Eng
Eng
No one argues anymore that digital transformation, or at least digitalization, is a strict imperative for business, but what lies beyond this reality? How should businesses navigate their digitalization journey, and what potential obstacles await them? These are the exact questions we address in this article.
Organizations that proactively adopt digital technology and weave it into their workflows and operations stand to gain significant benefits; These include increased efficiency and productivity, enhanced customer service, increased revenue and a stronger competitive edge.
However, the path to digital transformation is not always easy. Many organizations encounter substantial barriers that hinder the dynamic transformation process and often lead to its failure. However, it is encouraging to know that the challenges associated with digital transformation are often similar across industries, allowing organizations to leverage proven strategies to overcome them.
Common barriers to digital transformation and ways to overcome them
The challenges companies face during digital transformation are frequently quite similar and with the right strategies, they can be effectively managed. Fortunately, organizations can "learn from others' mistakes" and plan their own digital transformation journey more efficiently. Let’s explore some typical barriers (and solutions) that businesses encounter on their path to digital transformation. By proactively addressing these common challenges, businesses can build a strong foundation for successful digital transformation.
Lack of clear vision and strategy
Navigating your digital transformation journey without a clearly defined strategy is like walking blindfolded. At such times, businesses find themselves in uncertainty – what technologies should be implemented? How should these technologies be used? And in general, what are these technologies for? This ambiguity and lack of strategic priorities frequently become the primary reasons for failure.
Involving the organization's key stakeholders is crucial in developing a clear digital vision. This strategy should turn into an actionable roadmap, namely:
1. Assessing digital readiness. Analyze your organization's digital readiness to identify strengths and opportunities for improvement. This will help you see what your organization's digital landscape currently looks like and what steps you need to take to achieve your desired goals.
2. Joint workshops. Conduct workshops with key stakeholders from different departments (senior management, marketing, sales, IT, etc.) to generate ideas and define your organization's digital goals.
3. Mapping customer experience (CX). Analyze all key touchpoints in your customer experience to identify digital optimization opportunities that can improve the customer experience.
4. Define success metrics. Define key performance indicators (KPIs) aligned with digital goals that align with your digital vision to measure progress and track your transformation.
5. Develop a step-by-step roadmap. Break down your long-term vision into actionable steps, with clear deadlines and steps for each step. This incremental approach ensures flexibility and adaptability during digital transformation.
Resistance to change
Employees accustomed to traditional work styles may find themselves confused and frustrated when faced with new technologies and workflows. This conflict can lead to decreased productivity, which in turn affects the overall performance of the business.
Effective change management techniques are essential. Open communication and active communication of the main purpose of the transformation will help employees understand the need for the process and buy into the transformation. Remember that to create a culture of support for digitalization it is necessary:
1. Communication – clearly explain the purpose of digital transformation, clearly outline the benefits for both the organization and employees. Present this as an opportunity for professional growth and development.
2. Empathy. Focus on emotions and address employee frustrations during change. During change, it is important for people to understand that their feelings and emotions are taken into account, that each employee's point of view is valued, and that the transformation process serves everyone's interests.
3. Support. Involve employees in the decision-making process and encourage feedback. This creates a sense of belonging, motivates employees to participate and increases their contribution to the digitalization process.
4. Constant development. Create consistent training and education programs to keep employees up to date with new technologies. It is important to provide ongoing support and a mentoring system. This will help reduce resistance and develop a culture of learning and adaptation within the organization.
5. Celebrate achievements. Recognize and celebrate individual and team achievements (even small ones) throughout the process. Sharing success stories builds momentum and makes the value of transformation clearer.
Inadequate budget and resources
There are often cases when company management clearly states the desire for digital transformation and justifies its necessity, but often this business requirement is not accompanied by appropriate further steps. The process of digital transformation requires investment in technology, increasing the competence of employees and, possibly, the support of external expertise. Ensuring sufficient funding and efficient allocation of resources is often a challenge for many organizations.
Carefully evaluate budget constraints and prioritize areas that align with digital goals and support your business strategy. Properly assessing digital readiness will help define strategic priorities, providing a digital roadmap that must be supported by appropriate budget and resources. To better allocate resources during the digitization process:
1. Digitalization budget. It is necessary to plan the necessary funds to achieve your digital goals for the appropriate period of time, since innovation and digital transformation without financial costs are unfortunately unthinkable.
