The rise of streaming services, on-demand viewing and the battle for consumers’ attention are transforming the role of the video service provider before our eyes. Customers are expecting a simple, seamless and pleasant experience. These changes are already strongly impacting consumer-goods companies and their ecosystem partnerships. They are facing a major disruption in speed and scale that influence the further development of their operating models.
As the marketing budgets are under the fire in the wake of COVID-19 and companies are making bold changes to capture revenue quickly and stabilize their business. They will need to continue to push beyond the way things have been done in the past, but first, they must cement the positive changes they have already made. They need to learn what works and what doesn’t. “Agile” does not just mean putting test-and-learn practices in place. Agility is putting in place a new operating model built around the customer that is supported by the right processes and governance. Companies and brands need to understand their customer preferences and habits to better meet ever-evolving customer expectations.
After the situation calms down, retailers will need to rethink how to attract customers back to traditional brick-and-mortar stores. Omnichannel personalization requires companies to rethink their organizational structure, capabilities and incentives across the digital and physical parts of the business. A research found that many customer get cheated by buying many things on-line, either with the quality differentiation or they end up by paying high price. Many says, physical is always better experience then virtual.
As the organisation’s focus should be on making the ‘Information Security’ a part of the overall design rather than a post facto check. There should be an equal emphasis on securing all IT assets – Servers, Laptops, Mobiles etc by deploying the right set of security tools.
The major challenge for the entire global economy was to sustain the Business Continuity amidst the lock down, social distancing and other challenges. While some organisations were better prepared – some bewildered initially but eventually tackled it – rest grumbled and surrendered to the situation, and waiting for it to get over.
It is the right time for building a Foundation for a Data-Driven Customer Experience Future like, digital transformation need to be dovetailed into the overall Digital strategies including, getting into the Online Collaboration tools, Revamping Sales channels strategy ,Agile Business Continuity Plan (BCP) – Most organisations have a BCP manual that runs into over hundred pages, which proved ineffective during the COVID-19 crisis situation and getting their clear policy on the Hybrid Cloud strategy, Second, most important thing is adopting Industry 4.0,the concept of ‘Dark Factory’ which essentially means running a fully automated factory with minimal or no humans onsite, needs to become a reality to ensure the better preparedness in future and last but not the least, it is Information Security, about securing the data pertaining to organisation, customer and other sensitive information.
Majority of us have don’t possess clairvoyance, but I’m quite optimistic that once this crisis gets over, the global trade dynamics will change, and the economies will bounce back stronger. Hence, we need to stay prepared and course correct our Digital Strategies by plugging the gaps, wherever needed. Finally, let’s pray for the world and hope this kind of crisis never occur in future.
