It’s never too late to innovate, even with the gap between digital haves and have-nots at an all-time high. There was a significant increase in the demand for firms to accelerate their digital transformation efforts. COVID-19 reprioritized the requirement for these competencies, despite businesses having long been urged to quickly adapt, leverage the power of data, and optimize their digital processes. At a frighteningly rapid rate, it made these components of digital strategy necessary.
Following is how the pandemic accelerated digital transformation:
Putting Technology First
Businesses have been compelled to admit that integrating technology into their operational procedures does not need to be flawless. Businesses in various industries have been able to adjust to these developments far more quickly than was anticipated. Simply providing a workable solution allowed businesses to continue operating while abiding by local regulations that kept people at home. According to Mckinsey’s research, respondents said their businesses could adapt to digital changes 20–25 times more quickly than anticipated.
Businesses were compelled to give this technology adoption a top priority. Prioritization issues were seen as the main barrier to implementing digital transformations and capabilities by more than half of organizations before the epidemic. For instance, with many businesses and schools shifting to remote work and learning, individuals have had to rely on digital communication tools such as video conferencing software, messaging apps, and email. Advancement and digital-first approaches have been noticed in the transportation industry at a very fast pace. For example, Amtrak, which operates intercity rail service in the US, and Greyhound operates the largest intercity bus service, have taken a digital-first approach through innovation and upgradation of their technology to enhance customer experience and journey.
Increase in the Usage of Automation
Brands saw a significant push towards automation as customers demanded contactless services, which improved their capacity to provide this experience for customers. When fewer operations need to be managed directly by staff, brands can more easily provide wonderful, safe experiences for consumers.
Automation has enormous promise for brands because it can handle everything from inventories to email subscriber lists. While many businesses have already started to appreciate the value of automation in operating their operations, this pandemic has caused an increasing number of businesses to alter their viewpoints and recognize the potential benefits that this technology can provide.
Technology as a Tool for Innovation
Many organizations looked to technology before the epidemic to save costs and eliminate inefficient expenditures. For instance, the ability to analyze data and send emails automatically in response to triggers frees the sales staff and marketing team to concentrate on other activities that automation and technology cannot handle. However, a digital revolution also offers businesses excellent opportunities to innovate and flourish in their respective industries.
Before the epidemic, nearly half of firms said one of their top three digital goals was using technology to cut expenses. However, after the shutdowns started, just 10% of businesses cited this as their primary reason, as the virus spread and they started to realize the other benefits of technology. Instead, more companies said that concerns about cost-cutting outweighed those about modernizing their skills, acquiring a competitive edge, and developing a business culture centered around digital technology.
