While the pandemic brought significant challenges, it also exacerbated several existing issues.
During the early days of the COVID-19 pandemic, firms scrambled to spin up new customer and employee experiences at a time when the economic outlook was becoming more and more uncertain. For some firms, it felt like a race against the clock.
In fact, there are numerous firms that didn’t survive the pandemic, and we are still seeing a shakeout today. Forrester predicts that upward of 20% of Fortune 500 companies will sell assets, shut down operations or merge this year in the search for profits and customers.
When it came to technology strategy, most firms fell into one of two camps.
For leaders, the pandemic accelerated their existing digital transformation plans and spending. They adapted their plans and made them happen in a matter of weeks. They digitized processes rapidly and pivoted business models using existing technology roadmaps. They did truly amazing things and put distance between themselves and their competitors as they used the crisis to strengthen their relationship with customers.
For the rest, it was more of a scramble.
The pandemic caught them off guard and put them into a “survival mode” mentality, which drove rushed technology decisions. They implemented technology options that may not have been on their original technology strategy roadmaps.