While Covid-19 has created ruckus within the human society, can Digital Transformation change the business models? Read on to know more…
While Covid-19 has created ruckus within the human society across the world, can digital transformation change the business models, working cultures and journeys within an enterprise for the future. All of us are resistive to change, and several organizations have faced challenges to transform in a digital way resistance from senior management, middle management or operational staff or altogether included.
Since digitization is a necessity forced upon to the staff by the organization because of the factors like competition, peer pressure, investor influences, business degrowth, dip in revenues, several firms have started adopting digital changes. The changes were minimal and could be a surface level UI change or enabling businesses through multiplemodes digitally – online/mobile or other customer facing channels or back end platform changes but not fulfilling an end to end automated customer journey. However, several of these changes have not enabled the enterprise for their business to grow and the consumer beneficiaries have rejected the changes and opted for organizations which provided for a better digital outlook.
The Banking, Financial Services and Insurance (BFSI) sector have been early adopters of digital transformation with electronic money transfer real time, Automated Teller Machines, transactions through mobile/web browser, digital onboarding of customer, document storage digitally, API/BPM/RPA driven workflow for automation etc. Other Industries followed suit with digital supply chain, digitization of insurance, airline and travel, consumer goods, vehicle and transportation, manufacturing, retail and the likes. Though digitization is a journey with more and more innovations and discoveries happening across the globe dynamically spanning across multiple industries, the concept of a fully digital Industry /sector or digital country is far from reality or a concept never been inspiring to mankind.
With Covid-19, it is a forced change for human being to adopt to a digital and contactless mechanism for business transactions between individuals or companies or Government or trade / remittances cross border. The countries which are adopting to this methodology is more likely to succeed in the new digital paradigm post Covid-19. Except for physical goods which needs to be transported between parties, all the other underlying workflows will be digitized and avoiding human to human contacts. For the physical goods to be transported, robots, drones with sensors can be deployed for completing the delivery. For large machinery delivery, contactless mechanisms using big carriers can be deployed. Human intervention will be minimal and contactless except where skilled and analytical intelligence is required where a machine with Artificial Intelligence and Machine Language is unable to execute and may be little useful. The trade between countries will commence and flourish only when the prerequisites of a new digital order is followed.
In a Banking Industry which has initiated the digital change, it is imperative that the next set of digital transformation will evolve post Covid-19. Cash, card, paper, cheques etc. will be partially or completely replaced in the aftermath of Covid-19. The business models of selling and marketing will be virtual, and travels will be restricted except where essential or where digital contract documents are at a risk for execution. There could be few Industries which is likely to be impacted due to this change unless it is completely digitized and contactless like airline or transport Industry.