developed by Microsoft and EY to screen potential Covid-19 cases.
Look for win-wins. Using chatbots as a first line of defense, insurers and customers save money. Providers can spend more time on critical cases. Users get answers immediately and without the risk of entering a doctor’s office.
Chatbots aren’t the only solution available to you. Artificial intelligence tools can audit client agreements and budgets for errors. Robotic process automation can reduce in-office staffing needs, putting fewer people at risk of infection.
Technological disruption doesn’t have to be disruptive. In the context of customer service, it should actually do the opposite by streamlining how you operate. The same is true for your long-term planning.
Build a Better Normal
Businesses found themselves in uncharted waters during Covid-19. Few were prepared for lockdowns to take away their employees, cut off supply chains, or slow their operations to a standstill. Many pined for a return to normal.
If Covid-19 has done anything good, it’s that it has opened leaders’ eyes to the importance of preparedness. But preparing for the future is, by definition, different than recreating the past.
One of two futures lies ahead for your organization: One possible “next normal” is that decisions made during the crisis lead to stagnant sales and a steep loss of customers. The other is that bold decisions lead to a burst of innovation and productivity.
Neither outcome is inevitable. Where do you want your business to be in two, five, and 10 years?
Business intelligence tools that simulate the spread and recession of Covid-19 can help your company plan for shorter time horizons. If you see a wave coming, for instance, you can send employees home to work remotely before it hits.
Over the longer term, changes must be more robust. Technologies that promote trust and efficiency will be important in order to compete.
Blockchain is a good example. Although its most popular application is Bitcoin, some platforms use the technology to tokenize key business assets, such as contracts and inventory audits.
Because the blockchain is immutable, inventory cannot be lost. Client agreements cannot be forged. Even physical assets can be protected in this way: Crop insurers can use blockchain-based smart contracts to transfer funds if local temperatures fall below 32 degrees Fahrenheit, for example.
Business transformation can take many forms. Virtually all of them, however, require organizations to use technology in ways that are unfamiliar and even uncomfortable.
The Covid-19 crisis has been nothing if not unfamiliar and uncomfortable. Lean into it. Treat it as a shot in the arm, not a shot in the foot. Let technology pave your company’s path to the checkered flag, even if it seems far off at a time like this.
(Syndicated press content is neither written, edited or endorsed by ED Times)
