At the halfway point of 2021, many businesses and industries are beginning to re-emerge and are doing their best to return to productivity levels that were in place before the pandemic began. The coronavirus pandemic has wreaked havoc on the business landscape and while industries like aviation and tourism have suffered the most, there has really been no business at all that has not been impacted negatively in some way by the global pandemic.
As the vaccine rollout program has gathered momentum worldwide and many major capital cities have moved out of lockdowns and eased restrictions- office life and business practices are starting to return. But things have simply changed, and a full return to pre-pandemic life is unlikely to happen--attitudes have changed, the way people interact has changed add now it seems very likely that business models and the way essential services are delivered will also undergo significant change.
In this article, we will examine the role of digital transformation for a post-covid-19 business recovery plan-this is a plan likely to be adopted across multiple industries. The rapid shift to remote working and remote service delivery has proven the value and extreme importance of digital technologies and capabilities. Those organizations who fell behind when it came to digital standards will now be urgently addressing their digital requirements for the remainder of 2021 and beyond. Digital transformation is now likely to be prioritized at a higher and more urgent level than ever before-we're going to take a look at how this might play out in practice.
Urgent but ongoing
First of all, this will be an ongoing process-if a multinational organization finds that its digital capacity is severely lacking-then a number of projects need to happen over the next few years-there is no one size fits all post-pandemic quick fix digital transformation project. Every department has different needs that may require unique digital technology to meet these needs.
Leadership teams at these organizations will likely prioritize digital transformation based on the business-critical nature of the services they offer. Sales, human resources and global payroll may be deemed business critical services which need immediate attention in the form of digital tools to help them operate with resiliency and sustainability in a post-covid-19 world.
The human resources department for example, may need better digital software as the future of work suggests that they will require the capacity to select, interview, recruit and onboard digitally as part of a remote working policy. Global payroll has already been listed a business-critical service, and with the new hybrid working model coming in that will see a mix of remote and office-based work, this might make it more challenging to pay employees spread across different locations so there is no room for complacency when it comes to digital capabilities in this department.
Business leaders across other departments will also be stating their case for digital investment-C-Suite executives and leadership teams need to get together and map out a plan for digital transformation across the wider organization. It won't happen overnight and needs continuous dedication and commitment-but it is feasible and doable as long as there is no slip in priority or momentum.
Staying competitive
The urgent prioritization of digital transformation mentioned above is really about staying competitive in a business landscape and marketplace that shows no mercy to organizations that are slow to react to trending developments.
Nobody wants to feel that they are behind the curve when it comes to technology advancement-but while you can live with a slight to your reputation, you certainly cannot accept revenue drops due to a lack of digital capabilities.
It's a very competitive environment and digital functionality is required to either help companies maintain market share or break into new markets, territories and countries. One of the key assets of any organization is the ability of their technology stack to support their goals and strategic ambitions. If the technology is not there to support them or their international workforce has not been sufficiently upskilled in digital capabilities, then the strategic goals will not be realistic targets.
Strong ongoing and sustainable revenue remains the number one goal for the vast majority of business enterprises- if a digital transformation is required to sustain this, then the business case for investment is solid. Digital capabilities help to make an organization agile and responsive; They enable it to pivot and move in a different direction to carve out market share if that is what is needed- those without digital capabilities or innovative technology stacks as part of their business model will quickly find themselves behind the competition and this can often be a difficult position to recover from.
Meeting customer needs
When in business, especially when selling products or services, you need to be where the customers are. Today, this means interacting with customers via online channels and digital technologies. Customer expectations and demands have skyrocketed due to do major enhancements and innovations across technology devices.
Customers today are bringing expectations around customer experience from their personal lives into the marketplace in the form of their interactions with global organizations who are selling products and services. They have become used to speed, efficiency and convenience- they want to communicate digitally using digital apps, and online services such as web chat. They demand anytime, anywhere access to information on the device of their choosing. They increasingly want self-service access to data and information but most of all they are seeking digitally enhanced offerings and digital solutions in the form of products, services and end user experiences that are innovative and fresh.
All of these are trends that simply can't be ignored-customers are people with options these days, and there is a tendency to be ruthless- if a company cannot provide them with what they need, they can move elsewhere at lightning speed. Digital communication platforms are everywhere these days so the voice of the customer can spread very rapidly around the world-customers talk online, share product reviews and are very quick to let other potential users and buyers know exactly what they think.
A part of any digital transformation then, means meeting and interacting with customers in the digital spaces they are used to operating in. It is about providing digital products and services that have proven popular elsewhere and that customers have said they want. An agile, flexible and innovative technology stack will need to be in operation to make this kind of customer interaction and connectivity a reality. If such a technology stack is not currently in use across operating models, then a digital transformation project to deliver it must be prioritized.
The above are just three areas of focus that may be on the minds of C-Suite executives and technology leaders at global corporations around the world. Digital transformation is a wide ranging and varied subject and also includes things like software development, artificial intelligence, social media, cybersecurity & data protection among many others-- all we know for sure is that it is not going away anytime soon.
The benefits of digital transformation across numerous difference company departments have been well documented and any digital transformation project used to introduce this level of change usually proves to be a worthwhile experience.
End users and customers feel happier and more engaged with the technology, employees are more capable due to the upskilling and training they have received to use this new technology, and business organizations feel more confident and capable when they have a technology stack capable of meeting their global ambitions as well as changing course quickly should the need arise.
For information on the Payslip Platform contact us today.