The fact that COVID-19 has truly fast-tracked digital adoption finds resonance in the results of a new survey by BPM company WNS which says that digital transformation should now be part of a company’s DNA or else companies would go bust.
Go digital or go bust
There is no doubt that the global pandemic has accelerated digital transformation strategies and continues to shift the way people work, network and conduct business. The report: ‘Business Transformation After the Digital Tipping Point’ with market research firm Corinium Global Intelligence, states that as enterprises adapt to an emerging digital-only world, the two key priorities they shouldn’t ignore are: business innovation and transformation.
The respondents stated the COVID-19 pandemic both expanded and accelerated digital transformation initiatives, including optimisation and automation of both client-facing and back-office business processes, and the migration of data, applications and services to the cloud.
“Over 90% of enterprises that didn’t accelerate their digital transformations in response to the pandemic have lost business as a result,” said Keshav R Murugesh, Group CEO, WNS.
“Clearly, advancing the digital agenda is ‘the’ priority in the new normal, with a focus on building AI and analytics-powered tools, capabilities and business models. WNS is a key strategic partner for organisations looking to drive true business transformation by deploying unique digitally led strategies, models, accelerators and critical skills,” he adds.
The survey found that 100% of respondents plan to adopt a remote or partially remote working model permanently, while 97 per cent have begun delivering their digital transformation strategies.
Over 52% cite CX optimization as a ‘high priority’ strategic objective for the next 12 months.
The study also showed how levels of digital adoption vary across industry verticals. While 28% of leaders stated that digital is now part of their company’s DNA, 30% are still in the process of scaling up successful digital transformation pilots.
Moreover, enterprises are increasingly focusing on AI, data-driven approaches and analytics, and social media intelligence to fuel their digital transformations, specifically to optimize customer experience.
Cybersecurity challenges haunt enterprise
The survey also found that despite increased digital adoption, many enterprises still lack strong data governance and cybersecurity foundations required to take advantage of leading-edge digital technologies.
A number of recent cyberattacks have reverberated across critical infrastructure in the US and other parts of the world, bringing enterprise security to the forefront. Interestingly, around 76% said that lack of executive support for cybersecurity improvements is creating challenges for their digital transformation projects, while 1% said their organisations have automated processes in place to streamline their data governance practices.
The report focuses on data governance maturity among respondent enterprises. Overall, only 1% of respondents described their level of data governance maturity as “expert” meaning the company has “automated processes in place to streamline [the company’s] data governance practices and ensure staff can fulfill their roles comfortably.”
Over half of the respondents (51%) identified their level of data governance maturity as “intermediate,” meaning the company has some framework in place, but “struggle with data silos and a lack of awareness of individual data governance responsibilities,” according to the report; other respondents described their company’s level of data governance maturity as “advanced” (44%) or “beginner” (4%).