August 4, 2020 | Tyler Staton
While it’s expedient to focus on short and medium term business goals, long term goals require more planning and investment and the results don’t show up in this quarter’s profit and loss statements. It is easy to fall into the trap of postponing organizational changes which could prove disruptive and whose impact will mostly be seen down the road. In other words, we sacrifice the long term gain to avoid the short term pain. However, as often happens, events outside our control can force our hand.
A new reality
Enter Covid-19. Although in many ways we are at the beginning of this new era, we need to seriously consider and envision the post Covid-19 world. Currently, we are seeing many long held assumptions, realities and even legalities change dramatically before our eyes. Though we cannot yet clearly see the true shape of the future, the one thing we know is that the pre Covid-19 reality will not return. Change is unavoidable, and now is the right time for digital transformation.
Why is now the right time for digital transformation?
1) Your team now needs access your business data anytime, anywhere
Today, the rapid and accurate flow of data through an organization is its life blood. It is absolutely essential for an efficient organizational workflow and that information be collected and consolidated for timely and informed high level reporting, planning and decision making. However, what has now become clear is that in a post Covid-19 world your workflows and data need to be accessible and executable anytime, anywhere to keep your business moving.
2) Your business now needs to be able to connect digitally with customers
Though many legacy processes within an organization may remain and function at an acceptable albeit outdated level, questions arise. Your customers are living in a digital world, are you able to meet them there? Can you do it securely? Are you able to provide timely information or is it yesterday’s news? Your ability to digitally connect with prospective tenants may now mean the difference between winning and losing.
3) Your ability to adapt quickly will determine success as the world continues to change
Slow and clunky legacy tools and workflows will be unable to respond at the pace and level that organizations require. Though paper, pencils and stand-alone spreadsheets will never completely disappear, their usefulness and efficiency within a large organization are extremely limited. To keep pace, your business needs to have purpose-built systems that allow you to quickly react to changes while ensuring continuity. Ad hoc reactions and rigid processes will keep you lagging behind more nimble competitors.
4) Your employees and clients are looking to your leadership in charting a new course
Change was once an option, it is now an imperative. The world economy, pre Covid-19 has for the most part been on the upswing for many years. Though never a given, success during the good times is relatively easy compared to the difficult times. Likewise, passive leadership during the good times can still lead to relative success, but is during the difficult times when strong progressive leadership will show its true worth. Who will thrive in the new reality? It will be those who boldly set a new course of action that employees and clients want to follow.
Embrace the Future
It’s time to embrace the new normal. Positive change will begin with strong visionary leadership. That is the first requirement. And next, a decision to streamline and secure data with a digitized data flow. If your organization is ready to embrace the challenge and the future, contact us. Talox is leading digital transformation for owners and brokers of commercial real estate in Asia.