2. Cost optimization. Optimizing IT costs may include renegotiating software licenses with vendors, merging vendors, or canceling unnecessary subscriptions.
3. Cost-benefit analysis. Analyze the costs and expected benefits of digital initiatives to prioritize initiatives that deliver the most value.
4. Resource distribution. Plan allocation of budget, human capital, and technology resources based on team skills, workload, and upskilling potential of existing employees.
5. Budget flexibility - plan for unexpected expenses or opportunities. Regularly review your budget against your priorities.
Inadequate IT infrastructure
Legacy technology systems can create compatibility issues with new digital tools and limit the scalability and flexibility needed for transformation. At the same time, an inadequate IT infrastructure is a serious stress for the team of a company undergoing digitalization and contributes to people's frustration.
Modernizing legacy systems can be an important prerequisite for any digital initiative. Therefore, pay attention to the following aspects:
1. Legacy Infrastructure Assessment - Assess all current hardware, software and applications. Analyze their compatibility with digital goals. Identify critical systems for modernization and phase out non-critical systems.
2. Modernization roadmap. Develop a step-by-step plan that takes into account budget, environmental factors, obstacles, and operational implications.
3. Modernization options - explore replacing existing applications with cloud-based solutions through API integration or the use of virtual environments.
4. Implementation of the cloud. Evaluate migration of legacy systems to cloud systems for scalability, cost-effectiveness, and data archiving or system recovery.
5. Data migration. Develop a secure and efficient data transfer strategy that takes into account data cleansing, mapping, and downtime.
6. Support system – develop a systematic approach to solving employee problems and provide the necessary training module for working in a modernized environment.
Database silos and security issues
Data scattered across different systems can make it difficult to use them effectively. In practice, there are often cases when an organization does not have a unified approach to storing and processing data. We often come across examples where confidential information is stored only on the hard drives of the laptops of different colleagues. Moreover, ensuring data security in a digital environment is of paramount importance and is often one of the least considered aspects of transformation.
Consider the following steps to properly manage your data and reduce security risks:
1. Data comparison. Identify all data sources, formats, and locations to understand the company's current data practices and identify data silos.
2. Data management. Establish data access, access and use policies, and security protocols for responsible data management.
3. Data integration. Break down data silos for integrated solutions to facilitate the seamless flow of information exchange and processing and improve data-driven decision making.
4. Cybersecurity. Invest in robust security tools, conduct regular assessments, and increase employee awareness of data security best practices.
5. Continuous improvement. Continuously monitor, analyze and update management policies and security protocols to adapt to potential threats and regulations.
Lack of digital literacy skills at company level
In addition to the need for specialized technical knowledge, successful digital transformation requires a high level of digital literacy skills within a company's team. This means that employees at all levels—from senior management to front-line staff—must feel comfortable using digital tools and platforms. Lack of these fundamental digital skills can create significant barriers to adoption, potentially leading to failure.
To improve digital literacy skills at the organizational level, it is important to consider the following steps:
1. Analysis of digital skills. Assess digital literacy at the company level, identify areas for improvement and prioritize competency development.
2. Multi-level training system. It is important to develop training programs for people with different levels of digital skills, from basic computer knowledge to complex tools.
3. Microlearning and gamification. Use bite-sized modules and gamification to increase employee engagement, allowing you to develop interactive learning experiences and increase employee enthusiasm and motivation.
4. Mentoring programs. Encourage a culture of knowledge sharing and mentoring to promote collaboration and effective use of the company's team's core competencies.
5. Constant support. Create a digital knowledge base, transcribe the knowledge and skills of the company's team and make them accessible manuals and essential user manuals for digital platforms and systems, providing ongoing employee support at minimal cost.
The locomotive of success - The digital transformation team
It is clear that the most common barriers, to one degree or another, contain the problems that your company may face on the path to digitalization. But the most common and perhaps classic mistake is when a company’s team tries to implement digital transformation using only internal resources. The process of digital transformation is complex and requires a holistic approach across the entire organization. Therefore, a transformation team is needed, consisting of people with relevant expertise and cross-industry experience, who have an equal understanding of business goals and technological opportunities.
Remember that a seamless digital transformation requires a clear vision, effective communication and an understanding of responsibility for creating the capabilities your organization needs.
How prepared are you to take that initial step on the path to digital transformation?
