While most tech companies started their digital transformations years ago, many were forced to accelerate those efforts when COVID-19 struck. In the time that has passed since then, these companies have begun to hit their stride—deploying agile, scalable business models that will forever change worker, consumer and user expectations. Cumbersome workflows have also been rewritten—incorporating analytics and digital supply chain tools to accurately predict and assess business needs.
In a faster, more competitive post-pandemic environment, ongoing technological innovation will become a necessity. As companies explore how they can sustain—and even expand—their digital transformations moving forward, these three key initiatives offer a good place to start:
1. Rethink the workforce and the organization. For many companies, workflows and business processes literally changed overnight when the pandemic hit. While the need for flexible remote work solutions came first, the next wave of technological innovation will focus on creating smarter decision-making processes. For many companies, cloud-based tools that provide prescriptive analytics and predictive forecasting will become highly valued in the post-pandemic world. Additionally, AI and machine learning will speed innovation and accelerate supply chains—creating smarter ecosystems and more informed decision makers. To fully unlock these innovative business practices, organizations will need to consider the right mix of software and hardware solutions for their organizations.
2. Build an agile, scalable infrastructure. During the height of the pandemic slowdown, supply chains were tested like never before. While some tech companies experienced a dip in usage, others found they couldn’t scale fast enough to keep up with surging demand. In many cases, temporary fixes have helped keep them afloat—but the real work will begins now, as we see hope for an end to the pandemic and a strong recovery. Procurement teams will look to continue their digital transformations with more permanent solutions that position their companies for sustained growth and deliver sustainable competitive advantages. To achieve these goals, most companies will turn to cloud solutions. Without the need for expensive internal infrastructure, cloud can reduce operating costs and simplify the scalability enterprises will need to move quickly.
3. Identify growth strategies that conserve capital. After weathering widespread economic fallout from the pandemic, finding and capitalizing on quick wins to promote new growth will be an early priority as soon as business can return to normal. However, lingering economic effects may mean senior leaders will need to find ways to achieve growth, while also conserving capital. To help balance these seemingly opposing realities, we’ll likely see greater interest in leased software and hardware options. Additionally, a variety of technology-enabled methods are emerging that can facilitate cost transparency and simplify decision-making—including procurement-spend analyses, inventory rebalancing, capital spend diagnostics and portfolio rationalization. Introducing foundational tools that can leverage these powerful methodologies is one proven way to promote safe, intelligent capital conservation strategies and achieve new business growth.
Looking for more ideas to support your digital transformation in a post-pandemic world?
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Ray Wizbowski, Vice President of Marketing