Although it is unclear how long the crisis will last, this uncertainty has accelerated the urgency to adopt technology – enabling technology and positioning digital transformation at the forefront and center of global business dynamics. This pandemic will change not only the global economy but also the global financial system and global culture forever.
Often, the Chief Transformer, the most digital person in an organization’s CDO, is tasked with leading the digital transformation, working closely with the CEO and the C-Suite to shape companies “response to a crisis. The new digital reality presents new challenges and opportunities for innovation for executives and their organizations. As such, the CDO now has the opportunity to demonstrate resilience to the crisis to drive the digital transformation that businesses need to survive. Sources: 1
The outbreak of the coronavirus epidemic has accelerated the pace of the digital transformation, which has been stagnating on companies “to-do lists for years. It was not a beginner in the past but is now accelerating dramatically and going beyond the basic business requirements. As we begin to look at a new normal in which working life is expected, the need for cloud-based infrastructure is a no-brainer. Predictive analytics is as indispensable as the use of data analysis, analysis, and analysis tools.
In particular, IT leaders in business must identify and support elite technologists who are capable of delivering digital transformation and innovation in the most challenging conditions. Organizations are pushing to expand their reach through real-time collaboration to give customers and employees the ability to solve their problems. Organizations must also recognize the importance of responding to the current crisis by prioritizing the development and deployment of new technologies such as cloud, mobile, and mobile-first solutions. Sources: 2, 4
Due to COVID 19, 92% of companies think that their business models need to change in the face of digitalization. Transformation agents are ready to address the unprecedented challenges posed by COVID 19. Sources: 3,4
Let’s look at how COVID 19 is influencing the way companies manage their business and how digital transformation is ready to help us move forward. While many organizations have already accelerated digital change by switching to remote working, revealing the potential for significant changes to existing IT infrastructure and business models, COVID 19 highlights the need for many of these organizations to accelerate digital change. As we are in the heaT of an unprecedented global pandemic, plans for the digital transformation of businesses must be accelerated to meet current needs. Sources: 3, 5
Customer expectations have always been critical, but now is the time to think long-term, with customer service, customer experience, and customer satisfaction as key factors. Sources: 5
As customer needs change, virtually every job is more technological – and thus more capable – than it was just a few months ago. Employees “experience with digital technology has evolved from a nice – to – have become the only way to get work done. Sources: 2
The goal should be to make customers “lives easier and things easier for the company, and the driving force behind technological decisions should have been the customer. Before the digital transformation can begin, companies need to shift their attitude from product-focused to customer-focused. When it comes to product, customer, and marketing efforts, you need to have the right information. Sources: 0, 5
Companies need to break down internal silos to create a coherent organization that accepts change, “according to a recent report from the Center for Digital Transformation. Sources: 0
One of the most common reasons digital transformation fails is that employees do not support it. COVID 19 accelerates the timeline for many who are not used to the digital way of working, but that is not bad. Sources: 0
While most companies understand the importance of digital transformation, many are overwhelmed by the challenge of rethinking their entire digital approach and how to implement it. According to the US Department of Commerce, $1.3 trillion was spent on digital transformations in 2018, and an estimated $900 billion was wasted since initiatives failed to meet their goals. Sources: 0
97% of global technologists are capable of driving change, innovating, and digitally transforming their organizations. Given the COVID 19 pandemic, this does not alter the fact that a greater number of technologists are emerging as actors in transformation. Sources: 4
The need is compelling and urgent, and companies can do so by acting now and acting quickly, but those who fail to change are likely to be left behind and irrelevant and uncompetitive. Creating a digitally activated ecosystem requires all these elements and is capable of modeling, responding to, and dealing with disruption in real-time, as the world has thrown at it. We must adapt at an accelerating pace if we are to have a world in which the need for innovation and innovation is growing faster than ever. The world of COVID will experience a continued social distance, but digitalization has become even more important strategically. As economies shrink and digital transformation becomes increasingly important, we will also see a shift away from traditional saving patterns of the past in favor of a more digitally centric business model.
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Cited Sources
- https://www.forbes.com/sites/blakemorgan/2020/04/05/is-covid-19-forcing-your-digital-transformation-12-steps-to-move-faster/ 0
- https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/driving-digital-change-during-a-crisis-the-chief-digital-officer-and-covid-19 1
- https://enterprisersproject.com/article/2020/5/digital-transformation-positive-changes 2
- https://bitsinglass.com/how-covid-19-is-impacting-digital-transformation-plans/ 3
- https://www.appdynamics.com/blog/news/agents-of-transformation-report-2020/ 4
- https://blogs.perficient.com/2020/04/10/why-change-why-now-covid-19-digital-transformation-in-manufacturing/ 5
- https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-digital-led-recovery-from-covid-19-five-questions-for-ceos 6
