Just like humans, we need to build up psychological resilience to cope with uncertain times, so did the collective existence of the organisation where everyone is working together under the organisational entity. We saw a lot of organisational falling, disappear under the COVID-19 pandemic and prolong the new normal, where the next normal follows.
Developing resilience, in particular digital resilience, becomes something needed to consider when taking a digital transformation journey. As most of the time, it does not show in the organisational asset and balance sheet, but it does not mean it is not important.
Most of the organisation is based on the business model forecast near medium and long term stable market conditions, so they gear for high debt ratio to accelerate growth. We all now notice and know what will happen now for those who practice that. The digital and technology revolution, constant climate change, followed by geopolitical uncertainty in the next normal disrupt whatever strategy intent set in the past. We continue to see large-scale failure as they fail to rapidly change to the next normal new market operating conditions, as well as adjust for the rapidly changing market behaviour change. COVID-19 pandemic may go, but the virus threat will remain for a long time, all countries will eventually adapt co-exist so their domestic market can reboot.
It is time for most organizations to build up digital resilience capability to withstand unpredictable threats once again from the future. As more and more organizations choose digital stores as their preferred mode of distribution and significantly reduce their physical store, if they do not completely shutdown all their physical presence.
We will also notice for unusual market speculation, like a smart car producer their market share being growth 100x despite they have relative much smaller market share compare with those market leader, which it completely base on speculate said smart car producer will over take the market in the near future … where it needs to be in the context of another existing player choosing to do nothing in static and let it happen? Which I think is not realistic, a better dynamic forward thinking includes anticipating how the market and competition likelihood move in consideration will be more appropriate.
Strengthening organisational resilience to succeeding in uncertain times, by building up digital resilience will serve as protection for your organisation. It helps to reduce risk for another unpredictable threat from the market and helps you quickly to mobilise resources and adapt for the change, do what is necessary faster, better than your competitors did.
Feel free to reach out to the E-SPIN Group for digital transformation initiative project inquiry, from consultancy to point solutions, from modernization to organization training need analysis and organizational development and transformation training and workshop for the management.