In 2019, 89% of enterprises reported plans to adopt digital-first business strategies according to IDG. Then came the curveball that is 2020.
In today’s unparalleled circumstances, businesses are revisiting their meticulously devised digital transformation strategies. Some have approached the COVID-19 disruption by slowing their digital investments in an attempt to preserve their capital, whilst others are accelerating plans in preparation for the global economic rebound, and to further interact and connect with their customers.
While many businesses may survive, some intend to thrive. Uncertain times require the balancing act between short-term necessities with long-term investment strategies, i.e. digital transformation.
Revenue. To generate revenue, businesses must be customer-centric. Digitising operational procedures provides your customers, clients and stakeholders with true, reliable and measurable efficiencies.
Globally, there was an expected $2.3 trillion spend projected to contribute towards digital transformation, calculated to be an annual compounded growth of 17.1%. Since the economic volatility of the global market, this number may decrease significantly — however, digital transformation is still being recorded as a high priority. At its peak, 68% of businesses expressed that the digitisation of operations was their primary goal.
When a retrospective of the Covid-19 response has been completed, executives will have to re-assess their approach to risk & compliance and many will realise that their survival has been based on luck.
Culture. Finally, a salient reminder that businesses are only as good as their people. Now is the time to commit to reinforcing the importance of the faces and personalities that drive your sales, processes, procedures and everything in between.
Creating a positive culture throughout challenging transitions and impending digitisation of processes is imperative. Communicating that digital transformation is about the reduction of ‘low-value’ tasks for employees and replacing these with improved productivity and efficiencies.
Social Impact. Successful businesses will be those that meet the needs of as many people as possible, utilise as few resources as possible and engage and are responsive to as many stakeholders as possible. Over recent years, there have been conversations regarding sustainable business however there exists an unfortunate gap between what we say and what we do. Analysis by the United Nations Global Compact shows that while 92% of CEO’s believe integration of sustainability will be important to the future success of their businesses, only 48% say they are implementing sustainability in their operations.
If we are to make the exponential change and innovation needed to emerge from the COVID-19 crisis stronger and make real progress towards the sustainable development goals, organisations need to genuinely value sustainability, integrate it into their organisational culture and their business strategy. Finding sustainable leaders who will drive change on the ground is important now more than ever.
Sustainability is a complex problem that leaders of today face:
- How do we best position ourselves to support sustainability?
- What stance makes sense for the value we bring to customers?
- How do I evolve my product to enable sustainable business practice?
If you require support with these questions reach out to the team at Simply Progress. Our experts take a research/evidence-based approach to ensure that your sustainable policies will meet your customer and product needs now and into the future.
Also understanding what digital changes need to occur can be difficult to navigate:
- What will increase customer engagement and provide a more enjoyable user experience?
- How do you ensure employees are engaged and productive?
- What processes do you need to automate, integrate or build your business?
Experience Digital focuses on transformative digital augmentations that further enhance a business’s capabilities both technologically and culturally to ensure they align. This is done by exploring what works best for the business and deploying digital software, data, automation or systems integration solutions that are specific to the customer’s needs. If you need guidance through these complex times, contact Dillon da Costa.