Though unemployment is at a record high across the world, some companies are experiencing an increase in revenues. Professionals that still have a stable job are redirecting their investments for home improvement. CIOs and business leaders also want to utilize those customer demands to survive the pandemic. So, the question now is, is your IT strategy ready for post-crisis demands? Patrick Gray throws light into some of the business models that have turned the pandemic into a revenue-making machine in this article at TechRepublic.
Facing Post-Crisis Demands
Home Depot and Lowe expected a decline in their sales when coronavirus spread like wildfire throughout the globe. Instead of that, they got several projects where customers wanted to improve their homes. According to Google reports, keywords like ‘sprinkler systems’ and ‘swimming pools’ have more traction online. Even the bicycle sections at Walmart or REI are empty because of increased demands. Economists and analysts called this trend a ‘tiered economy’ where some are splurging money on home equipment and fitness while others are filing for unemployment.
Companies that most profited from the crisis are technology companies. CIOs and business leaders must decide if they want to continue working with a reduced workforce at physical locations. Or else, they must hire more to support their IT strategy and meet the post-crisis demands. Collaboration applications are no longer a fancy tool but a necessity. You must know the type of products that should entice your customers to increase your sales figure.
By now, your data analytics software has collected enough information to analyze the best possible IT strategy for the organization. That might be shifting your priorities in the business model and investing in new processes and technologies. Keep in mind that your IT strategy today would be the future of the organization tomorrow.
To view the original article in full, visit the following link: https://www.techrepublic.com/article/how-to-plan-your-tech-strategy-for-the-new-economy/