Digital Transformation Post COVID-19 in the business world will see continued changes in digital transformation, DTC, platform model, brand building and digital marketing.
Get Ready for the Post-COVID-19 Business Reality
As more and more people are getting vaccinated in the US, and offices are starting to reopen beginning of this summer in 2021, it is time for business leadership to get ready and plan ahead.
Accelerate digital transformation
Many organizations have experienced accelerated digital transformation and have adapted work-from-home during COVID. How much of these changes will be integrated into the post-COVID business model depends on the nature of each business. To continue the higher efficiency achieved from virtual meetings and reduced commute time, without sacrificing in-person teamwork and company culture may require C-suites to come up with structural changes for their companies. This is an opportunity for companies to create a hybrid of work-from-home and in-office model, and to accelerate data, workflow, and digital transformation and innovation.
For those companies that were not fast enough to adapt more efficient ways of working, and/or in areas most impacted by the pandemic, new opportunities arise in the field of M&A, other than bankruptcy or closures.
Brand Trust and Digital Marketing
COVID has drastically increased business’ needs for online networking and digital marketing, and this will continue to be the norm. Organizations not only need to update their websites and social media profiles, but more importantly they need to first conduct competitive analysis and brand positioning strategies in order to prepare a company to be the industry leader. As digital marketing is getting more and more complex and increasingly reliant on content, using B2B brand-building and marketing experts such as 10 Plus Brand, Inc. may help get a company started on the right track.
Allocation of Resources
To meet the new challenges and the post COVID realities, ask questions such as:
Are clients’ needs and expectations changed?
Are changes needed for my company’s products and services? If so, what are they?
Is a new round of financing needed?
Do workers/employees need to be upskilled? Retrained?
How to enable more creativity and collaboration among the workforce?
What are the priorities?…
DTC; E-commerce; Platform Model; Social Good
The lockdown due to Coronavirus has populated direct-to-consumer (DTC), cutting out the middleman between manufacturers and the wholesalers and retailers. For those manufacturers directly accessing their customers via e-commerce and direct shipping, new financial infrastructure and logistics need to be perfected, and there are new liabilities as well.
The pandemic has exposed that the old linear model of a factory assembly line is no longer agile enough to cope with disruptions; while the platform based ecosystems of collective operations of technologies, services and products are on the rise to bring consumers and producers together. Visionary business leaders will look ahead and get ready for digital transformation post COVID-19.
Industries and corporations are increasingly expected to contribute to social good, sustainability and the environment. Companies with negative reputations for greed-oriented profit seeking at all costs can be shunned by consumers and end users. Companies like Apple that prioritizes users’ privacy gain long term customer loyalty.
To fully anticipate and embrace the new post-COVID realities will prepare companies to be the leaders in their industries, in the fast changing technological world.
A2ZCFO, both the Right and Left Arms for your organization
A2ZCFO takes pride in helping small business owners prepare for either storms or calm weather, and navigate safely through rough waters. As a consulting CFO, I help business owners and management to “keep your ship on course.”
We help with any aspect of financial management from A to Z. By providing trusted financial advice, I create financial and goal clarity, resulting in increases in cash, profitability and sales all the while preparing the business strategically for a successful exit when the time is right.
- Works at client’s location and directly with client’s staff;
- Affordable and flexibility in hours – 4 hours a month to short term full time assignment;
- Excels at messy and difficult clean up situations;
- Meaningful financial reporting for management, bankers, and CPA’s. Tax returns completed by due dates;
- Cradle to grave services – from bootstrapped startups to exit transition service experience.
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This blog on digital transformation post COVID-19 is a summary based on information from the following articles: