Well, that was fast. Any company that wasn’t already pretty good at doing business online had better shift into high-gear now due to COVID-19. And understandably, employees are also expecting that work be done virtually if at all possible.
An HBR article describes how the corporate digital divide has created an urgency for firms to digitize operations not just to improve client-access and create efficiencies, but also now for worker employment and health. (FYI – HBR’s coronavirus-related articles are free for all readers)
The author lists the 3 significant competitive advantages that firms can achieve by going digital – with virtual work added as a new 4th advantage:
- Scale – Produce more at a lower unit cost.
- Scope – Achieve a greater production variety.
- Learning – Pushing for improvement and innovation.
- Work – Create a digital relationship between firm and employee.
At PriSim, we’ve found that our ability to run our business simulations and classes in a virtual environment, as well as our business operations, has sync’d well with our clients’ rapid digital transformation. But not all businesses and operations can be fully digitized, and even many companies at the forefront of the digital revolution (Amazon, Uber) are based on physical operations.
After COVID-19 passes, hopefully companies will be more digitally-prepared for future crises that come down the line.