In today's fast-paced business environment, “digital transformation” has become more than just a buzzword, but a strategic imperative. Businesses are faced with a stark reality: adapt or be left behind. The rapid and continuous development of technology has fundamentally changed people's lifestyles, work habits, and consumer behavior.
Consequently, to succeed in this dynamic landscape, the digital transformation of a business is a tough proposition, and its thorough understanding and implementation have become critical for sustainable and long-term business success.
When discussing digital transformation, you will often also hear the word "digitalization", these words are used as synonyms, but they are significantly different from each other.
To better understand the essence of digital transformation, it is necessary to define the difference between digitization, digitalization, and digital transformation.
Digitalization is more than the digital conversion of existing analog data and involves the integration of digital technologies into a specific aspect of business.
An example of digital transformation is the implementation of a telemedicine system in a medical clinic, through which patients can make virtual appointments, maintain an electronic health record, talk with doctors online and receive medical advice securely from home.
At its core, digital transformation is a larger and more complex process than the digitization of data or the digitalization of a specific business operation. It is impossible to successfully implement digital transformation if it is not preceded by the stages of digitization and digitalization.
Often, unsuccessful digital transformation attempts are due to an inconsistent approach where the digital maturity of companies is not properly assessed. But the possibilities are truly endless: with the right vision for the digital era and the adoption of digital capabilities, organizations can transform their business models to improve efficiency and unlock unprecedented growth potential.
By using digital technologies, businesses can create future potential and gain tangible benefits today, more specifically:
• Improving customer experience (CX) - In today's digital age, customers expect consistent, seamless, and personalized experiences from businesses. Digital transformation allows businesses to meet these expectations by automating routine tasks, providing self-service capabilities and real-time (LIVE) support.
• Improved operational efficiency and productivity – Optimizing processes through digital transformation improves operational efficiency. Robotic process automation (RPA) and optimization lead to resource savings, lower costs, and overall increased productivity. It also reduces errors, saves time, and frees up valuable resources so employees can focus on more important activities.
• Competitive advantage - Digital transformation provides competitive advantage through the use of advanced technology and rich data, allowing businesses to innovate faster, improve efficiency, and gain a competitive advantage in an ever-changing marketplace.
• Data-driven decision making - The ability to use and analyze data to make informed decisions is a key benefit of digital transformation. Organizations can gain valuable insights into customer behavior, market trends and internal processes, leading to more accurate and effective decisions.
• Adapt to change – The dynamic nature of the business environment requires constant adaptation. Digital transformation fosters a culture of innovation and agility, enabling organizations and their teams to quickly respond to market changes, seize new opportunities, overcome challenges, and stay ahead of industry trends.
Of course, digital transformation comes with its challenges. Resistance to change, inadequate IT infrastructure and digital literacy, cybersecurity concerns and budgeting issues are just a few of the challenges a business may face. However, with a strong digital strategy, investing in the right solutions and developing a culture of continuous improvement, these challenges can be overcome.
Remember, digital transformation is not a one-time event, but an ongoing process. The future is digital, and the decision about how businesses want to exist in this future lies in the hands of their leaders. However, the time to act is now as the pace of technological development continues to accelerate and the drive to achieve sustainable success matches the pace of development.
Start your digital transformation today and create the future success of your business.
Along with the rapid development of digital products and the IT industry in general, Agile methodology is gaining popularity, which is an iterative and collaborative approach to project management and software development, focused on flexibility, customer satisfaction and continuous improvement. Agile is already a well established approach as it enables teams to create high quality products that meet customer needs in a rapidly changing marketplace. While Agile is most widely used in the IT industry, this approach can be applied to a wide range of businesses, including small and medium-sized enterprises (SMEs).
Given their size and specificity, it can be said that small and medium-sized enterprises (SMEs) face unique challenges that require different and innovative approaches in their day-to-day operations. Such an approach can help the SME sector to better respond to a rapidly changing business environment and achieve better results, especially when organizations have limited resources and are forced to act at the pace of changing external environment.
In this article, we will introduce you to the best practices for using Agile for small and medium businesses.
The best way to implement Agile in small and medium businesses is to start the process in small steps, because the entire organization cannot immediately migrate to a new operating system. Therefore, it is better to create an experience according to the Agile methodology, for this, choose one project or team that will be led by Agile. Gradually expand/share the experience gained with the rest of the company, which will give employees the opportunity to gradually and deeply comprehend the Agile methodology. This approach reduces the risk of disruption to the entire organization and allows team members to gain the necessary knowledge, practical experience, and generally increases their readiness to use innovative methodologies.
