The world is becoming increasingly dominated by social media and technology that gives instant access. The pervasive use of mobile devices has given way to a global digital transformation market, and it’s just the beginning. The increased demand for industrial automation is the primary driver for the growth of digital transformation market size.
“Today’s connected world has led to the age of the customer: Powered by technology and the internet, customers have higher expectations than ever before. Mobile has led consumers to be always on, connected and in control. Social has created a digital influencer community; voice has brought instant gratification and convenience.” [Preethy Vaidyanathan for Forbes]
In mid-March, businesses faced a choice between pro-investment and cost cutting strategies.
Many companies lack the technology infrastructure structure to offer remote work without some sacrifices to "business as usual." However, one unexpected outcome of COVID-19 is that companies realize the benefits of fast-tracking digital transformation. [Bernard Marr for Forbes]
Before the COVID-19 outbreak, there was some progress made in telemedicine; however, public health officials are pushing healthcare systems to expand their telemedicine through smartphones and other tools.
Along with many in-person conferences being canceled worldwide in response to the COVID-19 outbreak, some are switching them to be virtual events. The first conference to cancel due to safety concerns was Mobile World Congress, the annual gathering of electronics makers. Google Cloud Next ’20 became Digital Connect and promised that what once was a three-day conference to be a “free, global, digital-first, multi-day event” that would use the Next ’20 content.
As the globe is going largely digital, business leaders are recognizing the long-term benefits of digital transformation.
From the dot-com bust to 9-11 to the 2008 financial crisis, disruptions have stymied digital strategies. CIOs even have a cost-cutting playbook that starts with hardware haircutting and elimination of new projects, according to Forrester Research. But organizations that contained costs during past disruptions felt pressure from companies that took a pro-investment approach when the global economy rebounded.
Given the direction the digital transformation market is headed, experts suggest businesses take a pro-investment approach to not only survive the COVID-19 crisis, but to emerge strong and ready to compete. Continue or initiate sound operating models that incorporate the best people, processes and technologies, which remain critical in good times and bad.
“You have to avoid the tendency to slash and burn your transformation and revert back to your traditional working model, which is human nature,” Steve Bates, global leader of KPMG’s CIO center of excellence, tells CIO.com.
Many technology companies are rolling out tools that can support companies and organizations when going remote for extended trial periods or for lower fees. Here are a few:
Rolling employee recognition into your digital transformation strategy can do more than put you ahead of the competition–it can ensure your employees are connected, appreciated, engaged, and confident.