Globant’s Sentinel Report explores how businesses can adapt to a new reality
In just a few short weeks, we have all had to adapt rapidly to a new reality. We’ve seen what we know and what we are familiar with, turned upside down. But what does this mean for businesses and how can they ensure long-term success?
Today, companies find themselves in one of three positions:
- Front & center. You face extreme demand for your products and services. To succeed, you need to scale quickly and efficiently.
- Safe & sound. Only minor adjustments are required to maintain business as normal. However, longer term you’ll still need to adapt to changing customer behaviors and requirements.
- Down & out. You’re in crisis mode, unable to compete as you previously could. Survival will require a wholesale shift in your business model, looking for new revenue streams and the opportunity to be relevant once again to your customers.
In Globant’s latest Sentinel report, we evaluate four strategies that businesses in each of these scenarios can use. These are highlighted briefly below, but we recommend downloading the full report for more detailed analysis.
Imagine exponential businesses
Digital companies have the ability to scale at a pace we could only dream of a few years ago. It is cheaper and easier to start new businesses or lines of business than ever before. But to take advantage of these possibilities, requires having an exponential mindset. A key part of this mindset is having the ability to start small with experimental efforts, evaluate what works, and then rapidly scale.
Hack your company
To what extent are you looking at the past, rather than designing for the future? Unfortunately, even though many executives recognize the challenges their business and industry face, changes don’t always happen fast enough. As Microsoft’s CEO, Satya Nadella stated, we’ve just seen two years of digital transformation occur in two months. Old-school processes and structures will become redundant faster than ever, if they haven’t already.
Listen to your customers
Organizations today have to be customer-first. Unfortunately, this is still a major challenge. 80% of CEOs believe their organization delivers a superior experience, while just 8% of customers agree. This stark statistic emphasizes the need for organizations to listen more effectively to their customers, learn from them, and then act. Technologies from social listening tools to customer behavior analytics are crucial to help businesses understand customer sentiment and better prepare for changing shifts in requirements and desires.
Create a mutant culture
A mutant culture is one that is ready to make small or large modifications in order to adapt. It is hard to transform culture – which can make organizations vulnerable during times of fundamental and rapid change. Thus to succeed, organizations need to experiment, mutate, and then transmit this change. This last point is perhaps the most crucial – that even if you successfully reform your culture, if you don’t communicate it and don’t transmit it with enthusiasm, then your culture will still change – but not as you had hoped.
We hope these ideas provide a fresh perspective to executives now navigating the new normal.