Digital Acceleration In The Age Of Covid-19
Transformation has become a popular business buzzword. Technological developments create a demand for digital transformation. It is said that every company today is a technology company, regardless of its industry or core mission. Business transformation varies in content, speed, and where to start – and rarely does a company experience it just once. That's why so many companies are transforming their operations today—and putting digital acceleration at the heart of their business.
Digitally mature organizations have a much greater ability to innovate than those of lower maturity. According to a study by Deloitte, which found that 81% of senior companies prioritise digital transformation, called innovation as a strength, compared to just 10% of lower-maturity organizations.
Digital acceleration is the key to transformation as a business. This makes you stronger and more resilient. It helps you scale and gets a better value proposition at a lower cost. And it will help you protect yourself from the risk of falling behind after the competition.
Covid-19 & Digital Acceleration
The Covid-19 pandemic has left many holes that businesses around the world have missed. Some organizations were able to adapt quickly, moving their traditional operations completely online and enhancing their digital-first strategy. But others were not so lucky. Many struggle to turn the shaft and some turn it off completely.
We've seen firsthand how digital acceleration can mean the difference between growth and latency. For example, in October 2020, Walmart announced that it would turn four of its brick-and-mortar retail stores into "test stores” with the aim of experimenting with new technologies (with the aim of increasing all stores in physical shopping destinations and online fulfilment centres). Meanwhile, many healthcare organizations have successfully transitioned to telehealth, which requires a large-scale digital overhaul to deliver services to patients remotely.
This example shows how partnerships can enhance digital acceleration efforts and improve organizations.
Growth and resilience
In fact, all companies, regardless of industry, want to grow. It is clear that technology plays an important role in development. Digital acceleration makes companies agile enough to adapt quickly when new threats or opportunities arise, providing the information and insights needed for smart innovation. Many organisations face challenges such as a lack of infrastructure that supports growth. However, having a full range of digital devices and tools will allow you to detect these issues quickly and prevent them from worsening.
That's why it's important to strengthen your digital infrastructure, which will allow you to address these obstacles and prevent them from escalating.
Differentiation
Digital transformation is a fundamental shift in the way organizations operate, communicate, and interact with their customers. This is a break from the "traditional" way of working to become more digital. Today’s customers expect businesses to treat them as distinct individuals and to be aware of their buying habits and preferences.
According to Accenture, 75% of customers admit they are more likely to buy from a company:
- Identify them by name
- Know your purchase history
- Recommend products based on your past purchases
By bringing in diverse talent, including designated UX design specialists, they can improve the experience they provide to users, allowing them to focus on what really matters to their users. This, in turn, helps them stand out in an already saturated market—something that would be possible without the support of outside talent and the emergence of new technologies.
Companies need to improve the user experience and encourage meaningful engagement. Of course, engagement happens across all channels and platforms these days, and they need to invest heavily in conversions and acceleration to create that meaningful experience.
Core Tech
Technology is now the foundation for realizing the mission and goals of every business. With that comes the responsibility of having a strong core technology portfolio. No matter what your niche is—be it healthcare, finance, marketing, or retail—you must learn to innovate to compete.
Key technologies include tools such as e-commerce platforms, websites, social media, communication software, login systems, enterprise resource planning (ERP) tools, project management platforms, customer service tools, and more. You also need a way to track your efforts and measure your results. Data analysis is also an important tool for managing and evaluating your performance and learning how to improve your business in the future.
Find ways to build strong partnerships that can help you achieve the digital acceleration you need to provide the foundation and grow your business.
The Way Forward
Change is inevitable. The events of the last two years have shown us that we must be prepared and equipped with the tools and infrastructure to deal with whatever obstacles the world throws at us, even if they seem insurmountable.
In my experience helping organizations grow, change, and move forward, I've seen how adaptability and a willingness to be agile can make the difference between success and failure. This is a mindset that should empower your entire organization, regardless of your role in the company. To make a difference, it's important to ensure that everyone in the organization believes in the power of digital transformation. It seeks to leverage digital technology and processes to build new systems, advance digital thinking and explore new opportunities.
