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Coronavirus Crisis: Why It Is the Best Time to Digitally Transform Your Business?

Adopting digital transformation now will open a host of possibilities to better gauge customer behavior, agility and new business models for greater reach. Companies need to be digitally flexible when social distancing is inevitable!
By Bruce Pham | 05 min read
on April 26, 2020
Image credit: Press associate

A global pandemic that broke out in early January has changed the way people live and businesses operate today. Companies world over have been resistant to the concept of distributed workforce, but now due to the COVID-19 situation things have started to change quickly. They have been forced to allow work from home, so work can still be done while taking precautions to halt the spread of the virus. Coronavirus Crisis is acting as an added impetus for businesses to outsource digital transformation and software development for their businesses.  

According to some studies done before the pandemic, only one-third of people in the US were working from home and companies like Google were mulling over the policies for remote working in case they needed to get employees to work from home. However, the COVID-19 breakout has forced companies to get employees to work from home as a health measure and businesses have to focus on building technology platforms for remote workforce in order to run their operations smoothly.

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Digital Transformation Forecast

Recent studies have reported that worldwide spending on the technologies and services that enable digital transformation is forecast to reach $2.3 trillion (£1.8 trillion) in 2023, with the period from 2019 to 2023 seeing a steady expansion of digital spending to reach this figure. The recent pandemic outbreak has made conference organizers and business owners come up with new strategies and options in the interest of employees and the whole business community in order to safeguard all.

There are various cloud-based platforms that are making it easier for businesses, educational institutes, health facilities and government organizations to operate in these unprecedented times. Tools such as Zoom, Tencent’s WeChat Work or Alibaba-owned DingTalk are making it easier for all to collaborate. To help businesses in response to the COVID-19 pandemic, many tech companies are coming up with tools that can support companies and organizations when going remote for extended trial periods or for lower fees. New innovations and strategies can result in further betterment of the whole digital transformation landscape.

Why Is This the Right Time for Digital Transformation of Your Business?

Coronavirus Crisis Why It Is The Best Time To Digitally Transform Your Business -Fig 1
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In the current situation, there are more people working from home than ever before. Communication and collaboration tools are an essential part of the effort to keep collaboration running smoothly. There’s a vast majority of professionals that are convinced that working from home will be much more accepted in the future than it was before the crisis began. Most digital decision-makers also expect increased levels of meetings and conferences held online even after the coronavirus pandemic ends. Businesses have to look at this situation and use it as a big leap forward in business effectiveness and intelligenceby capitalizing on all opportunities that digital technologies offer. 

Choosing digital transformation now will open a host of possibilities to better gauge customer behavior, agility and new business models for greater reach. Companies need to be digitally flexible when social distancing is so vital. They need to have processes and tools in place that allow all employees to communicate and carry out tasks efficiently. There are a lot of moving parts to think of, and if it’s not considered, people will be drowning in communications.

COVID-19 has paralyzed businesses and economies world over. To stay afloat, businesses have to resort to digitization strategies and look towards digital transformation. This has accelerated business transformation efforts. Previously, disruptions like the 2008-09 economy crash have hindered the progress of digitization. However, it shouldn’t be the case this time round. Organizations that tried to limit costs during past disruptions felt pressure from companies that took a pro-investment approach when the global economy rebounded.

At the moment, almost 80% of revenue growth depends on the digital offerings and operations. The situation has put a shade on companies that are slow to invest and adapt in their digital strategy. It is expected that companies will have to balance short-term efforts with long-term strategies in order to come out of this pandemic more competitive. Strong models, processes, technologies and strategies make the backbone of an organization in good & bad times. Now is the time for organizations to take advantage of the situation and digitally transform themselves to be able to handle increased demand post this pandemic period.

It should be noted that digital transformation can be a difficult transition for some businesses. With the right communication, tools, and leadership, you can take your first steps in digital transformation today. As digital transformation and innovations emerge more rapidly, industries are going to be more connected than ever.

Some of Reliable Digital Transformation Companies

Achieving digitalization is the ultimate challenge in this situation of crisis and as part of change management. Digital transformation impacts not only industry structures and strategic positioning, but it affects all levels of an organization (every task, activity, process) and even its extended supply chain. Thus, choosing the right partner to help your business digitally transform is imperative.

In Singapore, the digital hub of Asia, there are some reliable firms that can help you digitally transform your business - Stone Forest IT, TechTIQ Solutions, SQL View to name a few. Whereas in Vietnam, FPT Software, Saigon Technology, Netcompany are the leading digital transformation consultant companies.

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