There is no doubt that the COVID-19 pandemic has dramatically changed the way companies run their businesses. In just a few months, this unprecedented crisis has brought about several years’ worth of time in the way companies in all niches and industries run their operations. According to the latest stats from McKinsey, corporations have accelerated the digitalization of their internal processes, supply-chain interactions, and customer acquisition.
Nearly all respondents to the study conducted by McKinsey declared that their focus for 2021 is an even greater digital acceleration, placing a great emphasis on transforming their businesses into digital-ready companies.
In order to stay competitive in today’s ever-growing economic environment and outperform the competition, you need to focus on digital adoption. Technology should become a key component of your business and enable you to improve your processes and enhance your company’s innovation factor.
The Importance of Digital Adoption
During the pandemic in 2020, consumers have shifted towards online channels, getting three times more likely to make a purchase online, from the comfort of their homes. This is not only true for niches such as retail or insurance, which have a digital-first focus. Consumers in the real estate, automotive, or even banking niche, have become increasingly interested to make purchases online while staying at home.
For example, a growing number of people in Europe are willing to leverage digital onboarding services in order to take a loan, open up a new savings account, or simply pay their debt. At the same time, consumers prefer to conduct their financial operations online, without having to go to a physical branch and interact with other people. That opens up a whole new world of opportunities for banks and fintech willing to invest in digital onboarding and origination services.
There’s no doubt that the COVID-19 pandemic acted as a wake-up call for millions of companies worldwide who found themselves unable to perform their daily tasks. To ensure business continuity, they need to invest in advanced customer experience services and focus on running digital-first operations. Additionally, they also need to invest in mobile development services in order to offer an even wider array of services to their growing list of mobile customers.
The cloud sector has also radically changed during the pandemic. According to PWC, 2020 has been a great year for technology companies, coming with huge growth in demand for cloud-based services. Cloud spending rose by an unprecedented 37%, reaching over $29 billion during the last year. This trend is likely to persist moving forward in 2021 and beyond, as the shift towards remote work stresses the importance of investing in scalable, secure, cost-effective, and reliable cloud services.
To ensure their business success, CEOs and CTOs need to invest more resources in digital transformation services and leverage the benefits offered by modern DevOps engineering services. They need to establish a sustainable growth strategy to support the investments required to enhance their company’s competitiveness, develop complex cloud-based business technology operating models that exploit development opportunities, and ultimately use advanced software engineering services to improve customer experience, provide better collaboration between departments, and automate CI/CD pipelines.
The Necessity of Reimagining Different Sectors Using Digitalization
Technological innovation and advancements play a key role in modern companies, regardless of the industry they’re in. All sectors, ranging from healthcare and education to automotive, banking, and industrial, can leverage Digital Transformation to make a positive impact in today’s society.
In 2021, the healthcare sector and public health institutions will still need to do an exceptional job to mitigate the risks of potential new outbreaks. The best way to do that is by harnessing the power of AI and big data in order to predict epidemics and forecast trends in this area. International and public sector institutions could also use integrated end-to-end projects in order to keep tabs on the outbreaks and minimize damage, both economic and patient-related.
A key element for business continuity in the telecom industry is the maintenance of bandwidth for businesses and consumers. The potential is huge for companies that work in this industry, as they can seamlessly connect people during the lockdown and enable them to work faster from home. At the same time, companies can leverage tech to offer superior eLearning services, while universities and educational institutions can invest in a competitive proctoring solution to enforce academic integrity and enable students to take exams safely.
Continuous R&D in biotechnology, nanotech, Artificial Intelligence (AI), Machine Learning (ML), or robotics, can also have an enormous impact on society in general, increasing safety and enhancing the cycle of commodities to ensure that factories and farms are more productive.
Ultimately, retail companies can leverage digitalization through integrated retail services, such as eCommerce implementation, marketplace implementation, or UX/UI services, in order to sell even more in 2021 and offer superior services to the end customer.
How to Get your Company Ready for a Digital Future
More than ever before, 2021 will be a year of digital innovation and growth. In order to expand your company in the years to come, you’ll need to focus on two main areas: the satisfaction of your employees and of your customers. These two business narratives always go hand in hand.
Here are some practical tactics to keep your business thriving by leveraging digitalization and innovation in technology in 2021 and beyond.
1. Invest in AI for reporting and analytics
Running a successful business in today’s growing digital sphere requires having the right data at your fingertips at all times. Reporting and analytics are key for success, as you need to be able to track all those important KPIs and gain precious insights on how to optimize your campaigns and make the most out of each dollar spent.
For that, you want to invest in professional AI & ML services. This will enable you to enhance your presence online, boost your company’s effectiveness, and take security to a whole new level.
2. Provide eLearning services to your employees
Ultimately, you want to ensure that your employees know precisely how to use certain tools, become more efficient, and gain increased productivity. To do that, you want to work with a company providing comprehensive eLearning corporate services, using modern methodologies such as SAM instructional design, agile learning, Bloom’s revised taxonomy, or Kirkpatrick’s model of performance management.
3. Focus on integrating the digital workplace into the homes of your employees
A growing number of companies have enabled their employees to work from home during the COVID-19 pandemic. Some corporations, such as Twitter, have announced that all of their employees will work from home permanently. Together with countless other organizations worldwide, Twitter is poised to drive digital growth in 2021, enabling employees to save time and cut costs associated with the commute.
To properly integrate the digital workplace into the homes of your employees, you need to ensure that all the processes are adapted to the current business layout. Your company needs to integrate calendars with other tools to ensure seamless collaboration and easy interaction between employees. Channels such as phone calls, video conferences, chats, and even real-time chats, should enable the team to stay focused and overcome any potential obstacles in the shortest time frame possible.
4. Build your own mobile application
Gone are the days when your customers would interact with your business via sales reps or at physical events. All customers will now interact with your company online, either via their laptops or mobile phone. However, the proliferation of mobile devices and the skyrocketing number of mobile users have led many companies to invest in their own mobile apps.
The importance of mobile application development services is on the rise like never before. You should consider getting your own custom mobile solution to transform the way your brand interacts with your customers and offer them a whole new level of interaction and personalization.
Investing in eLearning services it’s totally worth it, as it offers your company select benefits: reduced training costs, easy access to information for your employees, increased employee satisfaction, and reduced employee turnover rates.
The Bottom Line
Digital Transformation is essential for companies that want to grow and transform their processes in 2021 and beyond. Whether you’re choosing to invest in specialized eLearning services for your employees, leverage the power of AI for analytics & reporting, build your own custom mobile app, or simply focus on integrating the digital workplace into the homes of your employees, you want to make sure that you choose a reliable partner.
Contact Tremend and let us enable your company to experience constant growth during the next digital era.