Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
VR and Gaming Becomes the Metaverse - 7th Dec 21
How to Read Your Smart Meter - Economy 7, Day and Night Rate Readings SMETS2 EDF - 7th Dec 21
For Profit or for Loss: 4 Tips for Selling ASX Shares - 7th Dec 21
INTEL Bargain Teck Stocks Trading at 15.5% Discount Sale - 7th Dec 21
US Bonds Yield Curve is not currently an inflationist’s friend - 7th Dec 21
Omicron COVID Variant-Possible Strong Stock Market INDU & TRAN Rally - 7th Dec 21
The New Tech That Could Take Tesla To $2 Trillion - 7th Dec 21
S&P 500 – Is a 5% Correction Enough? - 6th Dec 21
Global Stock Markets It’s Do-Or-Die Time - 6th Dec 21
Hawks Triumph, Doves Lose, Gold Bulls Cry! - 6th Dec 21
How Stock Investors Can Cash in on President Biden’s new Climate Plan - 6th Dec 21
The Lithium Tech That Could Send The EV Boom Into Overdrive - 6th Dec 21
How Stagflation Effects Stocks - 5th Dec 21
Bitcoin FLASH CRASH! Cryptos Blood Bath as Exchanges Run Stops, An Early Christmas Present for Some? - 5th Dec 21
TESCO Pre Omicron Panic Christmas Decorations Festive Shop 2021 - 5th Dec 21
Dow Stock Market Trend Forecast Into Mid 2022 - 4th Dec 21
INVESTING LESSON - Give your Portfolio Some Breathing Space - 4th Dec 21
Don’t Get Yourself Into a Bull Trap With Gold - 4th Dec 21
4 Tips To Help You Take Better Care Of Your Personal Finances- 4th Dec 21
What Is A Golden Cross Pattern In Trading? - 4th Dec 21
Bitcoin Price TRIGGER for Accumulating Into Alt Coins for 2022 Price Explosion - Part 2 - 3rd Dec 21
Stock Market Major Turning Point Taking Place - 3rd Dec 21
The Masters of the Universe and Gold - 3rd Dec 21
This simple Stock Market mindset shift could help you make millions - 3rd Dec 21
Will the Glasgow Summit (COP26) Affect Energy Prices? - 3rd Dec 21
Peloton 35% CRASH a Lesson of What Happens When One Over Pays for a Loss Making Growth Stock - 1st Dec 21
Stock Market Sentiment Speaks: I Fear For Retirees For The Next 20 Years - 1st Dec 21 t
Will the Anointed Finanical Experts Get It Wrong Again? - 1st Dec 21
Main Differences Between the UK and Canadian Gaming Markets - 1st Dec 21

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


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.

© 2005-2019 - 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