Now, we all are involuntary participants in seismic disruption shaking foundations of society and technology.
It is becoming increasingly difficult to remember that the crisis will end, despite the chaos of today – and the inevitable economic and business implications – as it has always been.
Humans are not going to die, but it is not the right time. There may be an “after”, a next phase, or a future state for business.
It is useful to consider the pandemic as not a single Big Bang, but as a series or shockwaves, namely, socioeconomic, professional, and epidemiological. Each need to be managed separately.
The three shockwaves
Physical/epidemiological shock: this is when you worry if you become ill, are getting better or have been caring for COVID-19 patients. First, take care of yourself. This includes taking care of your family, friends, and colleagues.
Professional shock: The UK’s lockdown has eased and unemployment has increased. However, the truth about the economic situation is still being revealed. Numerous companies, large and small alike, are facing an existential crisis. This shock could make it more difficult for businesses to use new technology to save money while still driving growth.
Social/economic shock: Employees who were not key workers and were able to work from their homes are returning to work. However, this could have a significant impact on the economy and society. It is time to concentrate on the things that we can influence in the near future, such as time, investment, and mind share.
The path ahead of business leaders
Many of the business problems companies face today are similar to those faced before the pandemic. However, they require quicker thinking and immediate action. It may be helpful to visualize the future in seven steps in order to make the best short-term, no regret decisions.
Modernise data
It is not justifiable to pay for terabytes of data, then not use it for business results. It is impossible to improve customer experience and decision making with applied intelligence without having relevant, secure and accessible data.
Legacy applications can be unlocked
Many IT leaders are stuck by legacy software. Modern society has new tools to unlock the value that is held in data centres around the globe.
A complete software audit is the first step to determine which applications are most useful to modernize, which should be left alone and which can be turned on.
Modernize the way your employees work
The pandemic shock has made it more important to be able work remotely. Technology leaders are now able to virtualize work, collaborate from anywhere in the world, whether it’s across the country or the globe, and create an inclusive culture.
Modernise your consumer experience
Content has always been essential. Businesses are more dependent on the ability to deliver content to the right person at the right time and place via any device.
Companies should take a step back and gain a deeper understanding about their customers’ needs and wants. Then, try to understand how the demand lifecycle could be improved.
Software for engineers in the new economy
Modern tools, agile engineering methods, and technologies are already available to help banks, retailers, insurers, and other organisations to be better. This is a requirement