Digital transformation is inevitable. What began as a way to encourage companies across the globe to adapt to market changes has grown at an exponential rate. We see technology as no longer a tool to solve an organization’s problems, but as a way of a Business’ day-to-day life. Enterprises were proactively investing in advanced technologies to innovate their Business value proposition long before the global pandemic, enabling them to remain competitive and thrive in the digital economy. But as Covid-19 took the world by storm, transformations that were planned to take place across a number of years, had to happen in only a short space of time. It is evident that rapid digital transformation has been key in responding to the recent disruptions and challenges, with many businesses across the globe increasing their efforts in order to survive.
The coronavirus pandemic has accelerated digital transformation at an extraordinary rate, reimagining organizations and demanding shifts to business processes, culture, and customer experiences in line with changing requirements. A study by McKinsey & Company reported that digital transformation has expedited by seven years in a matter of months. The biggest drivers have been the fundamental shifts in consumer behavior, with people turning to online channels to work, shop and socialize. As a result, organizations have spent more on digital investments than any other business continuity measure during the pandemic. This report also uncovered that many companies surprised themselves with the speed at which they pivoted their business model to manage this transition, with organizations acting 20 to 25 times faster than initially predicted.
The most notable shift over the past year has been the move to remote working. It is clear that businesses would not have been able to remain operational without setting up a remote working infrastructure and online communication channels to replicate the office environment. With that in mind, we have also seen a new reliance on Microsoft Teams, SharePoint and Yammer to bridge the gap that many businesses have felt during government mandated lockdowns and social distancing precautions. What’s more, companies have used this time to test the effectiveness of digital solutions and it is easy to see that these tools will become permanent fixtures.
Whilst most of these measures were taken out of necessity, many changes will be here for the foreseeable future. Businesses need to survive and thrive in new and evolving environments, requiring renewed strategies and practices to stay competitive. The coronavirus pandemic has highlighted that companies that embrace digital solutions will have greater resiliency in the face of challenges, and will be able to adapt operations at a much faster rate. With hybrid working environments also on the horizon, it is now time for companies to embrace technologies and use the tools to their fullest extent. Businesses need to be prepared for integrating technology into a successful home-office culture, with a user-friendly and highly functional working environment.
Looking forward, it is all about business leaders shifting their focus from traditional technology management to tools that prepare their organization and employees for the future marketplace.
