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.
say they’ve accelerated their digital transformation strategy as a result of COVID-19
say they’ve increased their digital transformation budget as a result of COVID-19
Base: 780 professionals involved with digital transformation strategy decisions
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020
Gaining a digital edge: five key challenges
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:
Digital acceleration
Rapidly build a digital technology infrastructure, to connect front, middle and back offices.
Customer behavior
Create customer-centric business, digital commerce-driven models where customers buy and engage through integrated digital channels – increasingly with little or no physical contact.
Supply chain and operations
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.
Base: 780 professionals involved with digital transformation strategy decisions
Source: A commissioned study conducted by Forrester Consulting on behalf of KPMG, July 2020