Entrepreneurs have a golden opportunity during this crisis to change the way they do business. There is an awareness creeping in amongst citizens that “business” as we knew it before COVID-19 was not only environmentally, but economically and morally unsustainable. As populations globally face their demons under lockdown and question their behavioural and purchasing choices many are realising that not only will things be different, but that they want it to be different post-COVID.
This is a critical pivot point for business. Business leaders face a golden opportunity to use this crisis as a disruption signaling a seismic shift in how things are done. This is an opportunity to pivot and rapidly retool our businesses. Using digital tools and delivery models in the supply chain, to enhance efficiencies to innovate with the purpose of a competitive and resilient future.
These guidelines should be noted for businesses taking the plunge into the digital domain
1. Remember money follows risk
Right now customers have more risks than before. They have new problems, you need to rethink how you position solutions and value to them. Do not forget customer engagement, get the right message delivered in the right way that works for your customer.
2. Shift your thinking
Think systemically and in an integrated manner. Jump from lean to agile, from linear to systemic, and take comfort with dealing with experimentation taking into consideration the ecosystem and optimise the whole.
3. Map your value chain end-to-end
Focus beyond contracted suppliers. Understand dependencies, where they source, what their value chain is, and who is essential to the flow of products and services.
4. Use the power of data
Use data integration to connect value streams. In understanding the value chain and its connectedness, as well as in focus on customer centricity and information flow to execute processes.
5. Make the move
Move from analogue to digital to enable digitisation, digital offerings, digital market access, and access to opportunities despite geographical fragmentation. Do not just focus just on external digital inclusion. Look at measures to be taken within your organisation, workforce, and management team to enable access to information to execute efficiently.
6. Can your customers get to you?
Think about models on how to give customers access to data at your cost. To unlock value and to ease inclusion in marginalised communities, for small or remote suppliers and future consumers. Remember, if you want to enable your market and suppliers, you need to make sure they can get to you.
7. What’s your digital footprint like?
Ensure your digital footprint is targeted, aligns with your vision, and enables your delivery model.
8. Consider new technological architectures
Investigate ICT as an enabler and architectures like Blockchain to integrate and increase efficiency, establish trust, bring trackability/traceability, break silos and enable greater integration.
9. Collaborate, connect and compliment
Bring businesses into platforms for communal problem solving and shared value creation. Investigate supply chain interconnections, find gaps, think partnerships, not customer/ supplier relationships. Partner with complementary product and service providers to compete globally, and engage and learn from other industries/ sectors that could offer tried and tested solutions, move from linear supply chain models to that of a network, leveraging the collective value offering of the group.
10. Embrace the informal economy
Learn from the informal economy that is truly African, has a low barrier to entry, and is alive with agility, digital ingenuity, and frugal innovation.
It may be unsettling to hurtle headfirst into the new future, but let’s remember to stay the course, not lose our business vision, and to do it in a way that we take our stakeholders, suppliers, and communities with us.
There are tangible solutions in this sea of challenges and a willingness to act quickly that will bring us out stronger in the long run. Collaboration is key, though, and together we can embrace digital transformation for a better, more resilient future for us all.
