Covid-19, change and digital adoption in the ‘New Normal’

TRENDS Digital

Covid-19 has been a reality check for many of us, despite accelerating technology advancements and digitalization in the past decade. It has also made it very apparent at large that we have a gap between the speed of innovation and our ability to adapt it into our businesses.

We have to shift gears, aggressively pursue fresh thinking and become first movers to contribute to the recovery of our economies. The World Bank ‘has stated that in two years Thailand’s economy is expected to have recovered to pre-covid-19 GDP levels, but there are things we can do now to increase the pace and build long-term resilience and growth via the right technology, processes and workforce culture. In many cases, it enables better strategy and a measurable positive impact on the economic outlook of organizations that fully adopt it.

The new normal has laid bare the liabilities of past days and how it is our responsibility to customers, partners and our teams to reinvent ourselves as we come out of this global crisis.

How do we make the best of this situation?

“low-hanging fruit” opportunities as well as mid- to long-term gains to be made. The former is something that many corporations are aware of but to date have lacked addressing, while the latter will require a calm but focused approach on rediscovery and shedding of legacy structures.

Some B2C companies with pre-existing digital economy elements have doubled-down on e-commerce efforts, while others have used digital channels to identify pockets of opportunities in untapped market segments.

In a study conducted by McKinsey, 65 per cent of B2B companies that adapted their traditional sales models towards digital, remote and self-service tools saw equal or more efficiency. Of those companies, 80 per cent of respondents also declared they would sustain the changes for 12 months or longer. Embracing these long-term changes is an investment that can pay off now and in the future.

Trends and opportunities to get out of the crisis

First movers are adopting an agile and par tnership mindset, integrating and leveraging emerging technology to create new customer and workforce experiences across touchpoints.

Ever since the covid-19 outbreak, even low-tech users are “gradually adopting technologies and innovations, mainly in food delivery, e-commerce, online banking and even virtual experiences” (Bangkok Post). This has also contributed to a larger addressable market due to increased online penetration.

With the shift toward digital work there’s friction to be expected due to transparency and frequent communication requirements. At this time, it is imperative to set clear direction, but offer enough elasticity and understanding to enable long-term growth in this new workplace model.

But how do you obtain this exactly? Value stream management is the answer; that is, changing work mindset and perspective from an “I-did-my-job” to “the-value-is realised.” This is true in any work environment, but even more significant in a remote-work and digital environment where measurement of micro and macro perspectives is possible at any time of day by the means of business intelligence dashboards powered by artificial Intelligence. of the public, companies need to explore a healthy mix of omni-channel digital journeys. Even when retailing activates recovery plans it is critical to accommodate online-to-offline and vice-versa experiences.

A shopper may view a product in a shop, review it on YouTube and later purchase via a partner e-commerce platform. Convenience is the new currency and no single channel will fill the users requirements at any stage of their journey. According to Bain & Company, two out of three urban consumers in ASEAN rank convenience as one of their top three criteria for purchases. Therefore, companies need to consider the way they use technology and adapt that approach into their business models. We see the rise in smart data and intelligence such as AI, data automation, visualization and more as a big push towards productivity growth and the adoption of user-centered design principles.

In Thailand, the Kasikorn Business Technology Group (KBTG) Bank recently began relying on data virtualization to deliver services in a timelier manner through its mobile app. This indicates that, consumers are seeking the easiest, contactless and most seamless way to complete their digital journeys.

One thing is clear — uncertainty is the new norm. Agility is the way forward.

Where can help in adopting the digital ‘New Normal’ be found?

One company that can provide such assistance is TRENDS, which has been collaborating with its clients across time zones for the past seven years. The company enables its clients to overcome their challenges via transformational consulting, advising on best technological and marketing solutions to achieve clients’ goals. As a global platform partner, TRENDS is an early adopter and driver of growth, whether that be via new communication channels, content, data dashboard repor ts, analytics or social sentiment analysis. The company understands the challenges that many corporations face in organizational structuring and the traditional chain of command. For clients faced with challenges in innovation, TRENDS has expert digital consultants who can provide guidance on best practices in a digital economy and work environment.

Contact details: David Garcia, Digital Director, TRENDS Digital Co., Ltd., Tel: 02-115-5953, info@trendsdigital.com, www.trendsdigital.com

References

• Leesa-Nguansuk, Suchit. “Trends for Pandemic Evolution.” Bangkok Post , 11 May 2020, www.bangkokpost.com/business/1915836/trends-for-pandemic-evolution.

• Arora, Arun and others, “Reimagining Marketing in the next Normal.” McKinsey, 19 July 2020, www.mckinsey.com/business-functions/marketing-and-sales/our-insights/ reimagining-marketing-in-the-next-normal.

• Marque, Charles-Henri and others. “Unlocking Enterprise Efficiencies through Zero-Based Design.” McKinsey, 25 June 2020, www.mckinsey.com/business-functions/ operations/our-insights/unlocking-enterprise-efficiencies-through-zero-based-design?cid=other-eml-alt-mip-mck&hlkid=b48996cdec674383acd21388cea0fa3f&hctky= 11281574&hdpid=aa867143-24b9-4bf3-8208-b6198bccb83a.

• KnowledgeHut. “Top Trends in Agile You Can’t Miss in 2020.” KnowledgeHut , 5 February 2020, www.knowledgehut.com/blog/agile/top-agile-trends.

• Yendamuri, Praneeth. “Eight Ways ASEAN Consumer Habits will Change by 2030 – Shaped by COVID-19, Tech and More.” Bain, 10 June 2020, www.bain.com/insights/ eight-ways-asean-consumer-habits-will-change-by-2030-shaped-by-covid-19-tech-and-more-wef/.