During the COVID quarantine, consumers have moved toward online channels, with companies and industries responding in turn.
Evidence shows that the need for digital strategies require corporate strategies that take digital into account. At leading companies, digital and corporate strategies are unified.
There is plenty evidence that alignment on strategy and strong leadership result in success during disruptions or transformations. The extent of technology’s differentiating role in this crisis is crystal clear.
What differentiates successful companies from the others is talent, the use of cutting-edge technologies, and a range of other capabilities. To succeed, you need a culture that encourages experimentation and early acting.
As a general rule, companies which have invested in tech-transformation processes, have increased revenues from both existing and new streams. The broader use of technology supports greater value creation.
Talent and culture are central for technology transformations. Companies face skill gaps and cultural differences, problems while changing cultures and ways of working, and difficulty in finding talent to fill new positions and roles. Talent also seems to impede progress at companies that haven’t pursued tech-transformations.
Top performers execute more transformation actions than others. Usually, building capabilities in one area requires the development of others at the same time because these capabilities reinforce one another.
Top performers also follow practices that encourages a stronger partnership between technology and business. At these companies, IT and business teams are much more likely to work together to both develop strategy and deliver technology.
Almost any company is facing this scenario, from B2B, B2C, to D2C.
So, you may ask yourself: is my company in the right track ?
Fabio Fabri, Coordinador General de Consultoría de Auren Argentina.