Economic normality is defined as the economic tendencies that existed prior to 2019. From a corporate perspective, this meant the smooth operation of the global stock market, financial systems, supply chains, international transportation, energy production and supply, and stable development of ultimate consumption.
The COVID-19 Pandemic Change the Economy Forever
We can say with certainty that the COVID-19 epidemic has ushered in a new era of normalcy. It became quickly evident that the economic consequences would be vast and severe.
Rapidly, a sizeable portion of economic activity was shifted to the digital world. Prior to the pandemic, the process of digital business transformation was not unknown, but it was relatively gradual and immune to outside forces.
However, it turned out that the COVID-19 pandemic was the catalyst for the rapid adoption of digital solutions in the whole industry. Many company activities, from meetings to sales to payments, have moved into the digital sphere during the past two years as the IT sector has undergone rapid growth.
Digital Transformation in Business
It has become critical to reimagine an organisation’s digital landscape. Businesses will need to rethink their entire lifecycle, from client acquisition and operations through post-sale service and customer service.
While the term “digital transformation” is not new, few people understand what it truly means and how it affects businesses. We can say that digital transformation takes on a unique shape for each business. It is not only a structural and operational change but also a cultural one. Businesses may better serve their customers by using digital solutions to personalise their products, services, interactions, and communications.
To flourish in this ever-changing digital environment, every business must adapt fast and effectively. The more quickly companies adapt to the ongoing digital change, the more secure their future prosperity will be.
Find out more about Dr. Ayavefe and his work here:
Image: Dr. Yasam Ayavefe