Digital Transformation: The Imperative of Time

The Coronavirus pandemic is one of its kind; we have witnessed and will witness in this life! The impact is so colossal that more than the one-third population on the planet is facing some sort of restriction. The list of countries is long that have declared mandatory lockdowns and border closures while cutting down the business activities.

Russia, South Africa, Italy, India, New Zealand, Saudi Arabia, Colombia, UK, Australia, Jordan, Argentina, Israel, Belgium, European Union, Germany, Malaysia, Czech Republic, France, Morocco, Kenya, Spain, Poland, Kuwait, Ireland, Norway, and Denmark are some names that have imposed restrictions on routine activities.

• An estimated 1.7 billion people have been home-quarantined today!
• The global workforce is estimated to lose $3.4 trillion of income in 2020!
• Recent research on Statista reveals that the monetary loss of global GDP is expected to be $76.7 billion in the best case (2 months travel ban) scenario. In contrast, it may rise to $155.94 billion and $346.98 billion in the moderate (3 months travel ban) and worst-case (6 months travel ban) scenarios, respectively!

The numbers are massive and alarming. Social distancing is, at its peak, banning people and businesses from maintaining any physical contact. COVID-19 has forced the world population to rethink the normal course of life, whether it is work, school, entertainment, healthcare, essential items, or entertainment. 

So, what are consumers and businesses doing at this time?

• Offices establishing remote work 
• Education institutes offering online learning
• Healthcare being offered through telemedicine apps
• Companies organizing virtual conferences
• Home-locked people watching web-based entertainment and connecting virtually

What is shared among all these resolution activities?

People and businesses are embracing digital tools to keep some semblance of a normal life. Companies are using digital technologies to keep their business model operational, and those who aren’t are sitting while shutting their entire business waiting for government orders.

So, what is imperative at this time?

As the economy will move from resolution to resilience phase, companies will have to think to adopt digital transformation in one or the other way for business process continuity. It is very much possible that businesses may return to their usual course of activity once the virus is contained. However, the organizations must circumvent this tendency of switching back to a conventional business model. Instead, they need to think tactically as to how they should invest in tech interventions to remain sustainable during any mishaps in the future. 

According to KPMG, by 2022, 80% of revenue growth will be derived from digital offerings and operations. It’s an indication towards a new normal where only digital players will survive, and rest will be washed out. 

It is high time that business leaders, IT executives, and chief technology officers must architect a digital operating model for their businesses to navigate through any hardship. The scalability of business has become a decisive factor in the modern context, including its capability to connect seamlessly with stakeholders, efficiency to not only communicate but keep customers engaged consistently across all touchpoints and ability to run at any speed as market and economy demand. 

The technology evangelist must realize that the corona pandemic has given a learning lesson to all. It won’t be excessive if I say; it’s an Adapt or Die situation. Either redesign your business model around advanced technologies or get ready to become obsolete forever. 

It’s time for bold leadership.