When COVID-19 struck, it took everybody by surprise.
Almost overnight, the world---as we knew it---changed. Governments put their countries under lockdown and ordered people to stay in their homes to prevent the further spread of the virus. Schools and teachers found ways to continue teaching their students via online classes. One other integral sector of society that has had to do a lot of drastic adjustments is the business sector.
To keep up with the times, a lot of businesses were forced to assess their change readiness capabilities. They looked for ways to continue their operations remotely, with the Internet playing a significant role in making such opportunities possible. And although it’s true that technology was already an important part of the workforce, it wasn’t until the pandemic happened that the business sector realized the full potential of technology as a tool in business operations.
With this in mind, it might be said that the emergence of COVID-19 has brought about a digital transformation that has greatly impacted businesses across all industries and the way they interact with their customers, clients, partners, and with each other.
Here are just a few of the changes that many business experts and observers have observed:
Increased investment in technology and its prioritization
One surprising consequence of the across-the-globe lockdowns has been the faster-than-expected adjustment of companies when it came to introducing technology into their work systems and processes. In a survey conducted by Mckinsey, the well-known global
management consulting firm, a group of respondents expressed that their companies were able to adopt digital systems 20-25 times faster than they had expected.
It seems that businesses have realized the importance of investing in and prioritizing technology, despite some small and mid-sized businesses finding it a bit difficult to adjust at first. They’re taking baby steps, for sure, but they are moving forward.
Improving customer experience via automation and introduction of contactless services
Automation is a recent business trend that is proving extremely helpful for companies and satisfying for customers. For one thing, it helps businesses manage essential assets of their company, from their inventory to their email subscription lists. On the part of the customers, it helps them feel safer if there are fewer processes where they get in direct contact with the company’s representatives. Contactless payment is one example of these services; through credit card and digital wallet payments, customers can pay for their orders without engaging in unnecessary physical contact.
Increased investment in cybersecurity tools and services
Along with the business sector’s increased attention and investment in digital capabilities, there has also emerged a demand for greater focus on cybersecurity measures. With businesses in all kinds of industries using technology to exchange critical information with their customers and employees and vice versa, it’s important to protect such information from cybercriminals, hackers, and identity thieves.
Although cybersecurity measures are expensive for most companies, especially those that have been hit hard by the pandemic, more and more are realizing the urgency of making cybersecurity a priority.
With the world slowly starting to heal from the pandemic and things gradually going back to normal, many are wondering if these changes will become permanent in the business sector. In a way, the pandemic has forced companies to reassess and switch up the way they run their businesses. If you ask us, we say it looks like all these positive changes are here to stay.