How does Digital Transformation help to Overcome the Business Breakdown Due to the Covid Crisis?
The last two years have been a rollercoaster ride for the majority of businesses across the globe. Many businesses have been shut while many are barely surviving. The pandemic has caused a sudden halt to business operations, making it challenging for them to navigate the operational and financial aspects while rapidly addressing the needs of their customers, people, and suppliers.
In a desperate attempt to overcome the business breakdown, many organizations are relying on technology to expedite information distribution, ensure the safety of employees, and maintain business continuity. A new survey reports that responses to the coronavirus pandemic have increased the adoption of digital technologies by several years. What’s interesting is that many of these changes will happen here in the future. Digital transformation companies have come to the rescue of businesses, especially small and medium-sized firms from all sectors to help them find solutions to meet many of the new demands.
New, transformative, and innovative technologies were rapidly taking rounds in the workplace even before the covid crisis, enabling businesses to thrive and innovate in an increasingly competitive digital environment. But, with the pandemic happening all of a sudden, what was supposed to take years to happen did only take a few months or less.
This is when companies realized the true power of digital transformation. It has been a key in responding to the interference of business and work ecosystems. And obviously, many businesses ramped up their efforts in the technological aspects to meet this sudden change.
Why is Digital Transformation Important?
As per Dell’s Digital Transformation Index 2020, 8 in 10 organizations quickened their digital transformation programs in 2020. Additionally, 89% of the 4000 businesses surveyed said that the covid-19 crisis highlighted the need for a more scalable and agile IT environment. It has become a fact that technology does not remain a choice for businesses, rather it has become mandatory. It is vital in changing the way an organization operates. Workflow, processes, systems, and culture are all evaluated.
Digital transformation enables better collaboration between and within organizations, higher employee productivity and innovation, more personalized ways of client engagement, and more accurate insights from data. All this can help a business grow in these tough times and give it a better chance of thriving post-covid.
Industry leaders suggest that businesses should shift their focus from traditional technology management to creative projects that make their business futureproof.
Digital transformation affects each level of an enterprise, bringing together data across segments to work together more efficiently. By leveraging technologies like machine learning and artificial intelligence, organizations can cross the T’s and dot the I’s in a way that wasn’t possible before.
It has been found that for most enterprises, the driver for transformation is cost-related. Digital transformation companies are helping businesses not only in that regard, but are also helping with:
- Enhanced data collection
- Data-driven customer insights
- Greater resource management
- Encourage digital culture with improved collaboration
- Overall better customer experience
- Improved productivity
- Increased agility
- Increased profits
With that said, here are the top ways how digital transformation is helping to overcome the business breakdown due to the covid crisis.
Helping Employees to be More Effective
When the workforce is dispersed, it is really difficult to get the productivity out of them. With remote work being the norm, workforce engagement has become a topic of discussion because they may never fully return to the workplace. So, employers are looking for ways to create a productive work environment for employees away from the office. It is true that technology is playing a vital role in keeping employees productive and effective in their primary roles while they are working from the comfort of their homes.
Core business functions like HR and finance could truly benefit from digital transformation as these functions can be automated to make things smoother. Areas like payroll can be automated, allowing employers to focus on wider business opportunities.
Everyone Expects On-Demand
When it comes to technology, modern-day customers expect the same experience in a professional setting that they have in their personal lives. However, achieving this kind of efficiency for a business is quite challenging. Because customers have a plethora of choices, they won’t think a second before looking for other options. Businesses that managed to cater to customers’ on-demand needs were the ones that thrived the pandemic successfully. Digital transformation in this regard demands more agile hybrid IT services and networking opportunities.
This goes beyond the usability of applications for customers or employees and requires the experience of working with innovative tools and robust IT teams. From accepting requests to processing them and taking necessary steps to streamline the request, it takes operational discipline to cater to the on-demand expectations of the customers and employees.
Security is of Utmost Prominence
With things going digital, one of the biggest challenges businesses face is storing and processing more data while keeping it secure. It is a complex task to perform, which requires rigorous enforcement around data compliance, access, and protection from attacks. Nevertheless, experts say that even the most robust and stringent strategies for security are of no use if a deficit network forces the workforce to go elsewhere for faster speeds and flexibility.
Digital transformation is helping progressive businesses execute a security strategy across all networks, data, and applications. Businesses have started using hybrid working models that consider the different lifestyle needs of the employees and enforce up-to-date security measures. With that being said, digital transformation enables employers to balance security strategies that work for in-office staff while keeping remote workers on personal devices and networks safe.
Make Better Decisions, Faster
Putting analytics and data at the center of a digital transformation strategy is allowing businesses to leverage the power of Big Data. This is helping businesses to make better decisions and faster. Most importantly, all the data collected and analyzed enables them to come up with lucrative post covid business ideas. As these data can be converted into valuable business insights, enterprises can now make more informed and quicker decisions.
Digital transformation is helping enterprises access deeper analytical tools that can be embedded into business operations, allowing for greater integration and, ultimately, greater effect.
Digital transformation is the amalgamation of different technologies into different segments of a business. It is true that the coronavirus pandemic has caused immense damage to businesses. Some aren’t even operational today. But smarter businesses have incorporated digital technologies into all areas, enabling them to be prepared for the worse.
Author Bio: Being a Digital Marketing Officer at W2S Solutions, the Data Engineering Solutions, Vigneshwaran excels in handling various marketing strategies that could make your business stand out from the crowd. He is responsible for turning your business brand into a profitable business with his unique skills.
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