Companies in the technology industry are facing numerous challenges due to COVID-19. Despite this, the pandemic has also provided firms an opportunity to reimagine their businesses to embark on growth and transformation. While business continuity and crisis management are the need of the hour, they should use this opportunity to discover their true source of value and become purpose-driven organizations. They should create end-to-end solutions leveraging technology ecosystems to deliver unique experiences instead of the current siloed product-based approach to the market. This will help them to stay relevant and create a sustainable competitive edge. Towards this goal, technology companies must:
Adopt digital interventions to bring about resilience in the short term.
Build a strong digital core, simplify, and create web scale platforms to bring agility and adaptability in the midterm.
Leverage ecosystem partnerships to create purpose-driven solutions that usher in the experience economy.