By Swatil Binte Mahmud, Blogger, Lava Protocols
The Covid 19 pandemic has become the single biggest catalyst for digital transformation from a niche market into a mass adoption. If you’re still reluctant to upgrade on technology to improve or seek growth, your company will face huge challenges in adapting to consumer behavior and gearing your business in the new norm of possible prolonged social distancing. While there is no silver bullet for businesses’ recovery, we know that investment in digitization will play a huge part in accelerating this process.
- Point your sales teams to top priority accounts & prospects to determine all -in profitability and lifetime value.
- Focus on improving customer experience with simple and personalized digital communications.
- Shifted marketing mix to digital channels enabling personalization and high-velocity message or offer testing.
- Leveraged data analytics to set pricing levels and quickly adapt based on customer segments.
Five Strategies for Industrial Companies
Address the immediate challenges that COVID-19 represents to manufacturing companies by running a more streamlined business process while improving customer satisfaction.
Solution: Enabling a remote workforce by empowering remote employees with tools and best practice.
- Create alignment across the organization.
- Enable real-time collaboration in a virtual environment.
- Develop open, transparent employee collaboration.
Address near-term cash-management challenges and broader resiliency issues during virus-related shutdowns and economic knock-on effects.
Solution: Preparing for recovery by shifting from a product-centric business to a customer-centric business, allowing the customer’s needs to inform their processes.
- Ensure continuous service support.
- Manage resource constraints and reroute service capabilities.
- Reduce costs and reallocate resources by deploying self-service ordering.
- Nurture ecosystem relationships with digital communication strategies.
Create detailed plan to return business to scale quickly, as COVID-19 situation evolves and impact on all sectors, including the manufacturing industry, is huge.
Solution: We will work alongside you as your trusted partner in building a plan to prepare for recovery.
- Improve supply chain visibility and deploy a “control tower”.
- Leverage real-time analytics for customer feedback and supply chain mobilization.
- Enable self-serve analysis to analyze production, plant performance, and products.
- Enhance Sales and Operations Planning.
Reimagine the next normal: what a discontinuous shift looks like and implications for how institutions should reinvent.
Solution: Digitizing the business by deepening commitment to improve the partner/customer experience.
- Build unified, accurate sales forecast.
- Stress-test scenarios with time-phased, customer specific information.
- Improve visibility into volume & pricing commitments – Schedule, Forecast, and Demand.
- Manage the sales agreement life cycle.
Be clear about how regulatory and competitive environments in industry may shift.
Solution: By rethinking the way of working, establishing new connections with customers may be the best solution for manufacturers to survive this economic gloom.
- Unify the run-rate business with sales agreements inside the CRM.
- Easily capture sales agreement metrics using custom and standard metrics.
- Track count performance to manage compliance and renewals.
- Create a unified sales forecast.
- Leverage account team insights.
- Easily develop forecasts.
Complete Manufacturing CRM
- Achieve better account management.
- Bring AI-powered intelligence to day-to-day operations.
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