The Transforming Trend of Digital Transformation.
“Digital transformation” is the new buzzword in business, especially during the recent coronavirus outbreak. In fact, 70% of companies in the US, either already have a digital transformation strategy or are working towards getting one.
If that’s not a reason enough for you to consider this, in 2019 alone, companies spent over $2 trillion on their digital transformation strategy. If you are a business owner, and you are not focusing on your digital transformation strategy, this could mean leaving money on the table, and a gap wide open for a competitor to enter into your market.
While there is no need to reinvent the wheel, there are some key strategies that businesses – that are looking to grow – will have to integrate into their digital transformation strategy to make a post-pandemic splash.
Digital Transformation Trends Post Pandemic
The recent outbreak of the coronavirus is unlike anything we have ever seen in our lifetime.
The negative impact of this pandemic has been far and wide and has made other recent outbreaks such as SARS and Bird Flu look like a walk in the park.
The coronavirus is also having a profound impact on Business across the globe. This has resulted in many forward-thinking businesses adopting digital transformation to adapt to this new normal.
Digitalization is on the Rise
We are already seeing the work-from-home culture in full swing. In fact, many businesses across various industries have adapted to the work-from-home culture to stay in the game during the pandemic.
In fact, it would not be wrong to say that more professionals are working from home now than ever before due to the city-wide lockdowns and limited to no public transport available.
This new digitalization of the workforce means that communication and collaboration tools are going to be essential for ensuring smooth business processes and avoiding any bottlenecks in everyday business activities.
Luckily, we now have a plethora of digital tools and platforms that are just a click away to help us keep in contact and collaborate with colleagues despite having physical limitations.
The use of conference streaming and planning applications are on the rise since they allow a workforce to communicate with each other without having to meet physically.
Seeing the uncertainty in the days ahead, it won’t be wrong to say that working from home is going to be more widely accepted in the future than it has been in the past. More importantly, business professionals will have to integrate AI (Artificial Intelligence) tools that will make them more of an innovative anticipator when it comes to delivering products and services that the customer needs.
The Need to Make Smart Talent Decisions
We mentioned briefly the fact that digital transformation is not just about integrating the latest technologies in everyday business processes, but rather, it is about using the right combination of digital technologies and workforce to get the best results.
Having an effective post-pandemic digital transformation strategy also means making some smart decisions when it comes to talent options. These decisions will have to be made on the fly to meet demands without putting your company in distress.
When it comes to digital transformation post-pandemic, we are most likely going to see three talent trends:
- Talent that is great at doing their job;
- Talent that’s hungry for more;
- New talent.
This is why businesses – now more than ever – need to identify the employees that fall into the first two groups, and then work closely with their HR team to fill in the gaps with new talent where needed.
It is important to note that IT can no longer operate in silos; all of your team members will have to up their game when it comes to their communication and collaboration skills, or else, they will find themselves packing.
The new normal for many in the business sphere will be to find those employees who are able to adapt to new settings, without having the need for micromanagement.
While working to build the skills of your existing team is a good way to grow organically, companies will need to push to break through capital allocation restraints when it comes to hiring new talent that has the skills and are able to adapt to their new environment.
Become a Digital Brand
As businesses realize the importance of digital transformation and how crucial it is for their employees to stay virtual, more and more businesses will learn how to view themselves as a truly digital brand.
This means, if you’ve considered your brand as simply a brick and mortar entity, it’s time you take a step back and see the bigger picture.
While this means having to rework the business strategy for many brands, there can be many long-term implications not to jump on the digital bandwagon if you haven’t already. That being said, it’s not going to be easy.
In fact, research shows that it takes time for customers and investors to cotton up to the fact that you’re digital now, especially if you haven’t traditionally been that way.
Brand permission is an area that’s going to be a big challenge for both small and large companies alike, especially those who have avoided having a digital presence historically.
Digital transformation is not solely about using the latest technologies to streamline business processes, but rather is a combination of tools and strategies that will help a business reach its bottom line, even during times of uncertainty.
For many businesses, the choice is simple: when it comes to digital transformation, you either adapt or you die.
Sustain Leadership is here to help with the right digital transformation solutions, making sure that technology, process, and people are aligned.
By, Hanane Benkhallouk, Leadership Strategist, Executive Director @ Sustain Leadership & Founder of LeanIn Arabia.