Amid the pandemic, companies that have already embarked on their digital transformation are facing uncertainty regarding whether to persist with their current strategy, experiment with a new one or discontinue their efforts altogether. The market’s evolution and remote work solutions have prompted many organisations to re-evaluate their criteria. Businesses’ future prospects hinge on fundamental factors like data management, cloud computing, customer expectations, and cybersecurity.
One positive outcome of the pandemic is that it has compelled organizations to adopt crucial technological solutions. This piece assesses the shifts in the digital landscape and explores how companies can adjust to them.
Evolution of Companies’ Objectives
Before the pandemic, companies that were adopting digital transformation were mainly aiming to resolve internal issues such as cutting costs or attaining certain objectives like enhancing the Customer Experience (CX). Some of these endeavours were not pivotal, and a few organizations only participated because they knew their rivals were undergoing “digital transformation”.
The pandemic’s impact underscored the importance of businesses making essential adjustments to stay competitive. The companies that have effectively adapted to the evolving circumstances have been the most successful. For instance, the need for delivery services like DoorDash grew significantly due to the unavailability of restaurants.
It was a serendipitous development that numerous businesses were able to pivot more rapidly than anticipated. Additionally, it was discovered that various fallacies that impeded progress were baseless, such as the perception that consumers are unwilling to have an entirely digital experience.
Takeaway: Companies that have not embraced digital transformation should commence doing so.
What Present-Day Consumers Can Expect
As a result of the global pandemic, businesses had to re-evaluate their approach to their customers. When face-to-face interactions, which were previously highly regarded, began to present risks, their significance dwindled. Companies that foresaw this shift and adapted to the new way of conducting business experienced an increase in both their sales and reputation. For instance, Target introduced a convenient curbside pickup service so customers could acquire their purchases without entering the store.
Takeaway: Customers now place a higher value on smooth digital interactions, which can be the differentiating factor when comparing businesses that offer comparable goods or services. Therefore, companies must guarantee that the digital experience they provide their customers aligns with this.
Evolution of Workforce Preferences
Employee perception towards their employers has been affected by the greater priority assigned to establishing a consistent online presence. Although C-level executives may not attach much significance to it, studies have shown that an inadequate Digital Experience (DEX) can result in higher staff turnover, amplified customer discontentment, and consequentially, reduced revenue.
Takeaway: In the aftermath of the Great Resignation, businesses need to be conscious of their Diversity, Equity and Inclusion (DEI) standing, and take affirmative measures to enhance it, to be able to appeal to and retain the best workers.
The Crucial Role of Cybersecurity
As the digital realm grows increasingly intricate, the significance of cybersecurity is becoming increasingly evident, especially for businesses that manage sensitive customer information like financial records or medical histories. The surge in remote workers, due to IT staff’s insufficient control over remote working environments, has increased the security burden. Hackers are becoming more active and successful, while businesses are becoming more susceptible to breaches.
Ongoing trends in the IT sector signal a substantial outflow of skilled experts and an insufficient inflow of new IT personnel. Consequently, coupled with the already stretched nature of IT departments, cybersecurity may receive inadequate attention.
Takeaway: As we transition into a post-pandemic world, businesses must give more emphasis to cybersecurity when evaluating any digital transformation initiatives. It is of the utmost importance that this matter is given adequate attention.
Rising Reliance on Cloud Computing
Cloud computing presents a workable solution to address security concerns. It diminishes the risks of probable attacks, bolsters the capability of remote working, and boosts the system’s flexibility and responsiveness. Additionally, businesses can utilize the cloud to handle their expanding data volumes. For further details about cloud computing and its benefits, kindly refer to the following video.
Takeaway: Cloud technology can provide several solutions for resolving post-pandemic issues through digital transformation. To boost efficiency, companies should contemplate shifting some or all of their operations to the cloud.
The Moment is Here
With the COVID-19 pandemic ongoing, several businesses are capable of returning to the ‘new normal.’ It is imperative that companies reconsider their digital transformation strategies from before the pandemic and devise new ones, while taking the necessary measures to execute them. Below are additional guidelines for ensuring a successful digital transformation:
- To establish the digital transformation end goal, start from the basics. The critical aspects to think about are the impediments and the endpoints.
- Reassess your digital services and eliminate any redundant ones.
- Explore present requirements to enhance service delivery to your clientele.
- Evaluate the projects executed to handle the pandemic. Several of these endeavors were rolled out swiftly and may need more tweaking to guarantee their safety and effectiveness.
- Acknowledge that change is an ongoing process, and periodically examine your progress towards your goals.
Despite the challenges presented by the COVID-19 pandemic, businesses that had encountered setbacks in their digital transformation endeavours have reason to be optimistic. To boost efficiency, productivity, and profitability, several businesses are presently forging ahead with technological advancements.