How prepared is your business for the second wave?
As we are just coming out of the first wave of COVID-19 that shook the business and economies of the world for several weeks, we are forced to prepare for the second wave.
Businesses and their leaders must continuously demonstrate a well-oiled business continuity machine and agility to adapt and respond to new business challenges. It ranges from applying new data and analytics to customer preferences and product/service experience to prolonged supply chain disruptions and more health and family issues affecting workforces. Businesses that were not proactive who failed to act swiftly previously now have another chance to build organizational strength to combat a second wave successfully.
Some businesses have done well to build resources to accelerate transformation, using digital technologies to defend against business interruption. Business leaders in these enterprises have faith in the long-term benefit and business agility that the modernization investments may deliver.
Enterprises which were cash surplus and had resources are good to go with transformation, but organizations that are cash-starved, revenue models impacted have to deal with technology budget cuts. But, it is a paradox that it is the only technology that can come to their rescue to put them back to business. The most effective solution is the adoption of cloud and cloud-based tools, which shifts the tech spending from CapEx to OpEx. Cloud adoption though, appears attractive, and shiny can become a leaky bucket if the strategy and deployment are not right as several companies have reported overshooting of the budget. Coupled with this are the concerns related to security and compatibility issues that have to be addressed.
Moving to cloud systems is more than a click of a button and spawning a few instances of hardware. Enterprises need strong technology leadership and partners who can walk the talk of the cloud best practices to deliver value. Now, is the time for you to take action and stay ahead of the wave.