A couple of days into the covid-crisis, we started wondering whether any of our customers would postpone some projects or ultimately pull the plug.
There was (and still is) a lot of uncertainty about the impact of this crisis on companies. Would they still want to invest in digital innovation projects during tough times or would they rather cut their budgets and weather the storm with cash?
... into opportunity...
Lucky for us, our customers have mostly continued to invest in digital projects. Some research showed us that this makes a lot of sense: companies who innovate during times of crisis, see their investments pay off in the long run.
Companies that learn how to adapt to the new reality (The low touch economy, as Board of Innovation calls it) through innovation opportunities should accelerate efforts and strengthen their position rather than simply respond to uncertain times.
... for digital innovation
Companies should try to look beyond the current crisis and prepare for the ripple effects in the long run. Without mass events or face-to-face meetings, business development efforts happen online and will mostly remain there for a while. It offers the opportunity to rethink and reorganize business as we know it.
Digital might just be the way forward in the new tomorrow
Since the low touch economy is characterized by tons of safety measures to avoid physical interaction, a digital approach might just be the best way forward for many companies in the new tomorrow.
Almost every restaurant is now doing online delivery, gyms started doing online fitness sessions and e-sports gaming cafes allowed customers to rent their gaming units online with pre-installed games. These are just a few examples of business model shifts but there are endless digital possibilities for all companies.
Trying to recognize (digital) opportunities aligned with your (new) strategy and ranking them according to impact could be a meaningful first step towards a digital push for your company.
Want to know more about how digital innovation can help your company?
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