Digital Transformation In a Business-As-UnUsual COVID-19 World

Digital transformation is not new. It has already started several years ago, way before the COVID-19 pandemic even occurred or the new normal sets in. However, many companies today are still reluctant to embrace such change. There is still the belief that to begin digitising, a company requires big budgets and skillful talents.

The good news is that this is no longer the case!

What disruption does the new normal bring?

In an online survey of 2,549 enterprise decision-makers in June 2020 conducted by Twillo¹, 96% of leaders believe the pandemic sped up their digital transformation by an average of 5.3 years.

77% of UK respondents in the same survey say that COVID-19 increased their budget for digital transformation.

Those accelerating their digital transformation most significantly in response to COVID-19 were tech companies (78%), energy (77%), healthcare (74%), construction (71%), and retail (70%).

Read more: Why most Digital Transformation Projects Fail

Almost all businesses surveyed agreed that digital technologies open up the future of continued remote work, and 95% are seeking new ways to engage with customers as a result of COVID-19.

92% say transforming digital communications is extremely or very critical to address current business challenges.

This is an urgent matter. As company leaders, you must act quickly to make the right decisions in keeping business processes running well while protecting all employees’ wellbeing. Companies need to become more agile to remain competitive in the market.

Read more: 5 Questions for Leaders to Ensure Business Continuity Post-COVID

The disruptive power of the COVID-19 pandemic is drastically changing the business world. IT predictions for 2020 took a complete 180-degree turn. The new normal brings new challenges; companies need to react immediately to challenges and threats by transforming themselves.

Digital transformation is not just about technology innovations and how they disrupt the business. It is also about how these technological innovations are adopted and used in your organisation.

What technology can support your business in the new normal?

Cloud adoption is an important element in digital transformation thanks to its superiority in supporting cost optimisation, efficiency and innovation speed for organisations.

The IDC’s report for Rimini Street², 'The Cloud at your pace: linking business strategy with cloud strategy', found that 37% of 382 IT professionals are prioritising cloud projects to help their organisations reduce operating cost and recover from the pandemic.

Other technologies that can be utilised to support and accelerate your business operational process during digitisation are artificial intelligence (AI), Big data, Machine learning (ML), and the Internet of Things (IoT).

You have to adapt to the new normal situation and find great allies by facilitating access to technology that drives the digital transformation for your business and create a supportive environment and culture for constant innovation.

What steps should be taken for your company during this new normal?

Amid uncertainty of a business-as-unusual world, digital transformation enables businesses to meet strategic goals, such as growth, agility, innovation, the acquisition of new skills and capabilities, new business models and revenue sources, and customer experience excellence.

Read more: The Often Overlooked Aspect of Digital Transformation Culture Changes

The impact of digital transformation can be felt on all levels of an organisation (every task, activity, process) and even its extended supply chain. As business leaders, you must constantly challenge your organisation to ensure these changes can unlock productivity gains and significant competitive advantage all while delivering your business results.

Through building a digital process and integrating the wider organisation with technology, businesses stay ahead of the curve and make themselves more available to future partners.

Digital transformation plays a role in the sustainability of the organisation and is a long-term investment. Are you looking for a partner that can empower your organisation to transform? Check out our whitepaper on digital transformation here.

Sources:

1. https://www.iot-now.com/2020/07/23/104031-covid-19-has-sped-up-digital-transformation-by-5-3-years-says-study/