On 11 March 2020, the World Health Organisation (WHO) announced the global pandemic of COVID-19. Since then, the speed of digital transformation has accelerated. Over the last several months we have seen the age of digital transformation be compressed into days or weeks to adapt to the new way of life.
Many business models have been disrupted through COVID-19 and completely eliminated others. Global unemployment levels are at record-breaking numbers, millions of businesses are closed and many lives shattered. 59% of organisations worldwide are stuck in stage 2 or 3 of their digital transformation, according to a new Digital Transformation MaturityScape Benchmark study from International Data Corporation (IDC). IDC has also predicted it would take until 2027 for 75% of organizations to complete their digital transformation. However, now some businesses have been forced to implement new technologies into their business to adapt to the COVID restrictions.
The way we live, work and communicate has been impacted by the COVID pandemic. 80 % of revenue is predicted to come from digital offering or products over the next few years. Organization leaders should be focusing on transforming their business models and investing in key technologies such as IoT, AI, digital twins, machine learning and blockchain.
WHY IS DIGITAL TRANSFORMATION IMPORTANT?
Digital transformations are providing businesses with value propositions to not only survive but to thrive. Technology is no longer becoming a choice for business but a fundamental component of creating strategies with innovation to create value for its customer base.
Here are six benefits of digital transformation
Enhanced User Experience: Innovative technologies are creating value solutions to make the user experience easy and fast to improve the customer experience.
Data Insights: Digital transformation is creating a world of data that creates value for businesses to propel forward. Collection of data helps businesses analyse and understand their target markets needs and desires. Having data insights assists in creating business strategies that are customer-focused and provide more value to the consumer.
Increased Profits: Organizations that implement strategies for digital transformation report increased profitability. Technologies are providing businesses with tools to decrease overheads expenses while increasing productivity yielding higher profit margins.
Streamlined Processes: Data sharing across organization departments increases efficiency and removes intermediaries removing risk from the transfer of the data.
Interoperability: Innovative technology such as IoT, AI and Blockchain are being researched by computer scientists and engineers for ways to interoperate connecting networks globally.
Creates Digital Culture: Digitised workplaces will allow for increased productivity and engagement. Providing staff with skills-based training to become digital-savvy employees will help change the company culture which keeps employees motivated.
Digitizing operational processes is not a new concept, but some businesses were left with no choice but to go digital if their business wanted to survive the unprecedented disruption that the COVID-19 pandemic has created. Digital is becoming the new normal and technology is disrupting many industries and creating new business opportunities.
THE DIGITAL FUTURE
Digitizing operational processes are not a new concept, but some businesses were left with no choice but to go digital. If a business wanted to survive the unprecedented disruption that the COVID-19 pandemic has created adaption was required. Digital is becoming the new normal and technology is disrupting many industries and creating new business opportunities.
Businesses around the globe have learnt so many lessons from the pandemic. Organisations are restructuring their supply chains and exploring alternative technology solutions that can shield them from future disruption.
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