The COVID-19 Pandemic has forced businesses to adapt to a new reality. With so much change and disruption happening, your customers’ needs, wants and priorities may not match your previous product or service offering.
So what are businesses doing to adapt to this new look customer and adapt to the new market? Technology.
Read on to learn about how you can utilise technology to augment your business model to thrive through this challenging time.
Before you implement any changes, you need to analyse and review your business’ current situation. What aspects of your business have changed and what has remained the same? From this, Identify what business areas and functions require tweaking, or completely overhauling.
A great way to evaluate your current position is to review your business data and analyse new or emerging trends. For this, you’ll need to spend some time analysing, visualising and reporting on your business – if you need help, please feel free to get in touch with us.
If you have time, you could also consider conducting some customer research and asking your target market about their changing needs.
Utilising data and analytics will allow you to construct a more accurate, effective and data-based plan for the future.
It’s then time to start looking at the broader picture, not just what is happening within your business. Ask questions like:
If you have adequate resources, you could assign a project team to researching these questions in order to ensure a thorough and diligent approach. For smaller sized businesses, it may be more appropriate for senior staff to have a strategic meeting to discuss your position.
After considering the above, it is time to consider which technologies will be useful for your business. It is important that this process is well planned with speed to market as the main goal.
Depending on the needs identified in your analysis stage, establish which technologies are appropriate for your business.
Here are some creative examples of how Australia’s businesses are using technology to reach their adaptation plans:
Once you have identified which technologies will be the best fit for your business, you can work towards an implementation roadmap. Make sure you include details such as what technologies you propose to use, how much they will cost, who will lead and execute the project, how to implement them and a timeline for implementation.
If you’re looking for creative ways to use technology in your business, then we would love to help! Contact us to chat further about how we can help.