In the business world, change is constant
Unpredictable market dynamics force businesses to be nimble. But how can retailers ensure resilience in their supply chains when faced with unprecedented challenges stemming from the pandemic? The short answer is, retailers must leverage technology, or otherwise, they will perish.
We all know there has been a tremendous shift in behavior brought on by the pandemic. Consumers are now spending more time at home, little to no time in the office and only limited time in stores and shopping centers.
During the pandemic, the equivalent of 4-6 years of e-commerce growth took place in 9 months due to lockdowns and restrictions. The most energetic online adopters so far have been Baby Boomers and Gen Xers, who started to use digital channels as their primary shopping tool. Many consumers are likely to stick to their new habits as restrictions are lifted.
There’s no doubt that certain industries have been more seriously affected by the pandemic than others. But even within specific sectors, there have been clear winners and losers. So why have certain organizations emerged stronger than others? The answer lies in the concept of resilience.
At the end of 2019, we were looking at a world where artificial intelligence (AI) applications in the corporate world were booming. They were generating enthusiasm through new ways to achieve growth and operational excellence, but were held back by a lack of relevant use cases.