Economic slowdown caused by COVID 19 is the worst since the great depression. The level of business disruption is unprecedented, and the necessity of digital transformation was never more acute, as it is today. The circumstance decrees even remotely analog incumbents to restructure their business with a digital mindset.
Experts foresee a further rise in already prodigiously growing investments in digital technologies. Though it does not imply that success rates would be higher; contrary could be true.
There is one silver lining in this chaos and it is the higher acceptance to experimentation, risk and change. History has rewarded bold moves and now they may find further support both within the organization as well as with customers. Digital strategy would play a sterling role now, as a large number of companies would undergo the digital ablution. Timid moves, tolerance for legacy systems, ignorance of change management and talent planning would substantially undermine the odds of success. On the other hand, a customer centric outside-in approach that strives to harness data in furthering customer experience and decision making would bolster the chances of success.
