Enterprise Digital Transformation: Beyond COVID-19, How does the future look like?
Enterprise Digital Transformation
Enterprises across the globe have implemented digital transformation for business continuity due to the COVID 19 crisis.
Although digital technology is opening up new opportunities, some businesses fail to match their expectations. According to an analyst survey, nearly USD 2.3 trillion will be spent on digital transformation technology worldwide in 2023, with 95% of enterprises participating in digital ventures.
Many enterprises are moving towards an O2O strategy (offline to online) to survive these challenging times. COVID19 has emerged as a catalyst for the Enterprise Digital Transformation; propelling the organisations to adopt digital models to sustain and thrive.
Shortly, there will be no room for companies not prepared to adapt to the new normal.
Consequences of not adopting the digitally empowered new normal way of business:
- Lesser customer retention
- Uninformed decisions
- Higher losses
- No competitive advantage
- Unaware of customer demand
- Difficulty retaining the market share
- Struggle to maintain and hire valuable staff
- Difficulty in adapting during a crisis
- Miss out on social selling opportunities
The need to transform enterprises digitally crucial; as new, innovative companies make their way in, and as traditional companies go digital, the fight for customers has never been higher.
“It’s Disrupt or be disrupted.”
The challenge is innovating ways of leveraging technology to increase its impact, add more value at a lower cost.
Appropriate technology is required to balance revenue as well as consumer satisfaction. At Alvarium, we empower enterprises to identify their right digital business levers as well as technology to optimise their business. To be prepared for the competitive future is the need of the hour. Reach us at email@example.com to start a digitally empowered journey!