TWC explores how working practices have changed because of C-19 and asks; how many will stick?
Undoubtedly, C-19 has driven digital transformation at a speed no strategist dreamed was possible even a few months ago. Here is a look at some of the instant changes we have seen:
- Overnight adoption and ‘emotional acceptance’ of remote working platforms by both employers and workers…….
- Better use of time – less ‘windshield-time’ more ‘screen time’
- Increases in webinars, videos and digital resources
- Increased use of data to monitor buying patterns
- Stress testing e-commerce platforms via demand surges
- An increase in demand for online training & personal development modules
- Race to get Apps for online ordering and information
Notwithstanding that many businesses that are generally struggling right now because markets have collapsed, other businesses will be noticing cost savings and benefits from these new working practices:
- No travel or subsistence costs
- No office costs – reduced overheads
- Smaller carbon footprint
- More agility
Interestingly, one thing we are hearing a lot, is that managers are talking and seeing their teams more – the rise of the video conference means more focussed face time! So which changes will last?
The reality is that we will not stay at this extreme state of lock-down, so it will move back from where we are now but it is difficult to imagine some of these changes won’t be adopted for the long term:
- Video conferences become more culturally normal – face to face meetings no longer seen as essential if a video conference can do the job
- Overseas conferences and big events – they cost a lot of money and take a great deal of time to organise and attend – maybe webinars are the future?
- Remote working – the companies who do well through this will struggle to justify an office-based culture going forward (greater adoption)
- Apps – once wholesalers have got online with an App, it is very unlikely they will step back from it.
- The emotional acceptance that smart technology makes our business lives more agile, more efficient and more commercially effective.
Furthermore, for those workers who aspire to flexible working, the new environment is demonstrating to employers that it is possible to maintain staff engagement and company outputs simultaneously through flexible working arrangements. Maybe, this will be the catalyst for a step change in flexible working practices across industry?
Here at TWC, we have always said that good digital is all about having IT systems that are flexible and adaptable, alongside the use of data in understanding changing consumer behaviours. C-19 has demonstrated how important this philosophy is in a rapidly disrupted world. Businesses that will thrive through this are the ones set up to move quickly, able to respond immediately to changing customer needs and adapt their systems and processes accordingly.
This is true digital transformation, happening right now……..
Tanya Pepin, Managing Director, TWC
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We hope you enjoyed this insight into the likely impact of Covid on wholesale. If you’d like to discuss anything mentioned in this article, do get in touch.