Business Opportunities For The New Normal in Western Europe
With the sudden emergence of the COVID-19 pandemic, it seemed as if the world would be brought down to its knees, forcing not only companies but entire economies to quickly adapt or perish. The shift was monumental, trickling down from the high-level business models down to the way companies serve their customers, handle daily operations, and even communicate.
However, the effects of the pandemic, though dire at first sight, have brought a plethora of opportunities across industries. Organizations are finding new applications of emerging and existing technologies to accelerate decision making, increase productivity, and broaden the scope of innovation. And it worked. Companies are reporting accomplishing difficult tasks and achieving unprecedented results in record time despite, or as a result of the pandemic.
Given the changing global economic trends during COVID-19, we set out to find out more about the situation in European companies, how they view the crisis, and what we can expect. Today, we’re sharing insights of our own Martijn Spek. Martijn is a growth-focused executive & entrepreneur and he recently joined Symphony as the Director of Sales for the European market. His areas of expertise include sales, change management, digital transformation, improving business awareness and performance, leading teams in competitive environments, steering companies through challenging situations and implementing effective strategies to fulfill business needs. Keep reading for Martijn’s take on challenges and opportunities the pandemic brought to specific industries and his analysis of the evolving Western European market at large.
During the current crisis, businesses have worked faster and better than they dreamed possible just a few months ago. Do you believe this crisis could become a competitive advantage for certain companies?
Organizations in various sectors have been forced to rethink their approach to the way they do business, with companies launching new models in a matter of days as opposed to a 12-month launch strategy, developing new products such as ventilators within a week, and retraining and redeploying employees. Despite the negative impact of the lockdown, one of the positive outcomes is the opportunity for many companies and industries to benefit from this ‘forced’ digital shift they needed to make to enable working from home. As research keeps reporting a higher efficiency, lower costs, and a majority of employees being positive about working from home even after the COVID-19 period, companies will experience these advantages to one or another degree either instantly or in the long run.
The future of work already started being defined by the use of more automation and technology. COVID-19 has brought that sooner. Do you see how companies in Western Europe rethinking their approach to work?
Due to the impact of digitization on our society, almost all companies are gradually moving towards digitally-driven organizations, and COVID-19 worked in many industries as a catalyst. Leaders of companies that needed a push to embrace digital readiness, now have a first-hand experience of the advantages that come along with the digital transformation.
In Western Europe in particular, we are seeing great growth in the adoption of technology and change management within organizations. However, COVID-19 had considerable adverse effects on IT budgets, leading to cost-cutting defense response. Yet, in order to stay competitive in the long run while attracting top talent, employers need to make sure they have enough to offer.
Adoption and use of smart technology that enables a healthy work-life balance is the key to success. Companies open for a digital approach including a well thought out business and IT strategy will grow faster and distinguish itself more quickly comparing to their competitors.
To adapt, companies need to quickly rethink customer journeys and accelerate the development of digital solutions. In which industries do you see the most room for improvement?
Worldwide, McKinsey and Company estimates that government deficits could reach $30 trillion by 2023. This means that even the industries which have not been traditionally eager to adopt the digital revolution will need to make use of the available resources for fast adoption.
For example, Retail, E-commerce, and the Fintech industry show a massive adoption of technology and an impressive year to year growth. These industries embraced emerging technologies in a very early stage, especially since many have no legacy history. However, more traditional industries like Logistics and Real Estate can benefit from the adoption of technology, but also Legal firms, corporate banking, healthcare, and the government are making effort moving towards their digital maturity. As these organizations recognize the need to adapt faster to customer demands, digital transformation topics are moving up the corporate agendas.
You recently joined Symphony and you’ll help us expand our business to Western Europe. What makes you most excited about your future here at Symphony, especially considering the new normal?
In the past 10 years, Symphony has been closely involved in the launch of 100+ new international innovative products/solutions and various digital transformations. Customers in Western Europe quite frankly can leverage the knowledge and experience that comes together with years of preferred Google Ventures partnership, collaboration with fast-growing international startups, and several leading Fortune 10 companies. Symphony is the only culture-driven technology house with an impressive track record of international development supplemented by in-depth business experience in several industries. Without bragging, in the past 20 years of my own Business & IT career, I have rarely experienced such a well-functioning ‘Champions League’ team. This is one of the many reasons that I’m very proud and happy to be part of Symphony’s future and to help customers in Western Europe today, with the technology and insights of tomorrow!
