Why Now is the Moment for Digital Transformation

Earlier this week, we wrote about how companies today can implement digital transformation despite having a limited budget. The crux was that there were tech service companies and consultancies which can offer tailor-made solutions that can make an impact, while respecting the limited budget many companies have. We shall consider why precisely now, during these uncertain times, is the right moment to pursue digital transformation in your company. Forbes reported this week, that the pandemic has had a survival-of-the-fittest impact on many industry segments. As we echoed earlier on MBN, companies are being forced to employ technologies to maintain the quality of services for clients and even go beyond to prove their added value.

This week, Entrepreneur pointed to several reasons why digital transformation is necessary, evermore so during this transition into a ¨new normality¨. The first reason they provide is that the practice of accounting as it used to be done is no longer possible. Considering businesses are without a physical location and in person-interaction, it has become much harder to process paperwork. Administrative affairs, however, go beyond paperwork, they also require authorized channels. This means that more and more, secure software has to be adopted to handle everyday documentation. The second reason given applies to retail in particular. It become increasingly difficult to perform cash payments. More and more payments have to be done digitally due to a lack of physical locations and customers may feel uncomfortable to exchange cash during contact. Third, Entrepreneur points out, many tech service companies and consultancies are offering special deals and discounts as many businesses are struggling with budgets. This provides a unique opportunity to acquire valuable technology as well as knowledge. Often, tech companies will provide trial periods where potential clients can try out the equipment and experiment before making a purchase. 

The last argument Entrepeneur makes is that employees, as they have been forced to work from home and depend strongly on digital channels to communicate, also have a more open mindset to new digital transformations. Having experienced a disruption, a new company dynamic may have emerged. This dynamic may foster creativity. To make digital transformation work for your company, Forbes advises businesses to establish ‘a small task force’ in your business which can look at the “external factors at play, review internal constraints and resources, keep an eye on the competition and survey new opportunities that are now possible due to the pandemic”. What is important to keep in mind, MBN wrote, is that digital transformation is fundamentally not about the technology, but about reforming the core of the company in order to better carry out its mission. This requires a deeper and much more exciting thought process.

One last thing worth mentioning, is that multiple interviewees on MBN have pointed out that phishing attacks have increased while more people are working from home outside of the company's office networks and protected digital perimeter. This vulnerability, where it existed before, now is even more likely to be abused by criminal activities. This requires company's to rethink how their devices are connected and how information is shared. This too, should produce a thoughtful consideration of what software and services are needed to secure a new work reality. On top of this, it also begs for a company protocol that instructs employees on how to use their devices and communicate in a responsible manner to avoid easily made but potentially very damaging mistakes.