Digital Transformation Strategies that can help you overcoming covid-19 challenges.
Digital Transformation Strategies that can help …………… We all know the world is in lockdown right now, but what does that mean for the way we use various technologies ? Digital solutions have been powering unique transformations for years, but right here and now, they’ve never been more important. To understand how we can expect the world to change over the weeks and months ahead, let’s take a look at several ways we can expect digital transformations to occur.
FinTech need to change & adapt fast
Whether it’s mortgage lending, borrowing, or just standard online banking, fintech needs to rise to the challenge. Now that face-to-face meetings are out of the picture for the foreseeable future, we can expect to see fast changes in the way technologies are deployed. When you factor in the greater need for easy access to bridging loans and flexible finance, it’s not hard to see why fintech is going to start accelerating into new territory.
Perhaps a more significant indicator of the pace of change is the increasing demand for peer-to-peer payment platforms. Digital wallets like Venmo and M-Pesa allow individuals to move money between one another quickly and easily and could change the way we think about peer-to-peer commerce forever. We can also expect to see the continued growth of services such as PayPal and AliPay around the world and the continuing decline of the transfer of physical money from person to person.
Crowd behavior apps will be used at scale
There are already several apps being floated that will help track the spread of COVID-19, and they all rely on the same fundamentals. What we need is a joined-up approach that’s reliable, proven, and easy to use. If we can get all of these together, then it will be the perfect example of a digital transformation occurring with lightning speed when we need it most.
MIT is one of the innovators in this area of tech. Rather than merely harnessing as much GPS data as possible and crunching the numbers, they’re creating an approach that removes the risk of individuals being personally identified. Their approach is being pioneered by the Private Automatic Contact Tracing Team and is based on existing Bluetooth technology.
Bluetooth emits short-range strings of data knows as ‘chirps’ periodically to establish a connection with neighboring devices. The idea is that an app will constantly check physical proximity with other users and provide an alert when you come into contact with someone who tests positive for COVID-19.
Social distancing doesn't mean we can't connect
Zoom and Skype have been around for years, but don’t expect your connection options to end there. Now more than ever, we want to be able to share communal experiences online with people in multiple locations. With this in mind, we can expect to see more messaging and stream sharing options embedded in existing platforms.
Netflix Party is a prime example of this and has already seen more than half a million new downloads. The idea is simple yet effective. By sharing streaming the same content simultaneously and chatting in the background, their new platform allows you to engage and connect without having to sync parallel content manually.
Another key growth area is the fast-growing world of virtual conferences. With the conference industry estimated to be worth trillions of dollars, finding remote solutions is one of the most pressing issues faced by tech platforms. It’s why services like Zoom, Microsoft Teams, and Google Hangouts are being rolled out on a whole host of free trials to try and capture this newly available audience.
If one manages to bridge the gap between in-person and remote networking, we could see a significant culture shift across virtually every industry.
Remote working becomes the new normal
Working remotely has its own challenges. Being able to collaborate on a document and brainstorm new ideas all require digital solutions that work in harmony with user needs. Expect to see a plethora of new collaborative based approaches flowing out of the cloud and onto workstations and tablets around the world.
Given that as many as 54% of businesses are using remote working right now, this should come as no surprise. Programs like Zoom are already being used in places as diverse as small startups to the UK Parliament, with only 9% of employees surveyed saying the rollout had been handled poorly.
Tele medicine and remote learning are set to grow
Services like LogMeIn are already offering free trials to everyone, from healthcare providers to schools and universities. By opening up it’s GoToMeeting and GoToWebinar tools to whole new sections of the market, they’re looking to be first when it comes to moving into this new area.
While some may think that telemedicine, in particular, cannot offer anywhere like the same level of care as an in-person consult, experts are divided. One NYC ER room physician was recently quoted as saying that, “90% of normal ER visits,” can be taken care of online. That allows for medicine to be prescribed, symptoms to be relayed, and a surprisingly wide variety of physical examinations undertaken.
One key thing to understand about the rollout of telemedicine and online learning is that access is key. These services will have the biggest impact on the most vulnerable in society. So, to ensure they’re reached, two things need to happen. Schemes like the UK government scheme to give free laptops and router to disadvantaged students will need to become the norm. And secondly, the ability to purchase resources like study books and key diagnostic equipment like home pulse oximeters without supply chain demands.
This is an example of how the digital transformation needs a simultaneous logistical transformation to really make it work.
AR will open up a whole new world out there
AI might get all the press, but it’s Augmented reality (AR) that could be that is about to transform the world around us. Amazon is already trialing it on everything from furniture to exercise equipment. So you can see how it would fit into your home without having to measure up. Ideal if you want to order everything online without having to wait for the lockdown to end so you can see items in person.
What will be interesting will be seeing how AR extends into the social domain as the lockdown continues. Snapchat is the obvious frontrunner in terms of transforming the social media world. However, increased use and competition will force platforms to continue to innovate to maintain user numbers.
Online analytics will become more valuable than ever
Last but not least, we can expect the value of online analytics to continue to grow. Perhaps nowhere is the power of digital transformation more apparent than in the targeting and personalization of online ads. With more consumers staying home to spend their money than ever before, we can expect new innovations in online analytics driven by a surge in user data.
Final Thoughts on our Digital Transformation Strategies.
With the world in lockdown, we can expect to see seismic shifts in the nature of the world’s digital transformation. The way we interact with one another, share experiences, do business, and communicate, have changed beyond all recognition. Fortunately, for tech entrepreneurs, their digital solutions uniquely placed to adapt quickly.
We can expect this to accelerate a number of trends while at the same time opening up brand new creative avenues. Certainly exciting times ahead for those looking to connect with innovation in the digital world. We hope our digital transformation strategies has helped you to rethink how you are running your current business.
Pramod Dhakal is a Tech entrepreneur at heart, a natural leader and Agile practitioner. He has spent over a decade in implementing various large scale transformation initiatives in large multinational organizations. He is an author and contributor at Hitechies largely in the technology space.
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