In the space of a few weeks, social behavior has transformed, supply chains are morphing, and business models are changing. While businesses are eager to reopen, uncertainty over the direction we are heading is creating anxiety. In the United States, weekly unemployment claims have hit 3.84 million and the underlying economic trends remind us of the wreckage left behind by the 2008 global recession.
Some industries will have business models that allow them to naturally thrive in the new business environment. Consider, for example, a startup connecting hairstylists and barbers to customers via video chat. For most companies, however, the uncertainty of the current moment means increasingly complex IT budgets as teams scramble to adapt. And if your organization relies on physical interactions, you may also be wondering how to even begin digitizing your operations.
Companies with robust digital and IT strategies show it’s possible to create seamless customer experiences while keeping cost in check—even in the midst of a crisis.
One of the key ingredients for a successful digital transformation is the cloud. To get ahead, every company across every industry must start thinking like a technology company. The cloud gives companies the ability to scale to meet elastic demand, provides guaranteed availability to customers, meets security needs and offers unassailable Disaster Recovery (DR) and Business Continuity Plans (BCP).
In the aftermath of COVID-19, the challenge for leading companies will be two-fold:
1. Ensure flawless business continuity in the face of the most unpredictable events.
Businesses can ensure continuous operations by investing in cloud-powered Work from Home (WFH) tools/ processes coupled with cloud-based IT infrastructure for data, applications, and analytics. Cloud-based tools and applications can also help address capacity challenges.
2. Cost optimization in the face of the imminent downturn triggered by COVID-19.
Cloud-based solutions scale on demand and also lower costs by as much as 80%. Open source platforms businesses can create even bigger savings.
Beyond cost-savings, the bigger benefit of cloud is in its pay-as-you-go model designed to address demand variability while keeping cost in check.
During the COVID-19 crisis, companies with IT architecture built on elastic frameworks, such as the cloud have found ways to differentiate themselves. Now, the test is to continue to adapt to the new normal with reduced costs, while maintaining user experience under the shadow of an unpredictable recession. However, one thing is certain: Enterprise IT architecture that doesn’t support variability can slide off the edge. Your business can prevent that eventuality by leaning on the cloud.
Sam Mathew is a Senior Vice President in Wipro, managing one of Wipro’s fastest-growing service lines, Cloud & Infrastructure Services (CIS).