Since WHO declared COVID-19 Pandemic, it has been over 16 months, and we are now in the next normal era. Most of the companies are under huge operating losses, due to existing business models vulnerable to digital disruption. For those who are not able to gain the time, they are shut down, taken over by someone who believes they can perform much better in the private sector. And in the public sector, without doubt, they need to get additional government funding to remain in operation.
In general, we notice that private companies are always more responsive to disruptions and come out with courses of action that are necessary, whether downsizing, mobilizing resources to enter into new business ventures or areas they never do before. Public sector due to existing structure, they fall behind and typically involve government interventions.
The market remains there, the demand and supply will continue to serve as an invisible hand to guide the market to fulfill all kinds of wants and needs. Your existing consumer behavior (CB) or industrial buyer behavior (IBB) , if you study and research well, will provide you with a lot of useful information and insight.
Changing is unavoidable when time and market intertwine, it matters whether you as the enterprise are willing to adapt to the change and challenges, make all the necessary changes, break your organization culture and make all the necessary changes based on the current and future customers needs and wants. Most of the enterprises that fall are because the enterprise upon listing or established for too long, they forget the market is operating based on those willing to serve based on customer wants and needs, instead of what you are willing to offer.
For example, Post business, whether it is government operated or privatised, let face it, the traditional role for what post office can perform, it can fulfill via alternative channels. For example, traditional letter post can be replaced by email, pdf attachments, fax and even instant communication via messenger, phone or web video. For rebound in your existing business, you need to have a digital transformation mindset. Purely knowing what needs to change is not enough, you need to know how and capable to execute the change for good. To break the internal organization culture for the role of post business and post office definition and provide a new set of values that can contribute to the bottom line.
You need to have entrepreneurship to venture into new business, product and market. Market will not roll back to your previous glory time, for those who are dreaming in the past, and resisting the changes, the long history full of real cases and examples of what will happen next. So, take the wake up call and take the actions needed and act on the disruptions.
One of the most difficult to let go for most of the enterprise is the top management can not accept they are failing to act or responding to the disruptions. If you can not take it as temporary defeat, you can not rebound from thereafter. For all the enterprises, what really matters is to continue adapting to the changing market and remain as an enterprise that provides needed services your customers want you to perform. Whether from 5 stars hotels downgrade to 3 star operations for hotel operators as business necessary, or dismantle cruise ships and recycle it to lower the operating cost, what matters most is you continue to remain in the business for rebound.
E-SPIN Group in the enterprise ICT solution supply, consulting, project management, training and maintenance for multinational corporations and government agencies across the region. Feel free to contact E-SPIN for the digital transformation initiative, from consultancy, training and change management program.