How 2020 Has Changed Digital Transformation
When it comes to business performance, digital transformation plays a significant role. Sadly, some leading companies failed in their digital change efforts. A 2019 Forbes indicates. Many companies had pushed digital change efforts to the bottom of their priority list. However, 2020 turned these plans head over heels.
Ideally, digital transformation is usually a multi-technology affair. It involves the application of several interconnected initiatives. Everything happens following a systematic order of events. Organizational goals are evaluated, and an audit of corporate resources is done. Technological gaps and the size of the company in terms of growth also come into question.
Finally, organization management makes the final decision. It leverages its strengths with innovative technologies. These actions directly impact company growth, profitability, and customer satisfaction, among other significant aspects.
However, 2020 has forced entities globally to view digital makeover differently. The Covid-19 pandemic is precisely the critical player. Organizations are merging digital technology in their operations in response to Covid-19 restrictions. They are turning to digital channels that have all along been mistrusted and ignored.
Digital-First Strategy
Over the years, the digital space has been the last resort for many organizations. In 2020, it’s the first organization strategy globally. Entities not up to the task have had to close operations. The rest also, are forced to lock up their physical locations and work entirely remotely.
That said, the world is encountering a whole new experience of interactions. Connecting with prospective customers, clients, and colleagues entirely shifted online. While the entire situation may appear as forced change, organizations may be in for a golden discovery.
Marketing teams could cover a larger audience, given the vast online population. Besides, costs are downscaling with the elimination of door-to-door marketing and field campaigns.
Internet Connectivity
The internet is an essential tool for digital change. With the rapid shift to digital work and services delivery, fast internet speeds are indispensable. Over the last few years, many people would have loved fast internet connections both in their workplaces and at home.
However, it has not been entirely forthcoming. Corporate offices could afford the internet, although the speeds were incomparable to what 2020 presents.
Today, several companies are working round the clock to deliver 5G internet or even better. China is among the countries at the forefront, with its 5G coverage happening quite fast. WIFI 6 is also upcoming and promising three times faster download speeds than what WIFI 5 delivers.
Economic Repair
The coronavirus pandemic has left almost every state with a struggling economy. Even as states adopt restrictions and Covid-19 control protocols, there is a need for economic recovery. The digital space is providing solutions to almost every other Covid-19 impact. From digital coronavirus screening, digital technologies could now be the only hope for the world economy.
Blockchain technology presents a world of possibilities, from providing digital payment solutions to inflation-proof digital currencies. In the United States, the Department of Homeland Security termed it a critical service amid the pandemic.
Blockchain technology presents a new set of digital coins, cryptocurrencies, and stablecoins. Further, it provides the best data security solutions for organizations, including government entities. However, several states went against digital currencies due to the lack of proper regulation. Further, blockchain technology is a bit complex for the average person.
Covid-19 control protocols have been encouraging cashless transactions. Such moves have accelerated the adoption of mobile money transactions, including cryptocurrency adoption. Today, different central banks are in various central bank digital currency (CBDC) development stages.
Always Connected Personal Computers
In the remote work setting, managerial oversight roles are critical. However, technology provides solutions to every problem presented to it. Managers can exercise remote control over their teams. They can determine the employees logged on from their homes’ comfort and those sleeping on duty.
Technology experts like Samsung are already rolling out their Always Connected Personal Computers (ACPC). These computer networks are among the significant 2020 digital change trends. They will continue to grow in value as more companies realize the potential of the digital space.
Data Collection
Governments are among the significant technology guests of 2020. First, they undertook the maintenance of public assets security under blockchain technology’s immutable ledger. Data collection needs then paved the way for a more digital makeover. Government health workers are charged with covid-19 testing, patient monitoring, and contact tracing.
Among these needs, drones have explicitly been useful. Mobile applications with API from Google and drones have increasingly been in use. Patient management has proved to require much more than conventional techniques.
2020 is inarguably the year of digital acceleration. Although the pandemic occasions most of the transformations, the mass digital technology adoption impacts will last. This positive change will make 2020 a historic year.
