COVID-19 has made mandatory what was once an optional part of business strategy – Digital Business Transformation.
What is digital business transformation strategy? In simple words, it is a plan of action to reposition a business in the digital economy.
From a tech-industry perspective, digital business transformation is the use of technology to automate manual tasks. But from a management consultant perspective, it is seen as an opportunity to reshape the business. Though there are different perspectives towards it, the underlying definition of digital business transformation remains the same.
Impact of COVID-19
COVID-19 has shone a spotlight on areas of weakness within enterprises. While many companies had well-established crisis contingency plans in place, none of them included a worldwide shutdown affecting workforces, supply chains, and customers! However, despite the challenges of the pandemic, the enterprises that had adopted digital transformation managed to capitalize on their highly digitalized business models to become very public success stories.
Considering the circumstances, businesses must be ready to boldly face transformation and modify their business operations or even reinvent themselves entirely, in order to keep up with swift changes in the market. History shows that companies that take the extra time to solve issues in lasting, transformative ways, have a greater chance of surviving future crises.
Globally, as the number of COVID-19 infections is on the rise, lockdowns are back again, and clearly the pandemic has not yet run its course. In this scenario, business resilience heavily depends on how far the company’s digital transformation has progressed – from enabling work from home to data security, employee health monitoring to managing an outbreak of COVID at the workplace, record keeping and monitoring to a digital-first approach to marketing and sales.
2021: The Way Forward
The pandemic transformed remote work from privilege to mandate. As predicted by Forrester, in 2021, at least one-third of European information workers will work primarily from home, compared with 4% in 2019. In the UK, the home office is already covered by health and safety regulations, and in Germany, the Federal Minister of Labour and Social Affairs has proposed a bill that will establish a “right to work from home”.
Forrester also predicts that 2021 will be the year where many will invest in having a full-fledged digital presence: “By the end of 2021, we expect 30% of global companies to have a significant digital product portfolio and 20% to stand up digital divisions dedicated to launching disruptive products.”
By 2021, companies will accelerate their digital transformation with a focus on customers and the products, practices, platforms, partners, and places through which they sell to and serve them, according to Forrester.
New disruptors are appearing in the market, and businesses are planning digital transformation strategies that will deploy the best technologies to meet the standards of the new brand differentiator: customer experience.
The working landscape has been transformed completely and companies are currently riding the crest of new technological advances. Those that are prepared to embrace digital transformation and make fundamental shifts to take the customer journey one step further will reap the rewards.
It is evident, and undeniable, that the future is digital. Scale and transform your business with the right business strategy. It’s time to go digital! Speak to us today to see how we can help you plan and execute a personalised digital transformation strategy for your business!