Today, we find ourselves in rapidly changing circumstances where the COVID-19 outbreak is affecting everyone to a varying degree. As far as we can tell now, the global pandemic has far-reaching consequences for most businesses. Thus, they are compelled to adjust digital strategies as it might be the helping hand to stay afloat or even make a breakthrough.
While some of the companies decide to put their projects infinitely on a shelf, others consider this as an inefficient approach.
First of all, they aim their efforts at speeding up the delivery of top priority projects and transforming IT infrastructure to reduce costs. At the same time, they turn to software solutions that allow them to meet the current demands and constraints of consumers and ensure continued business operations.
It is a common thing that companies postpone adopting tech solutions due to various reasons. If you do not want to fall by the wayside, now is the right moment to accelerate some tech initiatives and save your critical business operations in the short and long run.
As the situation continues to evolve, people fall under the rigorous measures of self-isolation and social distancing. A change in consumer behavior, shift to WFH format, and the following rise in internet technology consumption impact certain industries more than others.
Here, we highlight the challenges that companies from different verticals face today and how they can adjust digital strategies to benefit from emerging opportunities. Let’s consider them by industry:
With the substantial increase in the incidence of coronavirus, governments and healthcare stakeholders ceaselessly search for medications, solutions, and tools that would help them to stem the tide. While we all hope they succeed in this fight, digital remedies inhibiting the spread of disease might help us as well. They can limit the time spent in public settings and streamline identification of people and communities at the highest risk.
Here, an opportunity for telemedicine providers comes to light. Today, as people face a global lockdown and turn to virtual care, providers see a significant uptick in telemedicine use. For example, a digital healthcare provider Amwell reports that the usage of their app increased by 158% since the COVID-19 struck the US in January.
Companies, offering mobile or web-based online consultations, fill the gap for patients, minimize disease spread, and build a way to earn fee revenue and patient loyalty.
Similarly, AI-powered contact centers and chatbots enable providers not only to weather the challenging times but also differentiate their services. As a result, they have an efficient resource to cope with the staff shortage and a great tool to add convenience, improve front office effectiveness, and reduce operational costs.
Another way to support a patient-centric approach and adjust your digital strategy is to implement remote patient monitoring in your practice. With the help of wearable medical devices, monitoring ailments remotely eliminates the need to step out of home, enhances clinical decision-making and facilitates achieving the triple aim of healthcare.
Fintech and Banking
While we currently observe an impact sweeping across many industries in response to COVID-19, some of them are traditionally better prepared to withstand the rollbacks caused by the outbreak. As often, fintech might be ahead of everyone. Being a pioneer in and fast adopter of top-level solutions, it brings its resources to the table of other businesses allowing them to be more resilient and competitive.
Although fintech is not entirely bulletproof, it continues to proactively aid the players in the financial sector, both customers and companies. From AI-driven trading platforms and Robo-advisors to loan management systems and KYC automation – these custom financial software solutions provide essential support aimed to meet the needs online, balance costs and improve customer experience.
Under the lockdown circumstances, consumers radically shift their preferences towards digital financial services. As a result, traditional institutions like banks and credit unions turn to mobile fintech solutions. Making the most out of the right mobile app would keep your clients loyal and ROI high.
The business world undergoes changes that form a very competitive landscape, and the risk of falling behind is too high to ignore. Companies are forced to swiftly adapt their strategies, reduce costs, and retain customers. Just as in other industries, Intelligent CRM solutions in banking serve to tackle challenges by optimizing business processes and establishing a customer-centric model.
To learn more about how financial organizations can quickly automate their services and support digital initiatives at the minimum investments, read a free eBook by Creatio. It provides valuable recommendations on adaptability during challenging times.
When the world is in stress, the insurance industry comes to rescue, playing a vital role in managing risks and mitigating losses. At the same time, with the rising volume of customer claims and inquiries, as well as with severe current volatility of financial markets, insurance companies become vulnerable themselves.
Insurers, taking proactive steps, cope with crises better and retain their clients after the storm is over. These steps might include:
- Permanent availability across human and virtual channels
- Predictive claims capabilities and automated payouts enabled by data and analytics
- Frictionless claims through smart systems and processes
AI and Machine Learning empower nearly all sides of the insurance environment. According to the McKinsey study, by 2030 AI will encompass such insurance aspects as distribution, pricing, claims, and underwriting. For example, Machine Learning contributes to claim management automation by analyzing cloud-stored digital files and enhancing processing speed and accuracy.
Watch this short video by Bloomberg Technology, where Daniel Schreiber, CEO of Lemonade Insurance Company, is talking about AI transforming the Insurance Industry.
With the help of AI and related technologies, your company could shift from Pay For Damage approach to Prevent Damage approach – so vital under current circumstances. Risk assessment leveraged by analytics platforms enables fast and precise data-driven decisions.
In light of current events, demand for digital insurance services has significantly increased. With mobile insurance solutions, companies can offer customers a personalized and convenient experience while reducing service time and saving businesses money. An online consultation, policy application, or even claims process managed by chatbots or mobile apps reserve human interactions for more complex tasks.
The COVID-19 pandemic is putting the retail industry to the test like probably never before. Predicting future sales and evaluating risks seem nearly impossible as there is no visible end of this challenge. That leaves retailers turning to innovative technologies to help them adjust to changes, keep their operations, and avert the spread of the virus.
Primarily, as customers are forced to isolation, they address their shopping needs to online portals. Thus, getting on board with digital store platforms facilitates the retention of your clients. To improve customer experience, enable multiple secure payment methods and ensure accurate delivery service by providing real-time tracking apps.
On top of enabling contactless digital payments as it was suggested by WHO, transform your store into a smart one by applying mobile app solutions like scan-as-you-shop systems that eliminate the need to see a cashier.
Warning shoppers about six feet distance or guiding them through the aisles by product-related alerts improve customer loyalty. To achieve this, integrate beacon technology into your store mobile app.
To augment retail efficiency and avoid shortage of supply, use smart tags and sensors. They help automate replenishment and enable employees to track the location of items on shelves.
Furthermore, retailers can deliver greater business value and operate stores effectively by applying data aggregation and edge analytics. It helps understand customer needs and provide the right selection of goods and services.
At times like these, effective supply chain management is incredibly important. Adopting IoT solutions will help you monitor inventory, enhance stocking, and boost logistics productivity. Additionally, Machine Learning technology can take demand forecasting to the next level and add accuracy to supply chain risk evaluation.
How to respond to the crisis, increase resilience against future disruptions, and prepare for rebound and growth.
At the time of global uncertainty, it takes a lot of concentration and effort not to lose sight of the big picture. Yet, the crisis may offer a tremendous opportunity for industries to excel. Hopefully, the use of technology and data analytics is going to ease the aftermaths and mitigate the risks providing a good pattern for the possible future upheavals.
“Adapt or lose” is now relevant more than ever. Increase resilience against current disruptions in collaboration with Velvetech. Our remote team of dedicated professionals is here to help rescue top priority projects and support you with custom software solutions.
Adjust digital strategies and address challenges promptly to remain competitive. Contact us today for a consultation.