An integral part of the Agile methodology is collaboration and communication between team members, stakeholders, and users. Encouraging everyone to participate in the work process will help everyone get a clear idea of the project goals and their own vision of how they will contribute to the success of the project. This will also help minimize misunderstandings and improve the overall quality of the project.
One of the core tenets of Agile is the ability to respond quickly to change – Responding to change over following a plan. Small and medium-sized enterprises often face drastic changes in environmental factors and need to be able to quickly and efficiently adapt to the new reality. It is often important for managers to create a “perfect” product/service, but in the face of constant change, focusing on excellence is not always an effective solution. In other words, the pursuit of excellence can prevent a company from creating value for its customers.
“Done is Better Than Perfect."
Agile is an iterative-incremental and cyclical process - it is important to divide the workflow into time intervals (sprints), this process is continuous and with each iteration a part of the product is created. During each sprint, the team creates tangible value, albeit minimal, but still tangible. This focus on value allows small and medium-sized companies to better understand the needs of their customers and respond to them quickly and efficiently. This focus allows the project team to focus energy on collaborating with the client, - Customer collaboration over contract negotiation.
Delivering a product or service in small chunks allows companies to avoid wasting time on features or services that do not provide value to the client, and instead focus on providing the most valuable features or services.
„Focus on what the customer needs, rather than what you think can be delivered.“
At first glance, the Agile methodology seems complicated, so it is important that the implementation process is simple and straightforward. Avoid overcomplicating the process with unnecessary bureaucracy and stick to the core principles of Agile. This will help minimize confusion among employees and ensure that the company's workflow is focused on creating value for the customer.
„Working software (product) over comprehensive documentation.“
It is very important to monitor progress regularly and make adjustments as necessary to ensure that everything is being done correctly to achieve the project goals. This will help to identify potential problems at an early stage and initiate the necessary actions. By using continuous measures of success, SMEs can better understand what approaches are working or not working for their organization and make the necessary changes to improve results.
Promoting a culture that values development and continuous improvement is critical to the successful implementation of Agile in small and medium-sized companies. This means giving team members the opportunity to develop their skills, get out of their comfort zone and not be afraid of new challenges. By encouraging a culture of continuous improvement, SMEs can even more professionally focus on delivering a product/service that delivers value to their customers.
In summary, the Agile methodology is a powerful approach for SMBs to better adapt to a rapidly changing and constantly changing business environment. By using this methodology, SMBs can deliver the most important value creation for their customers and increase the level of collaboration and collaboration within their team.
It is clear that Agile is most actively used in the IT sector, although the benefits of this approach can be used in other areas. This requires all companies to find their way through the agile transformation, which will help them strive for the right approach and continuous improvement to remain competitive and achieve their goals.
From the very beginning of the war in Ukraine, it was difficult for the whole world to imagine what courage, courage, patriotism, and desire for freedom the Ukrainian people have. Although the strategy of the Russian aggressors was to capture Kyiv within 72 hours after the invasion of Ukraine, and according to American experts, it should have taken 96 hours for the occupiers, Ukraine has achieved success and continues to fight for independence and national values for 4x days.
Thanks to their incredible courage and patriotism, they are able to repulse the enemy, and return objects of strategic importance, often at the cost of their own lives delaying or slowing down the advance of the Russian invaders. Beyond the perseverance and heroism of the Ukrainian people, we see the impact of effective leadership.
Every person has the potential to become a hero, and we see this every day in the example of Ukrainians. It is also important to note that in a crisis situation in the minds of every person there is a constant struggle between fear and courage, and in this case, the greatest importance is attached to leaders, i.e. people who show initiative and do not surrender to the enemy, fighting for their freedom and, in this case, their country. We can say that it was President Volodymyr Zelensky who turned out to be such a courageous and unshakable leader, who ignited in the Ukrainian people the desire and attitude to fight for freedom and the defense of the Motherland. In addition, regardless of our origin, social status, or any other data, watching the ongoing events, each of us is convinced that anyone has the opportunity to become a true leader.
Given the current situation, it is noteworthy that business industry leaders can see many interesting and useful insights in Zelensky's leadership style. If you observe Zelensky's actions during the hostilities, you can identify the characteristics of his leadership effectiveness, which strengthens the Ukrainian people and, despite the victims, does not reduce the fighting spirit.
