The emergence of the COVID-19 and its subsequent spread across that world has had a debilitating effect on business. Small and large companies alike have been forced to suspend some parts of their operations, with others resulting to laying off employees or going out of business entirely. To curb the spread of the disease, most countries are enforcing a mandatory lockdown on its citizens, causing business owners to seek alternative ways of running their day to day operations.
Digital transformation entails the integration of technology into the modes of operation and service delivery to consumers. The fundamental reason why businesses choose to transform is to keep up with the fast-paced digital landscape.
The IDC predicts that by 2022, the world spending on digital transformation services will be at $1.97 trillion. The uncertainty of the current situation is expected to cause a spike in this number, as most companies will be forced to upgrade their platforms.
The most important element of digital transformation is technology.
The transformation process, however, is centered on the elimination of outdated processes instead of just the adoption of new technologies. The use of tech aims not to copy the existing models to a digital form but to transform them into something significantly better. The goal of digital transformation is to create a more cohesive and streamlined workflow.
Technology can either be used to disrupt or sustain existing models, making the process of transformation more subjective. The path to transformation is therefore unique to individual businesses meaning there is no one-solution-fits-all approach. As such, an in-depth analysis is required before any changes can be implemented.
Although each business is at a different stage of the transformation journey, they are all united by a principal factor - speed.
Agility and flexibility should be at the core of any company hoping to survive in this economy.
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This COVID-19 pandemic provides a unique opportunity to explore the different options available, if your company lacks a digital framework. Some of the technologies being adopted are AI, cloud computing, and big data.
You can also use the current lull in the global economy to adopt new systems. Since most of your clients may not be operating at full capacity, it can be easy to experiment with different service delivery methods until you settle on one that fits your business. Apart from that, digital service providers are offering lower rates for their products to alleviate financial pressure on businesses. It is therefore important to take advantage of this situation to the benefit of your business.
During this work-from-home period, it is necessary to ensure that you stay connected to your employees and customers in a way that can keep your business relevant and functional. If your company wasn’t already structured in this way, this is the perfect time to reinvent.
Even though digital transformation is not a new concept, the tools used in the past were often rigid and failed to focus on the users and stakeholders. As a business in these changing times, you should invest in technology that is capable of supporting the entire ecosystem of your business. In doing so, your company will emerge ahead of its competition at the end of this pandemic.
The use of technology has significantly impacted the way businesses create value for their customers. Developing a streamlined digitized process will enable you to meet your clients’ changing needs on-demand at manageable costs to you.
Technology helps to bridge the gap between innovation and the execution of ideas. Many businesses fail not because they don’t have good ideas but because they lack the skills to implement them. Successful businesses are those that have learnt to harness technology to adopt and adapt their ideas with flexibility.
Digitization also enhances your company’s ability to solve current and future problems with ease.
With improved technology, businesses can expand their operations to a global scale and broaden their portfolio while still cutting down on operational costs. This goes a long way in increasing their profitability.
Now more than ever, the ability of businesses to adapt to a changing environment is being tested. The presence of this pandemic has provided a unique opportunity for businesses to re-imagine their models and adjust where it is necessary. The survival of businesses post COVID-19 will be determined by how well they navigate these uncertain times.
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