Coronavirus and the Importance of Digital Transformation

Coronavirus and the Importance of Digital Transformation

The coronavirus pandemic changed many aspects of everyday life and companies are trying to adapt to the new reality. Interestingly, IT has shown its importance during the pandemic. Moreover, there is growing evidence that companies that are willing to embrace digital transformation reached better results than other companies during the pandemic than those who are less advanced in their use of IT. This information once more underlines the strength of IT.

For example, the top 10% of IT-friendly companies achieve two to three times the revenue growth of their competitors. Furthermore, the companies leading tech acceleration are likely to continue to pull away from their rivals. It means such companies will outperform their rivals in terms of revenue growth.

It is worth noting that, every business will need to become a tech business. As a reminder, the tech proved itself by being the lifeline for business during the pandemic.

Digital transformation, coronavirus, and Accenture

Let’s have a look at the report prepared by Accenture. This report illustrates how quickly the world adapted to change brought on by the virus and lockdown measures imposed by governments.

Interestingly, Accenture surveyed 6,200 businesses and technology leaders for the Technology Vision 2021 report. According to the study, 92% of executives say their organization is innovating with an urgency and call to action in 2021. Moreover, tech is set to become a key ingredient of success for businesses.

According to 41% of executives, the pace of digital transformation at their organization is increasing. Furthermore, all businesses need to be at the leading edge of tech innovation, and not merely fast followers. Importantly, the gap between digital leaders and laggards grows by the day. As a result, laggards have to adapt to the new reality as a wait-and-see approach is a bad solution.

Interestingly, the report also recognized the shift in working patterns to home working and asynchronous working. According to Accenture, the future of the work will be location-independent, time-independent, etc.

Top management of any company should pay more attention to digital transformation. They must understand that to compete with other companies they have to embrace new technologies. As mentioned above, the coronavirus pandemic changed the world. It is important to learn from past mistakes. It makes sense to invest money in new technologies. Moreover, governments should cooperate with companies to deal with various challenges.