Highlights from COVID-19: The Great Digital Accelerator
Posted by Ken Forster
On September 3rd, Momenta hosted a webinar exploring the long-term impact of the COVID-19 pandemic on the Digital Industry space. When lockdowns hit, this forced the hands of companies waiting on the sidelines to embrace digital processes. Now, with evidence showing the pandemic has been the “digital accelerant of the decade”, we can see that with crisis comes opportunity. Here, we highlight some of the key-takeaways from our webinar to help guide you in how to take advantage of the newest normal. To catch up on the content, download the slides or watch the webinar on-demand.
Takeaway #1: COVID has created a ’new normal’, with the recovery underway powered by cheap capital.
Capital spending is on pause in sectors most affected by COVID-19, alongside thousands of jobs lost – primarily in the consumer and financial sectors. The longer-term metrics tell a very different story with the markets at record highs and Private Equity with over $1T in investible funds (so called ’dry powder’). Many companies are getting funded but aren’t announcing given the sensitivity of the macro market. Take advantage of the cheap capital.
Takeaway #2: Now is the time to lean-in, leveraging digital to capture new markets and sectors.
The road to digital transformation is a bumpy one, full of barriers and roadblocks. While digital transformation is exceedingly difficult to do right, organizational momentum has been the most precious and often missing element in the digital transformation journey. Leverage inorganic levers to transform your digital DNA and develop sustained advantage against your competition.
Takeaway #3: Digital innovation will continue to be the catalyst for greater change, creating new ’winners’.
Today, digital technology is playing a central role in nearly every business whether you realize it or not. From the beginning of the pandemic to today, we have seen many initial roadblocks to innovation now moving full steam ahead. Embracing and investing in these technologies will be critical and create the winners in this new normal.
Takeaway #4: Catalytic digital leadership remains in short-supply – those who have the best talent win.
Where do we seek reassurance in chaotic times? When it comes to a job, we rely on strong leadership to guide us through times of crisis. Catalytic leadership is critical to improving the chances of surviving and thriving post-COVID-19. The time is now for businesses large and small to evaluate and upgrade their senior leadership quotient.
Momenta helps industrial players digitize their business. We’re the guiding hand behind leading industrials’ IoT strategies, over 200+ IoT leadership placements, and 40+ young IoT disruptors. Schedule a free consultation to discuss how we can help you take your business to the next level.