February 4, 2021 11:42 am
Digital transformation has had to happen in all areas of business because we were catapulted into a world of mobile working last year. However, whilst businesses were quick to adapt, the digital transformation your business goes through needs to remain at the forefront of your mind, so that you are prepared for the future of how businesses will function.
According to Xerox’s global research, businesses in the UK were the most prepared when the pandemic hit, as digital technologies had already begun filling the gaps left by face-to-face interactions.
Now, a year on, digitalisation will continue to be vital as businesses aim to evolve their initial work from home policies, to ensure there is a longer-term plan that facilitates the hybrid working of home and office so that their teams and businesses needs are met.
However, at present, only 33% of businesses are preparing to allocate more budget towards digital technology meaning progress could be halted, regardless of the pandemic.
The pandemic forced businesses to change the way they worked and made flexibility in working a key priority. This included ensuring their teams worked securely, in any location and made businesses engage with tools they had never used before. That flexibility that has ensured that businesses are able to function throughout the last year, only has the capacity to be delivered by cloud-based, digital and automated solutions. Therefore, businesses that keep at the front of the digital transformation will move forward in being trusted suppliers to their customers in what will be a “new normal”. Transformation must occur now.
In 2018, the World Economic Forum discovered that those businesses behind in the digital transformation were potentially missing out on 15% of potential revenue and it is quoted that this figure is likely to grow to 46% of annual revenue by 2023.
Businesses that have created a robust digital environment have found it far easier to weather this storm by the pandemic, whereas those that have underfunded and underdeveloped their digital capabilities have had the most negative impact.
Not every business can operate online that is certain, however, those that have the digital tools implemented have seen significant benefits and whilst it may be a painful process to implement, it will be worth the effort for the future of your business. Being more digitally focuses saves time, allows your teams to get on with higher level tasks and support your revenue growth. Also, building effective team communications and supporting meaningful relationship within the business- albeit remotely, will only help grow and support your business for the future.
If you would like to find out more about how Mode can support your business in the digital transformation, get in touch today.
This post was written by Anwen Haynes1