A tremendous digital revolution is percolating underneath the pandemic-related business turmoil. It’s not only because huge swaths of people have traded travel plans for computer screens to work, learn, and stay virtually close to loved ones. It’s because digital’s greatest value is exactly what modern business has always needed. Here’s a summary of what leading industry analysts have said about this new future.
COVID-19 lays bare the fact that digital technology’s greatest value is exactly what modern business has always needed.The consensus among industry experts is the companies have to go digital because they cannot afford not to. In a recent blog, George Colony, president ofwrote that “the world is going even more digital because of this crisis, and old industrial-era thinking needs to be abandoned once and for all.
Done right, digital transformation helps companies personalize customer experiences and see around corners. When you know what’s going on in your company, including costs, quality output, and satisfaction levels of suppliers, customers, and employees, from sourcing raw materials to delivery of finished products and services, you have a fighting chance of managing your business – not just during a pandemic, but long after.
Some analysts think large companies should do everything they can to help small and mid-sized businesses . “Whether they are partners or customers, SMBs are the most vulnerable right now, but they’re the lifeblood of the economy,” said Josh Greenbaum, principal at Enterprise Applications Consulting. “Making sure that the technology and business processes, which your ecosystem either uses and/or provides, is at the core of society’s ability to function.
The pandemic could well be the ROI-based reckoning that digital needs to unleash the next wave of innovation. Despite this challenging business environment, just seven percent of respondents to a recentsurvey of European industrial companies said they would suspend digital transformation initiatives in the next 90 days.
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