Quarantine, bread baking, Tiger King. Homeschooling, mask-wearing, fighting for social justice. The year 2020 is one for the history books – no hindsight needed. We’re witnessing radical cultural and functional shifts personally and in our organizations. While some see COVID-19 as delaying business growth, at BlueSky we see the pandemic as having accelerated the pace of digital transformation by 3-5 years for the better.
Digital acceleration means employing both new technologies and the right people in the right positions. This place where technology and people meet is the intersection we call home at BlueSky. It was a priority before COVID but has become an even more crucial component of any growth strategy in this stay-at-home, social distancing world. And one thing’s for sure: future stakeholder value will be disproportionately earned by companies that take advantage of digital accelerators.
Our research has uncovered numerous examples that demonstrate the pivot toward the next normal. As we’ve said before, opportunity drives innovation. Are you ready?
- Employees, friends and students now want to (or have to) Zoom on a regular basis. Zoom’s market cap exceeds that of consumer favorite, Starbucks.
- “Work from home” goes from outlier to center stage. Many companies, including Facebook, Capital One, Amazon and Microsoft, are now calling for permanent changes to work-from-home policies and a re-definition of the role the physical office plays in the future of work.
- Citizens demand a 21st century eGovernment. Digital visits to top government sites increase by 425% to 45.8M visits per week. Mobile visits to the same sites increased by 671% to 24.4M.
- Customer experience expectations for healthcare delivery shift almost overnight. Telehealth companies see 600%+ increase in volume with 1B Telehealth interactions expected by the end of 2020.
- Fitness and wellness go virtual. Peloton sees 66% increase in memberships and app sales increase 30%.
Of course, each industry has its own specific set of digital accelerators. The financial services sector, for example, should be looking to:
- Define digital strategy to support frictionless consumer journeys and re-imagined consumer experiences at key touchpoints.
- Focus on data mining, analytics and attribution to prioritize change journey.
- Implement omni-channel technology to integrate experiences cross-platform.
- Mass customize and tailor digital client engagement based on preference.
- Support increased use of banking platforms and virtual support for customer transactions, inquiries and account growth with capacity and cyber-security.
- Implement touchless and digital payment options that are intuitive and predictive.
Regardless of your industry, now is the time to put in place or fast-track the strategies, technologies and human capital changes – the digital accelerators – that will expand the lasting value in your business. These are challenging times which, with courage, creativity and collaboration, will bring growth and new opportunities. This is the right time to take strategic risks.
Earlier this year I wrote that while the transformative aspect of technology is amazing, it can only reach its true potential when you get the human side of the equation right. Having the right team focusing on the most critical aspects of transformation, and leveraging the best technology has to offer, are the keys to converting corporate change into competitive advantages. This rings more true than ever as we pivot to this next normal.
With decades of successful experience among our team, BlueSky is well positioned to bring the right talent to your company – talent that fits functionally and technically, and with your culture, to implement these digital accelerators. Our clients have entrusted us with their team development, and we have successfully placed over 300 people in either permanent positions or project delivery roles over the last 15 years in business.
As always, BlueSky is here to support you and find the “leaders that turn business and technology challenges into competitive advantages.” Let us know how we can help you.