When companies cannot conduct their business in the usual way, they are forced to rethink their business model. This period of uncertainty can be the perfect time for a company to reinvent itself for the future, and those who fast-track digital transformation look to be the most successful.
The inability to consume as usual during events such as the COVID-19 pandemic has accelerated changes in consumer behaviours. We buy more and more products online, pay without using tangible money at the local supermarket and (video) call our doctor to get a prescription. Companies that were in the process of digitizing are now in overdrive, and those that were resisting the trend will miss out if they do not use this opportunity to improve productivity and provide greater value to customers, whether direct to consumers or business to business.
In the digital age that is suddenly here, the companies who can leverage the technical possibilities to deliver more value to customers in innovative ways will separate themselves from their competitors.
This article was produced as a collaboration between Bird & Bird and OXYGY.