Stories – Trends
The pandemic’s winners and losers
Wade has written extensively on the topic of not just surviving, but thriving during periods of major change – such as a pandemic. He believes there are three types of companies:
- The winners: in this case, e-commerce, drug development, and videoconferencing companies, for example, which are growing their businesses in the face of the pandemic.
- The losers: airlines and hotels, for instance, which are focused solely on survival.
- And everyone else in the middle.
“It’s really hard to change your mindset in a crisis," says Wade. “The focus becomes short-term because you have to survive.” The companies that have managed to do it have carefully considered their competencies, and then thought creatively about where they could use those capabilities to do something new.
High expectations for digital transformation in 2021
Prior to the pandemic, data collected by Wade and his colleagues demonstrated that up to 87 percent of digital transformation projects failed to reach their objectives. He expects to see an improvement in that rate in 2021. “I have a positive outlook for digital transformation in 2021, because I think the pandemic removed much of the resistance that has plagued these efforts in the past," he said, “and also due to the increased maturity that organizations built during the pandemic around digital.”
How Comet is enabling transformation.