Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Digital Transformation During the Coronavirus Pandemic

Companies / Internet Aug 29, 2020 - 06:47 PM GMT

By: Submissions

Companies

Digital transformation has never been so appealing for businesses affected by social distancing measures and other health restrictions. In fact, many digital practices have been the only possible option to ensure operations can continue. Organisations around the world have been forced to allow their staff members to work remotely, which has demanded a greater reliance on technology. Without the use of video conferencing, online tools and VPNs, working from home would be limited or the security compromised.  

Businesses of all sizes will usually find that external assistance is needed to ensure IT systems are always running smoothly. With the help of a great managed services provider, inefficiencies can be reduced and badly timed bottlenecks avoided.


What is digital transformation?

The term is often misused to describe initiatives of modernisation, possibly as a result of the marketing of solutions that are aimed at meeting multiple business needs. But much more than this, digital transformation operates at the core of an organisation. It must involve solutions that are part of a coherent, enterprise-wide strategy rather than disjointed applications. Forrester Research advocates an approach to digital transformation that is disruptive and innovative, resulting in market dominance.

In his book, Leading Digital: Turning Technology into Digital Transformation, George Westerman describes digital transformation as ‘a radical rethinking of how an organization uses technology, people and processes to fundamentally change business performance’. These remodelling stages that have become common for businesses in recent years have been precipitated by the emergence of multiple technologies with the potential to bring considerable impacts to industries. Such technologies include cloud computing, robotic process automation (RPA), artificial intelligence (AI) and machine learning, among others.

In the coronavirus era, there are a number of things to take into consideration when planning and coordinating a digital transformation. IT consultancy and support are always available to create effective strategies and implement the most efficient solutions.

Cloud strategy

Migrating to the cloud either wholly or partially can represent a major operation for businesses. With a wide selection of software services, the cloud can be used for hosting software, web infrastructure and platforms, and it can provide essential operational services, such as backups and disaster recovery. A big question in strategy is whether you intend to use public or private cloud services, or hybrid services which combine the two. With more business processes and services hosted on the cloud, organisations will be better prepared for handling any future outbreaks or resurgences.

Business continuity

Business continuity plans are essential in times of crisis, as many businesses will have seen in 2020, but these are often lengthy and difficult to access when time is in short supply. While COVID-19 remains a threat, a more agile business continuity plan that can be readily applied is a better option. These should be practised on a more frequent basis, such as once a month. They should take into the account the fact that employees are probably working from home, which is likely to become a long-term arrangement.

Information security

Sadly, cybercrime has seen a massive increase since the outbreak of the novel coronavirus. A huge rise in the numbers of people working remotely exposes numerous vulnerabilities in corporate IT systems, which criminals are waiting to exploit. Businesses cannot afford to put corporate assets at risk, so the only answer is to take cybersecurity measures to the highest possible level. This should always be a first priority, but in the context of a digital transformation and a surge in cybercrime, it needs to play an even more central role.

Sales channels strategy

Sales and marketing strategies will need to be reworked to meet the demands of markets that may be very different following lockdown and social distancing measures. Customer behaviour has been fast changing and marketers need to be able to quickly respond to these changes. There is a much greater emphasis on online channels, and even a more affordable rate for pay-per-click advertising due to widespread budget cuts. Now could be a good time to reinvent your marketing approaches and implement solutions that automate and offer valuable insights.

Collaboration tools

In March of this year, it became clear that everyone would need to become more familiar with video conferencing and collaboration tools. But instead of a last-minute, haphazard approach that leaves room for countless errors and inefficiencies, an organisation is much better served by a clear policy and set of procedures that makes the most of the technology. Business accounts are usually the best option for collaboration within teams, and these vary depending on the requirements and budget. Security and scalability should be important considerations. 

Cultural transformation

With any digital transformation, it is essential that your workforce is onboard to reduce any difficulties caused by the disruptions. The adjustments need to be managed carefully to avoid having a detrimental effect on productivity and staff morale. There is always the fear that jobs will be replaced by machines, though this is not always the case as humans can progress to roles that need more creativity, imagination or intuition. But employees need to be able to adapt in their roles and be prepared to take on more testing and training, as well as adapting to agile workflows and a more decentralised and data-oriented environment.

Admittedly, a world that is deeply affected by COVID-19 is not the best set of circumstances for launching a digital transformation, but 2020 has already brought us an enormous disruption so there is no reason we can’t take things further. Businesses should seek expert consultation before beginning their digital transformation; then, it can be managed on a gradual basis if need be. Planning is paramount and disruption should be kept to a minimum. Then the changes brought about by the transformation may deliver astonishing results. 

By Samantha Waites

© 2020 Copyright Samantha Waites - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in