While the pandemic posed enormous hurdles, it also aggravated a number of pre-existing problems. The goal of leadership now is to ensure that the company’s tech strategy not only adjusts to potential disruption, but also allows it to capitalize on unforeseen change.
Companies hurried to create new consumer and employee experiences during the early days of the COVID-19 pandemic, at a time when the economic situation was growing increasingly unclear.
The current digital transformation strategies and spending of IT leaders were accelerated by the outbreak. In a matter of weeks, they accelerated their plans and made them a reality. Using existing technological roadmaps, they quickly digitized operations and shifted business models. They stayed one step ahead of the competition by leveraging the crisis to improve their consumer relationships.
However, it was more of a scramble for others.
They were taken off guard by the pandemic, which put them in “survival mode,” leading to hasty technology decisions, sometimes implementing solutions that were not in their technology strategy roadmaps at the time.
In many cases, they made snap decisions in the heat of the moment, deploying the best available alternative to meet the most pressing demands of consumers or employees. They also used APIs to connect existing systems and implemented the bare minimum to provide remote workers with the tools they required.
Even though the COVID crisis brought enormous challenges, it also intensified several existing issues. First, there is still a lot of digital sameness out there. As a result, the customer experience stagnates or declines, and the company struggles to stay ahead of the competition.
Second, according to Forrester’s 2021 research, ‘Effectiveness Is The New Metric For Tech Value’, productivity from technology investments has been declining for the previous 20 years. Today’s tech leaders make too many decisions solely on efficiency, yet efficiency gains are hard to come by. The true value of technology is shifting from efficiency to effectiveness. Effectiveness is a better way to quantify outcomes that organizations and customers value.
Third, technical debt is increasing. While businesses have the best of intentions, technology has become so prevalent that they are unable to regulate and optimize it for their long-term success.
A tech strategy fit for an uncertain future
The world is returning to normalcy now as customers are coming back. The economy is thriving. However, there are still obstacles, such as shifting customer preferences and increased competition from all sides.
With technology functioning as such a powerful differentiator, today’s tech leaders must establish and implement right technology strategy. Today, IT leaders should ask themselves if their technology strategy capable of delivering for customers and employees as they look ahead to a new normal?
Customer-obsessed businesses enjoy stronger revenue growth, customer satisfaction, and employee engagement. When it comes to customer obsession, though, most businesses fall short.
Whether it’s a back-end internal system or a front-end, customer-facing experience, leaders should assess its worth and value first and foremost in terms of the customer’s needs. That involves creating solutions that engage customers on their preferred devices and channels, so it’s critical for businesses to understand their preferences and behaviours.
Resiliency and creativity
Predictive insights are leveraged by adaptive businesses to get ahead of trends. They also utilize flexible technology and adaptable operational methods to gain an advantage over their competitors.
Creativity may be the last true differentiator, and companies that succeed at it are distinctive. They apply innovative thinking to the practices, mindsets, and conditions required to promote a creative team and environment. Using key capabilities such as dependable IT, automation, and systemic risk management, resilient companies deliver on their brand promise regardless of the situation.
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The use of platforms
A critical foundation of the future-fit technology strategy is the utilization of platforms —bundles of enabling services and technologies preassembled to create a specific business capability or customer experience.
Platforms also have an impact on how businesses optimize their procedures to assemble and manage their technology, as well as add essential skills as they progress from suites to stacks and become more agile, innovative, and resilient through pre-vetted relationships. Businesses can utilize these platforms to quickly create new, unique value propositions and experiences for clients that produce significant business for the firm as new business possibilities arise.