The impact of COVID 19 on our civilization is massive, universal and likely to be long lasting. This pandemic is disrupting the business world and companies have no choice but to review their digital strategies to overcome the crises. As a result, digitalization of businesses worldwide are gearing up for a period of uncertainty. To temper, a quickly spreading pandemic educational institutions and businesses alike faced the need to rapidly transition to remote settings and online formats.
Digital transformation is basically deploying any sort of technology to automate, expand and analyze your business. The new online services and new ways of working have emerged. People are undergoing novel or more frequent online experiences, either as students, professionals,or shoppers. The challenge now is to understand how businesses today can use this approach to manage the current crisis and its aftermath and be ready for the “next normal.”
Using digital technology is better equipped to lead the way in this new business environment by being purpose driven, resilient and adaptable. The most important thing, however, is that many people across the globe, for the first time, started using digital services and platforms for ample activities. When people have tried something and see both the benefits and challenges, they keep what they find valuable and improve what could go better, but rarely go back to how it was before they started using it.Unfortunately, we don’t know what the future will bring regarding the disease yet. So, the usage of tools (and the need to be more resilient and adaptable) will remain significant.
The pandemic has shifted the priorities of digital transformation. New research from IMD has found that organizations prioritising innovation have recorded the best performance throughout the pandemic.The fundamental changes to consumer behaviour, specifically the growing shift to online channels. Under lockdown and weary of infection, consumers have warmed to the idea of using e-commerce for everything, from grocery shopping to financial transactions. Digital transformation businesses have made their best effort to meet these
shifting demands. The fact is that face-to-face interaction or brick & mortar visits all but evaporated during lockdown, so the only access point to consumers shifted online. As a result, the share of digital customer interactions around the world is three years ahead of where it would be if the pandemic hadn’t occurred. The response to this shift has been remarkable.
A report says, 84% of companies believe that digital transformation is crucial for business performance. 34% of companies have actually finished any company-wide digital transformation initiative. Indeed, embracing the digital transformation of businesses can maintain the ability to ensure the success of business in recent times. The precise economic impact of COVID-19 is difficult to predict right now. One thing is certain: business leaders need to be ready with a digital transformation strategy that delivers an optimal technology balance of offense and defense that empowers the organization to prevail and succeed in any environment.