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    Rights statement: This is the author’s version of a work that was accepted for publication in Technological Forecasting and Social Change. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Technological Forecasting and Social Change, 176, 2022 DOI: 10.1016/j.techfore.2021.121452

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Business Transformation in an Age of Turbulence-Lessons Learned from COVID-19

Research output: Contribution to Journal/MagazineJournal articlepeer-review

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  • Xishu Li
  • Maarten Voorneveld
  • René de Koster
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Article number121452
<mark>Journal publication date</mark>31/03/2022
<mark>Journal</mark>Technological Forecasting and Social Change
Volume176
Number of pages12
Publication StatusPublished
Early online date31/12/21
<mark>Original language</mark>English

Abstract

The COVID-19 pandemic has caused global economic turmoil. Although many companies have suffered huge losses, some have flourished by changing their old ways of doing business. We investigate the business transformation process under drastic market changes and time pressure, with a focus on decision speed and structure in the decision & planning phase, the implementation structure and monitoring in the implementation phase, and reinforcement after the implementation. Through case studies in a variety of industries, including manufacturing, e-commerce, and finance, we explore how companies in specific contexts have dealt with the above-mentioned critical factors when transforming their business during the pandemic, whether the experienced transformation processes differ from theory, and if so, how. The examples of business transformations cover eight categories, including work from home, the use of augmented reality, internet of things, and business model redesign. Our findings reveal how these transformations are perceived and evaluated by companies one year into the pandemic. In addition, we show how decision speed, structure of the decision-making process, structure of the implementation process, and scale of the implementation impact the completion time of the transformations. Based on our results, we provide suggestions to companies for an effective business transformation in times of crisis.

Bibliographic note

This is the author’s version of a work that was accepted for publication in Technological Forecasting and Social Change. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in Technological Forecasting and Social Change, 176, 2022 DOI: 10.1016/j.techfore.2021.121452