96% of business leaders believe that the pandemic will expedite their digital transformation needs by an average of 5.3 years, according to an IBM study.
For organizations that deemed digital transformation was not an immediate need, or for those concerned about the necessity of digital transformation to business sustenance, the pandemic has most unquestionably muffled them.
Over the past year, we have gradually moved towards a contactless world as most interactions with customers and employees took the virtual route. The only way to lead the market is digitalization. We have indeed entered a phase where you go digital or go dark.
CTOs and decision-makers in the IT domain understand this digital mandate is not an unfamiliar concept. COVID-19 has led to a paradigm shift towards digitization and servitization of the economy. The current events have snowballed the change, as seen by the remarkable rise in digitizing businesses.
Here are some fundamental reforms we have seen in the business world during the pandemic:
Technology Prioritization
Research by McKinsey indicates that companies could adopt digital modifications 20-25 times quicker than they ideally would have foreseen. For example, in arranging remote work, organizations have suggested they could implement solutions 40 times faster in their business processes than they would have during the pre-pandemic situation. In short, businesses could put together a feasible solution that allowed employees to continue their jobs from home.
Greater Attention to Employee
While businesses continue to fight the pandemic’s anxieties, enterprises have geared up to offer a flawless digital experience to their customers. Simultaneously, they have realized the need to build positive and enhanced expertise to ensure employee satisfaction and reduce attrition.
Streamlining Technological Investments
With this shift towards digital, several organizations are undergoing a ‘spring cleaning’ process to manage their technology reserves. IT leaders are reviewing competencies and investments for examining redundancies. Moreover, they are exploring ways to reduce investments while ensuring they implement essential applications such as conferencing software, project-hosting platforms, tracking facilities to oversee user experiences.
Leveraging Technology to Innovate and Thrive
The path to digital transformation offers businesses possibilities to innovate and stay ahead of the competition.
Before the pandemic hit, around half of businesses envisioned technology as a means of cutting company costs and one of their top three digital priorities, per a McKinsey survey. However, in the aftermath of the COVID-hit crisis, IT decision-makers have begun looking at the value technology offers. They are now modernizing their capabilities to obtain a competitive advantage and create a business culture focused on digital technologies.
Intelligent use of technology allows enterprises to mature and innovate to engage with customers better, respond to their needs faster, and move ahead in newer ways.
“The current events have snowballed the change, as seen by the remarkable rise in digitizing businesses”
– Amith Kulkarni Director – Sales, MOURI Tech
Business Model Transformation
Not every business has to be an Airbnb or an Uber to disintermediate an industry. Organizations can consider even the slightest opportunity for information-based extensions and digital advancements. For instance, insurance companies observe and score customers as they focus on maximizing policy pricing. Companies in the fleet industry are leveraging analytics and real-time data to deliver active and predictive maintenance services. Many of these modifications are likely to last, with responsive behavior capabilities to enable people to work from home when needed. However, businesses have also begun to realize the power and potential of digital adoption to save money, propel innovation, gain an edge over competitors, and seize newer opportunities in the industry.
Companies often turn to the IT department for guidance and strategy when planning to undergo a digital transformation. While it is understandable given the technological implications, organizations need not overlook their sales teams. It is this team that is well-versed in the customer journey. They create touchpoints with customers all through their relationship with the enterprise. With this cognizance, sales teams can be conducive in helping to head and implement a digital transformation strategy that needs experience in business development and technology.
The global digital transformation market is expected to grow from USD 469.8 billion in 2020 to USD 1 trillion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.5%, indicates a Research and Markets report.
MOURI Tech’s Technology solutions provide businesses across industries with tremendous potential to remain engaged and connected with their clients and stay relevant in the marketplace. While many organizations were beginning to explore the possibilities in the pre-pandemic stage, we helped them quickly realize just how powerful technology can be.
The pandemic accelerated digital transformation and set the stage to boost innovation and technological adoption moving forward. As businesses understand the capabilities of these modern technologies, they will also begin to comprehend the opportunities that lie before them, even in the post-pandemic era.
About Amith Kulkarni: Director – Sales, MOURI Tech
