Analysis of The Digital Transformation During The Covid-19 Pandemic (Article Sample)

Digital transformation during the Covid-19 pandemic
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COVID-19 pandemic is growing exponentially, with every minute of new updates flying. The pandemic has unfortunately already struck corporations hard. With the situation changing, many business owners are uncertain how the risk can be mitigated, workers protected and clients supported. For most firms, it has become difficult, due to lower turnover and general instability in the global financial climate, to sustain financial wheels turn throughout the time of lockdown.
Chinese businesses, which were forced to cope with the reality of coronavirus shutdowns before most American companies, offered a road map for surviving the storm. As storefronts closed and staff remained on the job, smart entrepreneurs changed their sales tactics to prevent major losses.
Lin Qingxuan, a Wuhan-based cosmetics firm, shut down 40 percent of its stores, but its 100+ beauty advisers used digital platforms like WeChat to virtually involve customers and increase online sales. Consequently, Wuhan's revenue in comparison to last year rose by 200 percent unlike the previous year (Heaslip, 2020).
The five factors discussed below are the most beneficial digital factors for an organization to take to sustain its business in the pandemic.
1 Hold virtual meetings.
Attempt to reduce the risk of virus exposure. Team meetings should be postponed or held virtually. Any planned business travel, such as conventions, should be avoided. Should your staff become ill as a result of travel or meetings, you may face a liability problem, or you may have to deal with poor morale and sick leave requests.
2 Build a remote work alternative.
Like so many people now working remotely, there are many free resources available to business owners to help teams stay in touch and work even though they are not in their usual workstations.
Implementing a remote work policy helps defines when the team is supposed to be on-line or accessible, how they will communicate with each other (e.g. via email, video call, or Slack).
3 Keeping employees productive amid a crisis
After establishing a remote work option, companies should look for ways to keep employees productive while working from home during the pandemic.
Employers should have looked for marketing, sales, development, internal communications, human resources, and other tech solutions to ensure that business operations remained stable even in the face of these unforeseen circumstances.
These digital technologies can help organizations increase efficiency and productivity while also making them more resilient to operational disruptions.
4 Examining the viability of the business model
As the economy changes weekly, the business plan must be updated and the company's revenue and expense assumptions checked. It is also a critical time to look at existing cash and cash flow figures (Economic Times, 2020). Keep in mind the length of your runway. A business must determine the consequences for new orders, collections, credit periods, and future bad debts.
5 Invest in technology
The abrupt transition to virtual activities and interactions in an organization and elsewhere also gives you the opportunity to speed up your learning process