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article imageCOVID-19: The era of survival of the digital-first and fittest Special

By Tim Sandle     Jan 2, 2021 in Business
“COVID-19 has brought about an era of survival of the digital-first and fittest,” according to Louis Tetu, Coveo CEO. The business-guru charts how the past twleve months of business have been radically overhauled.
Tetu tells Digital Journal that in the midst of the global pandemic, those companies that will succeed are the ones that create intelligent experiences that people have come to expect. In other words, what is important is adopting strategies for succeeding in a world of disruption before it is too late.
Coveo's Tetu is a Canadian business owner and entrepreneur and he has provided a few predictions on how COVID-19 will drastically expedite the need for digital technologies and better intelligent experiences for consumers. Coveo’s own experience in this space includes helping companies like Tableau save up to $18 million per year, and companies like Xero and RingCentral maximize their customer service and support, believing that self-service is the answer.
Tetu has three main areas to share with Digital Journal readers.
We’re moving from a process of digital crunch to an era of digital rush
Tetu explains why time is of the essence, noting: "With online being the only channel to connect and sell to customers, we are going to see a rise in investment in digital technology." This level of investment is expected to accelerate.
By things happening faster, he explains: "What could have waited three to five years now needs to happen in a year. The firms that choose to stay with the status quo and wait for the “back to normal” phase to begin are falling behind."
This is mostly because consumer preferences and expectations are rapidly changing. To what extent things change, they are unlikely to be reversed. Whatever 'normal' becomes, it will be something conceptually different to wat has gone before.
COVID-19 is a massive catalyst
While the coronavirus pandemic has reigned down economic turmoil, there is light around the corner. According to Tetu: "COVID-19 has brought about an era of survival of the digital-first and fittest."
However, there is more to the situation than technology alone. Tetu predicts: "Being digital will not be sufficient; the companies that will succeed will be those that create intelligent experiences that people have come to expect. The companies that fail will be those that cannot rapidly adapt their digital transformation roadmap to this new artificial intelligence and data-powered experiences imperative."
Going beyond the mere digital
Transformation is about more than just technology, explains Tetu: "Companies are starting to realize that they need to go beyond just “being digital”, to be truly relevant in every digital interaction with their customers. Leaders across each sector are harnessing the power of data and artificial intelligence to make this happen."
More about digital first, digital transformation, digital technology
 
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