Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

Digitalisation

Since the onset of 2020, the Covid-19 pandemic has affected every community on the planet and dominated global headlines, emerging as an unprecedented human tragedy that will have long-lasting and far-reaching implications.

The pandemic is bound to transform forever business models and operational strategies for industries and governments alike. While it is still unclear how long this crisis will last, the uncertainty is accelerating the transition toward embracing enabling technologies and positioning digital transformation at the front and center of global business dynamics.

For many companies, customers have already migrated to digital. Employees are already working fully remotely and are agile to some degree. Companies have already launched analytics and artificial intelligence (AI) initiatives in their operations. IT teams have already delivered at a pace they never have before. But for most companies, the changes to date represent only the first phase of the changes that will be necessary.

At this time, the full extent of COVID-19’s impact on human life, the global economy, and enterprises is not yet known. But already, it has become an extraordinary catalyst for change. The need for innovation is greater than ever, driven by new challenges that are more disruptive than most have ever faced. The question for enterprises is: How fast can you act in light of this new reality and new imperative?

The answer, it would seem, is quite rapidly. In a survey conducted of 500+ industry professionals, 50% opined that businesses are ready to invest in Artificial Intelligence, Machine Learning, and Robotic Process Automation.

Many companies are accelerating their shifts toward digital-first models—at warp speed. But it’s not just about digitizing. Companies must also reimagine customer journeys and employee involvement to reduce friction, accelerate the shift to digital channels, and provide for new safety requirements. If enterprises invest in forward-looking technology, humankind will experience the technology at its best. Success today could open new possibilities for businesses to reimagine their enterprise and workforce in the future.

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of the Economic Times – ET Edge Insights, its management, or its members

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