Digitalize Now

Exactly a year ago, IDC reported that 2019 global spend on digital transformation would be in the order of $1.18 trillion.  And that average digital transformation spend would increase 20% CAGR through 2022.  These numbers seemed startling.

That was pre-Covid-19.  Now with Coronavirus grinding the global economy to a halt, companies find themselves forced to invest in digitalization faster than perhaps previously planned.  Our advice around digitalization continues to be that companies need to be strategic.  In other words, creating a digital duplication of physical material does not create a digital organization.  A digital organization leverages digital data and workflows to seamlessly drive collaboration across employees and serve partners and customers.

Now that we’re a few weeks into the Coronavirus shutdown, companies should evaluate their current digital status by measuring their digital capabilities and charting a roadmap based on business metrics such as employee collaboration, access to data, client or product service, or partner engagement. What’s key here is finding the gaps in their digital strategies. “Not having access to the ‘office’ has become an impediment to work.”

Based on a strategic digital roadmap, companies need to develop skills around these 6 keys areas:

1. Telecommuting: The ability for employees to use email, teleconferencing, mobile and other communication channels to collaborate effectively with colleagues, partners and clients.
2. Cloud Strategy: Access to remote collaboration tools, secure endpoint solutions, cloud-based storage, and CRM.
3. Data Accessibility: Developing a formal data governance framework, providing access to clean data, and dedication to data integration.
4. Digitization: Creating a digital, accessible form of all text, pictures, and sound that can be processed by a computer.
5. Workflow Design: The ability for employees to do 100% of their work from home or anywhere with access to the internet.
6. Security: Secure company strategy where employees can communicate with customers/clients and not leave the company vulnerable to cyber-attack.

We understand that the current times are incredibly trying and being strategic might divert efforts from ensuring the business continues to run. But if your firm is developing digital-first mindset, it’s important to remain strategic.  The decisions you make now to redesign processes, system and structures can provide the foundation for your company’s future.

Rakhee Das, Technology & Innovation Practice Leader – Sirius Solutions, L.L.L.P.

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