July 6, 2020
by: Andrijana Kos Kavran

So digital schools, digital doctors’ appointment, digital conversation with your tax adviser. Is this real, or are we living a digital dream?

Digital transformation of businesses is the current buzzword in every industry, and the coronavirus pandemic we are facing may be that final push above the edge. With limited mobility of people around the world, there is a way for businesses to continue doing the best of what they do. Of course with a little, or for most businesses significant effort. What we are witnessing is a transformation to “all digital” or digital transformation. Digital transformation is not only about the use of technology (but very important part) but about implementation of the new business models and the way of thinking of the management, the employees and whole micro system around the company. A certain amount of resources is needed for a digital transformation of companies and alignment with modern ways of doing business but at the same time to keep compliant with legal requirements. According to the McKinsey & Company research on digital transformations, the majority of companies’ objective to digitally transform their businesses is digitizing the organization’s operating model, launching new products or services or interacting with external partners through digital channels.

With this in regard, pandemic is also having a large impact on digital transformation. DMEXCO Trend Survey revealed that although many companies are now suffering economically, the digital economy might actually benefit following the end of pandemic, with digital transformation as a result.

So what has the pandemic in 2020 has taught us?

1. Businesses, no matter what industry, can and should be digital. The world crisis, as the pandemic, made the digital transformation of businesses more important. No transformation is easy, especially the “all digital” transformation. Businesses should bare in mind that customers are not physically present in their offices any more, but they are very much alive and in pursuit of different products and services. With their physical absence, businesses can make them digital. For the customers to become digital, businesses need a frictionless customer identification, authentication, onboarding and certain customers’ data shared with them. This is where the technology steps in and keeps the customers always online and in the flow and offers personalized identification process.

2. The level of your customers trust can significantly increase. Customers, as well as businesses, are also facing the “new normal” and the majority of them is often distrustful when it comes to changes. What can businesses do overcome this lack of trust? Give them a chance to be the owners of themselves and the freedom of choice whether they what to share something personal with you or not. Give them a possibility to create their own digital identities so no one can access their personal data without their explicit consent. This way you can only level up their confidence to become your customers.

3. Digital transformation is our present. If you don’t embrace the digital transformation of your business, your competitors surely will. “The organizations with successful transformations are likelier than others to use more sophisticated technologies, such as artificial intelligence, cloud-based services, and advanced neural machine-learning techniques” (McKinsey & Company). Think about the possibilities and potential new technologies could bring to success of your business.

There is no single technology that will initiate your business to go with “all digital” nor will any world crisis make you do it, but your customers will. Listen to them!