Pandemic imposed restrictions have highlighted technical gaps between organizations which have made technology, part and parcel of their daily operations versus those which have not. Consequently, need to transform the organization through digital tools (i.e. software, device and hardware) has become imperative. If we earnestly evaluate, then so called ‘digital transformation’ has been around since 2000s, even though, prior to the pandemic, it was moving at a glacial speed. Start of 2000 was witness to ‘catastrophic’ Y2K, massive dilemma of what would happen when all ledgers which made entries based on last two digits of the fiscal year would reflect ’00?
Wheels of most economies, even as advanced as the United States, are greased by thriving micro and small business segment. In fact, health of an economy is often gauged by the number of successful small businesses and not by conglomerates or venture capital funded unicorns.
Different countries have different definitions for small businesses, some of which aren’t realistic,
In uncertain and precarious times, most enterprises split into one of these two camps.
Those wanting to capitalize on lurking opportunities at any cost (arbitrage) and those wanting to retain customers while carefully helping them navigate through uncertainty. Which approach businesses adopt, is strictly their prerogative as the ultimate objective of any business is to maximize profit for their shareholders, ideally by keeping interest of all stakeholders (such as customers) in mind.
In dire times, it is not uncommon for enterprises wanting to fend for themselves but also wanting to capitalize (even if unfairly, unethically) on imbalances in demand and supply. To combat exploitation, unfair opportunistic advantages, consumers look up to regulators and compliance officers.