Since Covid-19 erupted, we´ve had to evolve and adapt to a much more digitized world. Therefore, it’s no secret that the level of digitization in society has been growing rapidly.
Changes were most obvious in business cases where leveraging modern technology in businesses, spending more on data security and shifting priorities, suddenly became more important.
But what does this mean for the future of digitization?
Adaptation to changes during the pandemic
According to a survey conducted by McKinsey, products and services which are either partially or fully digitized, have had a global adoption acceleration of several years during the pandemic.
The survey also shows that companies responded to the pandemic by increasing their use of advanced technologies in operations and decision-making. A process that was accomplished approximately 96% faster then what they had previously thought possible.
When companies were asked why they hadn't implemented these changes before the pandemic, more than half of the respondents said that the changes simply weren't on top of their business priority list.
In addition, nearly one-third of all respondents in B2B industries said that the fear of customer resistance was a barrier for the implementation of new changes. An assumption that now appears incorrect, given the acceleration of technology adoption.
The survey also revealed that the mindset of technology´s strategic importance have changed tremendously during Covid-19. With 30% focusing on modernizing core technology capabilities to keep up with competitors, 38% investing more in technology to make it a competitive advantage and 19% re-focusing the entire business around digital technologies.
Insights from this survey shows us that a majority of the respondents believe in changes like increased spending and increased usage of advanced technologies in operations to be lasting, as the pandemic draws to an end.
The results of the study are clear indications that a mindshift towards “digital first” in various business contexts not only has arrived and taken over, but is here to stay for good.
- Evolving customer needs have created new digital habits. Expectations for experiences to be 100% digital, seamless and intuitive are quickly becoming the norm in B2B, B2C and everything in between.
- Leveraging technology to improve your internal and external business processes can rapidly improve your business performance and outcomes.
- Now is the time to reset, pivot, and think big to transform your business operations to match new digital expectations. Step one to enable digitization and automation? Digital data input!