24 Mar Thriving in a Digital World
It’s no secret that the global pandemic has accelerated the shift to digital, but what exactly does that mean? This digitization has affected every area of life and business – from eating out, to eating in, to shopping, to live events – the very foundation of the way companies operate has been changed forever. Menus are no longer physical objects, but scannable QR codes. Grocery shopping is done with the tap of a screen for same-day delivery. Shoppers now opt for digitally facilitated pick-ups, rather than on-site browsing. Music fans are tuning into live streams and turning their living room into the dance floor. Companies have been hit with the realization that having a digital presence no longer negotiable, but essential to survival and that impacts how they attract and retain talent.
The above examples are evidence of organizations that have successfully pivoted in order to remain relevant and accessible. For some, this pivot came relatively easy, but many others have not been so lucky. Companies like Amazon, Zoom, and Netflix have been thriving as they were already set up in the digital realm. The other end of the spectrum includes experiential companies such as concert venues, movie theaters, and theme parks, which have all suffered from their total reliance on in-person activities. Most organizations fall somewhere in the middle, where a digital shift is difficult but not impossible. For most, a huge amount of creativity has been required to determine how such a shift can be made.
Prioritizing a digital-first business model is quite a leap for a lot of organizations, but it’s a hugely beneficial implementation not only now during this upheaval, but long after as well.
There are a variety of variables to consider when exploring what can be done to keep up with the times. For example, consider the impact that remote work has on the internal structure of an organization. Managing a remote team is quite different than managing one that’s on-site. For more on this, check out our blog, “Fostering Company Culture in Hybrid Workplaces.” Other things to consider include how to be more agile and flexible, using data analysis to migrate customers who prefer in-person to the new hybrid model, tapping into loyalty both in regards to customers and employees, and understanding what areas of operations could be more modernized. Embracing change is the overarching key to success here, as those who resist the pivot or struggle to implement a plan are more likely to drown in the wake of change. Prioritizing a digital-first business model is quite a leap for a lot of organizations, but it’s a hugely beneficial implementation not only now during this upheaval, but long after as well.
While some pre-covid routines will eventually come back, these tech-oriented solutions will still remain. The recent changes we’ve seen are here to stay, and the organizations that are “waiting it out” will be sorry to realize when it’s too late. The events of the past year have accelerated the paradigm, proof of which can be seen in the spike in digital business and digital marketing spending.
Further evidence of the boom in this industry is the fact that digital marketing was listed by Linkedin as one of the most in-demand jobs. This distinction was based on data from LinkedIn’s Economic Graph, which maps over 706M professionals, 55M companies, 11M job listings, 36K skills, and 90k schools.
Establishing and maintaining a consistent and accessible online presence has become an essential part of running a business, no matter the industry.
With such a measurable rise in digitization, and with unprecedented amounts of consumers moving towards online channels, it’s clear that this is more than a trend, but rather a new way of life. With that in mind, organizations that have not yet done so will have to adapt quickly to this tech-oriented business model, or risk being forgotten. Establishing and maintaining a consistent and accessible online presence has become an essential part of running a business, no matter the industry.
If your organization is finding this transition to be difficult, reach out so that The Silverene Group can help navigate the process. In the meantime, stay tuned for our next blog, the final blog of the 2021 Trends and Predictions series. This coming blog will cover social justice and the pressing matter of fostering DE&I in your organization.
Shaara Roman is founder and CEO of The Silverene Group, a culture consultancy that helps companies align their people programs with business goals.