EKVITA Experience in Embracing Threats
BAKU, Azerbaijan, May 28
The range of recent unexpected occurrences led us to accept the reality opposing the viewpoint that the rocks couldn’t possibly fall from the sky. In a position to experience the astonishment and still daring to do something requires courage to embrace risks, improbabilities and uncertainties.
At the onset, we perceived global COVID-19 pandemic as a threat to our business since it imposed restrictions affecting our business and our clients. The whole industry was under limitations and new digital vision was ruining conventional business models. But it was until the time that we finally revealed our strength in training and education, and seriously focused on turning the spawning threat into opportunity. In a global pandemic situation like this, there is no option but to be agile and to adapt to the new digital business models. For this, our first task was to get people out of their comfort zone.
Success Loves Preparation
Following the worst-case scenario planning, EKVITA team has created a Digital Roadmap and immediately started implementing digital projects coming from this Roadmap. Never have we put more thought and planning into the organization-wide roll-out of a new initiative in such an intensive environment. With the support of the top management, we defined a phased approach for the project team of digital shapers, established cross-functional team of ‘super users’ from various departments - the people in organization who strongly believed in and could drive a transition. For this purpose, EKVITA established in-house training program under supervision of the Digital Adoption Manager whose main task was optimal utilization of new digital platforms and monitoring employee experience. Staying inspired and connecting with clients during a crisis, this in-house digital transition team has addressed obstacles, succeeded project goals formulated in the Digital Roadmap, and implemented the first most critical phase of new digital platforms across the whole organization.
At the end of the first phase, we realized that the opportunity in the face of pandemic quarantine looked like a threat when first appeared. It has been a challenge-based transition where collaboration in an agile atmosphere has been an important contribution in succeeding the project goals. Moving into new business model will enable our company to do things faster, better, easier and on-demand.
Global Pandemic – Accelerator of the Digital Transformation
Only 18 percent of companies were entirely digital before the COVID-19 crisis (McKinsey Global Survey, 2018). The pandemic accelerated the efforts, rewards of which is expected to be approximately $4.0 trillion in value worldwide by 2025.
Newly adapted digital infrastructure granted an ecosystem reinventing real customer behaviors, building the platforms that deliver competitive advantage, turning the data into assets in the context of real-time reports, and creating the next business. As a result, the whole organization enjoys newly shaped practical tools empowering everyone to be prepared for the unexpected and manage risks.
Emerging Market Demand for New Product
A true digital business transformation requires merge of companies’ digital and corporate strategies to achieve a competitive advantage. But not all business leaders are ready to such disruption, due to the traditional management views and little consideration about the big picture. Therefore, digital transformation usually faces with organizational resistance, overcoming of which requires a plan, prepared with outside help.
The results of the transition offered some new opportunities for the most required and vital new product launch in the sector. It was incredibly useful to reevaluate our company’s business models to penetrate highly competitive industry. Currently, we are gearing up to enrich our product portfolio and to enhance our brand positioning to meet important business questions.
The next crucial project of the Digital Roadmap stands for targeting the market, revealing unhealthy options not suitable for digital strategy core elements, and recalibrating the products in accordance with client insights.
We are offering our clients to help them with organizational restructuring and digital transformation aiming at improving their operational efficiency. By putting the clients at the very heart of our strategy, we have raised new business lines and improved product crafting to continue our journey towards becoming industry leaders.
Jale Sardarli is responsible for the Project Management at Ekvita. Having worked in the industry for nearly 20 years Jale’s diversified professional experience includes Strategy Plan Development, Project Management, Project Portfolio Management, Business Analysis, Sales and Marketing Management. With a proven expat experience Jale effectively managed projects that build loyalty, increase revenue, earn good reputation, and ensure success for the organization.
Nargiz Ismayilova is responsible for the Project Portfolio Management at Ekvita. Nargiz is a PMP certified project management professional with 10 years’ experience in Strategic planning, management and monitoring of complex organizational projects in the fields of SME development, agriculture, financial market.