Lockdown accelerated the scaling of digital initiatives for greater visibility, control and management over financial processesCloud providers reported exponential increases in demand for cloud services in regions with enforced Covid-19 social distancing in place. McKinsey reports on how, as soon as the pandemic struck, Chinese banks significantly accelerated their shift to digital channels.
While it’s unfortunate it took a pandemic for the scaling of digital transformation , this offline-to-online move has been long in coming. A key theme highlighted in the Sage research report, “is that Covid-19 accelerated a process of digitisation that for many companies was already under way. The Sage report looks at the evolution of finance leaders. While the process was inevitable, it took many by surprise as the sudden shift to working from home happened abruptly.
Leading the rush to digital transformation during lockdown was the increased need for vital processes such as paying suppliers and getting paid on time to keep money flowing between trading partners. With remote working from diverse locations and devices came new identity-assurance problems. To reduce this risk, many cybersecurity advisers recommend businesses move their work applications to the cloud, so that data remains on company servers wherever staff are located.
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