The COVID-19 pandemic has had dramatic effects on the world economy, business activities and people. But digitization is also helping many companies adapt and overcome the current situation. The growth in the use of technology in the daily lives of people and companies to face this exceptional situation is evidence of the digital acceleration process. In addition, new ways of working will stimulate demand for new talent, regardless of people's geographic location, cybersecurity and privacy will become two key elements that will support the integrated development of Internet of Things, AI, Big Data technology solutions. and Robotics.
In digital transformation, where it is As companies replace manual tasks with digitized, computerized and automated procedures, as a reinvention to meet changes in consumer and market culture, the way of working is essential to add value to services and customers. In this context, digitization and computerization were the first steps of digital transformation in companies.
The term "digital transformation" has become something of a buzzword in recent years, and as with many other technical buzzwords, few know or understand what it means to them. This becomes a problem, because if a business leader doesn't fully understand something, or if the benefits aren't clear, the path to adoption is likely not going to be smooth.
While the benefits of becoming a digital business are clear, many companies have yet to make the switch.
Here we list three main challenges for digitization:
1) Budget: the implementation of any new system or process, including digital technologies, in the vast majority of cases involves investment. In the current economic downturn, with so many companies declaring insufficient budgets as their main problem, companies need to focus on return on investment after implementing digital technology.
2) Legacy systems: These are also considered a barrier to digital transformation as these systems hold back companies as many leaders are reluctant to adopt new technologies, replacing old operating systems.
3) Talents: Investing in digital skills is also a challenge. Whether investing in existing teams or bringing new people into the company, without the right skills at the right time, digital transformation projects can fail. This leads some companies to discover that digital transformation has brought the need to create specialist roles that previously did not exist or were not needed.
The opportunity for companies to move to digital is undeniable, what might start as a small introduction of advanced technologies can quickly spread throughout the organization and not just for large companies dealing with customers. Whether it's about streamlining processes or improving customer satisfaction, it all leads to huge cost savings and the benefits significantly outweigh the risks if implemented correctly. We live in a moment that calls for actions in companies, at the risk of losing the size of significant growth that is available.
With digitalization, companies from various industries are redesigning their resources and operating models to take full advantage of digital technologies, as well as to keep up with the connected consumer. Becoming a digital company is not one of the easiest strategies, but many organizations face the changes, because they know that if they don't move in this direction, they will become candidates for discontinuity.
Digital technologies tend to disrupt value chains, organizational structures, operational processes and revenue models, and will change every industry and every company. But managing the digital transformation will decide which companies will survive.
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