Over the past few decades, the TMT sector has undoubtedly experienced fast digital growth. When 2020 arrived and the pandemic sent shockwaves through the industry, it paved the way for extraordinary digital transformation, accelerating pre-pandemic trends. When an industry defies the odds and grows at this pace, it does not come without teething problems. As the industry faces a new era of cost-conscious customers, how can TMT companies continue leveraging their vast digital growth, without succumbing to a catch 22 situation, where they fail to address the issues of its aftermath? This question raises the issue of a ‘fast-growth deficit’.
The fast-growth deficit refers to the structural and operational gaps that have lingered in the aftermath of accelerated growth, particularly in the pandemic. For the TMT sector, the gap in customer experience remains the most important piece of the puzzle. The fast-growth deficit encompasses several legacies that have prevailed in the post-pandemic world, including a data deficit and technical debt, which remain obstacles to strong customer centricity. This headache has fallen particularly heavily on platform-based e-commerce firms such as food delivery apps and TV/Streaming subscription services, both of which saw especially rapid growth in the pandemic. This now feels like a distant memory; the new customer now looks very different, and sector’s pandemic legacies can no longer be ignored.