After the escalation of the situation, Zelensky’s negative response to the proposal to leave the country for security reasons became one of the cornerstones of the Ukrainian spirit. The President addressed the West with the following words: “The battle is going on here [in Kyiv]; I need ammunition, not help to escape" ["the fight is here [in Kyiv]; I need ammunition, not a ride" (source)]. It was a great opportunity to inspire others by your example. After all, the leader, inspiring his own courage, inspire others to show courage. It is clear that his attention is not focused on fear and fueling his own ego, but on strengthening the capabilities of Ukrainians.
Amid misunderstandings and misinformation by Russian propaganda, Zelensky and his team are actively trying to stop any attempts at speculation and deliberate misrepresentation of people, as Russian leaders are constantly trying to bring confusion and chaos into society. The President of Ukraine and members of the government team are broadcasting live from the streets of different cities in order to directly inform citizens about what is really happening. Thus, they call on the citizens of their country to show courage and show their support and support not only in words but also in deeds. And they point out to the enemy that no one is going to run away from the front line, because not imperial goals are at stake, but the democratic state of Ukrainians.
The form of communication between Zelensky and his team is also characterized by a very direct, constructive, and leitmotiv style in the international arena. Whether it is online participation in parliamentary meetings of different countries, speeches at the summits of international organizations or just being active - the fact that the Ukrainian government team is well aware of the importance of strategic communication and is actively spreading the message - Ukraine will not stop fighting Russian aggression.
It is important for leaders to show empathy and perceive the emotions of other people. One only needs to listen to one speech to notice Zelensky's charismatic manner of speech and emotional words, which are even more acutely perceived in the crisis situation Ukraine is currently in as a result of the actions of Russian imperialism.
Despite the seriousness of the situation, President Zelensky retains his face, and remains authentic in any situation without any show or formality - whether it is a briefing with journalists, a speech in a military T-shirt at international summits, or a harmless joke about the phone calls he wants. He simply shows the Ukrainian people and the whole world that he is an ordinary person and experiences the usual emotions for everyone, which echoes with any person and also causes an emotional connection.
It is clear that this is not a complete picture and description of what leadership qualities Vladimir Zelensky showed, and much more can be said. However, for today's business leaders, you can really see interesting and powerful insights. Using the example of Ukraine, we can conclude that the charisma of leaders attracts attention, their courage is admired, and their dedication and perseverance inspire people to fight for their ideals and values. It is also clear that people support leaders who fight for them, but make sacrifices for the leaders who serve them.
COVID-19 outbreak caused one of the most severe crisis in the history of mankind and entire world still tries to cope with it. As of now, number of infected individuals exceeds 158 million, while number of deaths caused by the virus is more than 3,2 million. The pandemic changed entire world and alongside, severely affected all the existing industries. Its results were reflected in global economic recession, including bankruptcy of small and medium businesses, increase of unemployment rate, crisis in tourism sector, record fall on stock exchange, etc.
Economic recession during the pandemic
Global economy was severely hit which was caused by regulations set in forth for prevention of the virus outbreak. As soon as the pandemic started, it drastically changed lifestyle, occupation and in general, our everyday life. Soon enough, the majority of countries announced strict lockdown as the most effective tool against the virus and social distancing as the best way to protect each other. These regulations made huge impact on the global economy and left millions of people jobless. According to the 2020 report issued by World Health Organization, 114 million individuals were left without job all over the world this year. In total, 8.8 percent of global working hours were lost throughout the year which is equivalent to 255 million full-time work. The given rate is approximately 4 times higher compared to working hours lost as a result of global financial crisis in 2009. Loss of the resource on labor market was naturally caused by bankruptcy of companies or compulsory slim down of personnel. In 2020, Gross Domestic Product globally decreased by 3.7 trillion USD, which equals 4.4. percent decrease. Process of economic improvement is particularly hindered by regulations related to social distancing which were set in forth due to airborne transmission of the virus.
Immunization as the way of survival
Work on Covid-19 vaccines started in different labs as early as in 2020 and as for today, vaccination process is actively implemented in the majority of countries. In order to restore social gatherings and return to office space, it is clearly most important to minimize health-related risks. At this point, this can be achieved only with help of herd immunity, which means that more than half of country/world population needs to be resistant to the virus. Only mass vaccination will make it possible to achieve this goal. However, it is a fact that generation of herd immunity requires significant period of time and medical resources. In addition to this, there is lack of citizens’ readiness to get vaccinated which sometimes prolongs the said process even more. All these, added up together results in delayed immunization process and economic recession goes on indefinitely.
