The pandemic put the digital revolution into overdrive, but those accelerating their plans will need to get the implementation right.
Digital Transformation has been on the steady rise for years as companies who adapted quickly continue to succeed in, whilst those slow adopters are now lagging behind or worse still, no longer exist. The pandemic has forced companies to now take the dive into digital technology. As such, 2020 will be remembered as a breakthrough year for digital transformation.
The stats tell the story. A McKinsey survey showed that executives had accelerated digital uptake. The share of digitally enabled products had accelerated by seven years.
Mobile apps cashed in. 2020 smashed all expectations with a record £105bn spent on mobile apps. Artificial intelligence, machine learning and the internet of things technology all surged.
Even before the pandemic, these were on the rise. However, adoption was sporadic. Firms hesitated due to concerns over expertise, legacy infrastructure, capacity, or exposure to digital threats.
The pandemic pushed them forward by necessity as much as by design. Restrictions came in, businesses closed, employees were asked to work from home where they could. Almost over night the way we work transformed. It became a clear case of ‘adopt or die’.
The digital divide became a growing problem. Already, firms were worried about falling behind in the digital race against their competitors. With the world moving into lockdown, it gained added urgency.
Those firms which successfully implemented digital technology would find it easier to maintain operations during the pandemic. They could continue to deliver products, to innovate and move forward.
Those which did not, found themselves struggling on just about every point.
The result, then, has been a dramatic surge in the speed of digital adoption. Never before have businesses adopted so quickly, but the reality is that they will never adopt so slowly again. Innovation breeds innovation. The pace of change is accelerating.
Lockdown working has changed business forever. Remote working may have been an emergency measure for some, but many businesses say they plan to continue. The ice has been broken on digital innovation and there is no going back.
However, all those concerns which stopped businesses adopting before the pandemic still exist. Employees with adequate skills are still hard to come by. Expertise is thin on the ground and integrating technology into existing systems is still a massive challenge.
Pandemic or no pandemic digital transformation projects still have a high risk of failure. When this happens, it’s normally down to how technology was implemented rather than the technology itself. To succeed you’ll need to start at the top. Technology must be more than just a function of the IT department. Executives need to take ownership of transformation embedding it into every part of the business.
You’ll need to hire the right talent and work with the right partners. In the digital world, partnerships will become more important than ever. They can add expertise which is missing, expand your horizons and help you achieve a more seamless transition.
Most of all, it’s about picking the right strategy for your business. Technology will be different for every business. You will have your own needs, requirements, obstacles and goals. Ultimately technology is a tool to help you achieve your objectives. Identifying those objectives and understanding how it can help you achieve them will be crucial for a successful adoption.
To learn more about embedding digital technology into your business give MCD Systems a call today. Our specialists will be happy to answer any questions you have and show you how you can harness the power of digital technology for your business.