Pre-COVID-19, private and public organizations were on a journey towards a digital business model, traveling at varying speeds. But the scale of the pandemic has forced a dramatic acceleration, both in the speed of change and the required investment in digital transformation.
According to KPMG’s recent global survey, organizations are investing heavily in technology, to address immediate concerns like falling revenue and interrupted supply chains, and to build longer-term competitiveness and resilience.
Base: 780 professionals involved with digital transformation strategy decisions
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020
It’s the evolution of customer needs, attitudes and values that will most disrupt how businesses compete. The pandemic has also focused minds on employees’ wellbeing and values. An exceptional customer experience can only be delivered by people who believe in their organization’s purpose, and who feel prized by both management and customers. To stay ahead in the digital, post-COVID-19 age, organizations should attain the capability to connect digitally with customers, suppliers and employees. This means addressing five key challenges:
Rapidly build a digital technology infrastructure, to connect front, middle and back offices.
Create customer-centric business, digital commerce-driven models where customers buy and engage through integrated digital channels – increasingly with little or no physical contact.
By digitally connecting with suppliers and service providers, and investing in analytics, companies gain resilience and flexibility, to respond to customer needs and market dynamics.
Organizations must become nimbler, by accessing the skills they need both internally and via external resources, and combining a physical and a virtual footprint.
Digitally enabled organizations have the capabilities to withstand the impact of pandemics (and other shocks) and should be far more agile on their path to recovery.
As businesses look beyond the immediate impacts of COVID-19 it’s time to adopt a connected enterprise mindset and accelerate digital transformation.
As businesses look beyond the immediate impacts of COVID-19
If you'd like to discuss any element of this research or find out more about how a Connected Enterprise can exponentially drive return on your transformation investment, please contact us.
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