Potential effect of mass immunization
More than 2,02 billion doses of vaccine are used in the world and more than 443 million people are fully vaccinated. More than 11 percent of world population is vaccinated at least once and 5,7 percent of population is fully vaccinated. Even though it takes certain amount of time after mass vaccination to generate herd immunity, but looking at the examples of some of the countries, we can already speak about first results and positive tendencies coming from vaccination.
Israel holds the leading position in population immunization process where more than 63 percent of citizens have at least one dose of vaccine and more than 56 percent of citizens are fully vaccinated. This enabled the country to generate herd immunity and restore activities in public spaces or offices which will definitely make its impact on the economy. Vaccination level is so high in Israel, that it is no longer required to wear a mask outdoors and regulations are significantly lighter. In addition, schools are now open and fully vaccinated people can freely visit restaurants, attend cultural and sports events, concerts in large halls and celebrate religious holidays in mass gathering spaces. As a result of relaxed regulations resulted from vaccination, service field has already started working in the country and companies operating in this sector already make their first steps to cope with financial crisis.
51 percent of population in United States of America got at least one dose of vaccine and more than 41.5% is fully vaccinated. Part of strict regulations are abolished, including: fully vaccinated people are allowed not to wear a mask indoors and outdoors unless it is required by the law of the specific state. In addition, it is no longer compulsory to do COVID test or stay in self-isolation for domestic or international travels. This helps to revive the tourism and allow companies and their employees operating in this sector to go back to economic activity.
With help of high level of vaccination, these countries manage to open economy, restore everyday activities and enable business sector to work fully – this supports generation of new jobs and is the first step to restoring country’s economy.
From tough challenges to new opportunities
We all know the world before the pandemic, but we can only assume what it will be like after the pandemic is over. Based on past experiences of overcoming crisis situations, such was big depression in 30ies, global economic crisis after World War II, economic recession after the collapse of Soviet Union or world financial crisis in 2009-2010, together with world leading analysists/experts we can assume that the end of this pandemic will be followed even more changes:
Altered consumer behavior – the pandemic has already drastically altered consumer behavior and this change will become even more distinct in long-term perspective. When coping with instability, people had priorities, requirements and values shifted. Consumers’ expectations towards companies will change, they will want new way of receiving service and purchasing products. Respectively, companies will have to remodel their working methods and presumably, role of e-commerce, remote services and automatization of processes will grow even bigger in future.
Labor market – remote format of work provides new challenges and opportunities for employers and employees. Nowadays, more and more employees have a desire to work remotely or choose hybrid format of work implying shift of remote and office formats. It is presumable, that employers will consider switching their employees to remote format in the post-pandemic era which will enable them to cut costs.
Business sector – many industries face inevitable changes and in order to cope with the pandemic, companies had to beat off rather painful hits. Such change of the environment pushed businesses to revise their strategy. Traditional methods of doing business turned out to be ineffective in many industries, while business companies showed insufficient flexibility and adaptation ability. Companies like that will have to develop renewed business models, remodel their strategies and adjust to new requirements of consumers which need to be appropriate to the post-pandemic era as well.
Digital era – digitalization process of business sector started even before the pandemic, but COVID-19 outbreak drastically accelerated this process. Digital transformation is inevitable in today’s reality and its need will be even more obvious after the pandemic is over. It was digital technologies that made it possible to remotely work, study and in general, communicate in a new way during the pandemic. Intense investment in the sector of digital technologies will continue after the pandemic too and new services or completely new industries will inevitable emerge.
The Coronavirus Pandemic made the mankind face a variety of challenges and opportunities at the same time. Fighting against the virus is a complex process where you can only gain advantage through joined forces. In the process of coping with the pandemic, economic rates may get equal or even exceed pre-COVID results, but considering its tremendous size, the pandemic thoroughly changed external factors and people’s mindset as well. Even though no one knows for sure that the new world will look like, but it is vitally important for all of us to realize that mass vaccination is not a simple solution to the problem and key to improve global/local economic condition. Vaccination just gives us a chance to live with fewer regulations, return to social space and restore economy with our bare hands. To say it in other words – mass vaccination will help us pass the road together from immunization of population to regeneration of economy.