There is a dramatic rise in the present day business over adoption of digital technologies. The number of consumers interested to make digital technology a part of their daily life includes business, industries, marketing activities, manufacturing industries, supply chain formation etc is on rise. Research shows that more organizations are likely to increase their usage of various digital services, digital assistants and other self-service apps etc.
The covid -19 also increased the pace of accelerating digital transformation as most companies started to work from home during the pandemic and on cloud based premises.
nxtnew digital business is one such organization which is providing Digital based services to organization to map their digital journey started operations two years back. dynamicCIO spoke to Devyani Ozarde and Avvanti Gupta the Co-founders and Directors of nxtnew
Devyani is a digital media professional with over two decades of experience in delivering digital strategy, products & platforms to organisations such as Sony Pictures, BCCL & various other brands.
Avvanti is a leading business strategist with 18 plus years of experience in leading business alliances, sales and managing business units across various geographical locations. She brings in the expertise of identifying the business needs and helping clients realise the true potential of digital.
According to them being women entrepreneur, the mostly challenging task was walking to up to an organization, talk about business transformation mostly in the digital space, convincing them about the right kind of strategy adoption as well as execution to bring fruitful results.
Both of them echoed the same view on how organizations who have invested on digital technologies, pre-pandemic days will definitely pick up faster while for few others who are yet to make investment need to take one step at a time.
With no new investment happening, considering the economic situation, businesses with existing technologies can certainly pick up the pace, be agile in implementing technologies and using few use cases can bring double digit growth.The pandemic is a wakeup call for companies to ensure they have the agility and capability to be relevant to consumers and customers with few use cases to chuck out larger plans for an effective digital strategy in place.
Here are the Excerpts from the interview:
dynamicCIO (DC): How is the current crisis brought in by the COVID-19 pandemic getting businesses to re-strategize and re-calibrate their digital strategy? How has this forced business to think differently about digital transformation?
Avvanti & Devyani(A & D): COVID-19 pandemic has cast a spotlight on the urgent need for business’ resilience and digital capabilities. Today both B2B & B2C businesses are equally impacted due to the pandemic as billions of citizens face lockdowns across the globe. Businesses need to react to these sudden and dramatic changes which impact their supply chains, customer experiences, as well as employee productivity and availability. Life has changed for all of us and virtual proximity is at its peak while we maintain social distancing in real life.
It’s not business-as-usual as the pandemic has changed the consumer’s mindset and is forcing businesses to accelerate their shift to digital. The surge in consumer’s digital behavior caused due to the pandemic is here to stay for a long time.
Digitally mature businesses have better resilience and ability to handle the challenges that such crises demand. Businesses therefore will need to ramp up their digital initiatives to leverage the new reality and rethink their digital strategy that is data-driven, customer focused and agile.
DC: Do you foresee the digital initiatives accelerating or slowing down and any particular technologies you see businesses focusing on going forward?
(A & D): The COVID-19 pandemic is forcing business leaders/owners to relook at the investments towards their digital initiatives and consider them as core business initiatives.
We anticipate accelerated investments towards digital initiatives that enable businesses to handle the fast changing customer demands, identify trouble spots in core business processes and quickly mitigate them, mobility & security for smooth business continuity supporting remote working.
DC: What do you see as some of the biggest challenges for enterprises in the current crisis and how can digital help address those challenges?
(A & D): The spread of the pandemic has brought multiple challenges to businesses, which includes disrupted supply-chain issues to changed consumer demands to adapting to a new way of working. Organizations now need to address for long-term, that digital can help them address quickly.
Digital technologies have a significant role to play in making businesses resilient to handle crisis situations like the COVID-19 pandemic. This is mainly due customers expectations are changing overnight. An example could be shifting customers’ demands due to the pandemic where they suddenly expected contactless delivery and availability of essentials.
Businesses that had invested in their digital transformation and were data-driven, had the real-time visibility to the shifts in demand and could swiftly address their customer needs in time. Such businesses were better prepared to mould themselves to the new reality.
DC: What is nxtnew’s strategy around enabling business continuity and resiliency for organizations during the current crisis.
(A&D): COVID-19 crisis was impossible to predict with conventional wisdom and forecasting tools. However, there are important lessons that we can learn and carry forward these learning are to the future that has been redefined. Our focus now is to help businesses prepare for the new reality, tackle immediate needs while strengthening business outcomes. We help businesses build adaptable data and digital platforms with an emphasis on business continuity, expansion and innovation.
32% of senior executives rarely update their operating model, according to initial data from an ongoing Intelligent Operations survey by Accenture and Oxford Economics. So we would really want to encourage the businesses to be proactive and work on a customer oriented plan that is sustainable and revenue focused.
DC: What do you see as some of the top items on the CIO’s agenda going forward and what role do you see your company playing in enabling these CIO priorities?
(A&D): We see CIOs investing in omnichannel customer journeys that are data-driven, secure and business driven. We strongly believe that digital transformation is a joint venture between the CEO and the CIO and taking the digital first approach should be an integral part of a business strategy.
nxtnew aims to be the bridge between a company’s business strategy and their digital transformation objectives by collaborating and co-creating their digital strategy and combining our deep domain expertise with their industry knowledge. We work as extended team members to bring in the digital knowhow across technology, marketing & customer experience design.
DC: What is the key value proposition and differentiating factor that nxtnew brings for businesses to help them optimize their digital investments? What are your focus areas and key pillars of your strategy for enterprises?
(A&D): Technology is a facilitator and our differentiating factor is the ability to build use cases applying technology to solve real business problems. We are conscious of the fact that businesses will seek cost-effective and agile strategies amid the uncertain times. We ensure that the transformation journey is broken down to smaller components that are quicker to implement, show rapid results and are not investment heavy. Its about taking one step at a time in the right direction.
The key pillars of our strategy are; data-driven digital platforms ; quick win use cases and hands-on strategy through execution service – delivered collaboratively