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The Race to Digital Transformation

The past decade has seen unprecedented levels of Digital Transformation across many industries, and with the UK currently in its third national lockdown, the big question and focus for many organisations is how will they continue to adapt in an ever changing digital world.

The pandemic has forced businesses to accelerate faster than many had originally anticipated, investing heavily in new strategies from across the digital spectrum.  A recent survey carried out by KPMG, based on 780 professionals involved with their digital transformation strategy decisions, found that;

 

“organisations are increasing their investments heavily in technology, to address immediate concerns like falling revenue and interrupted supply chains, and to build longer-term competitiveness and resilience. 67% said they have accelerated their digital transformation strategy as a result of Covid-19 and 63% said they have increased their digital transformation budget as a result of Covid-19”.  

 

It is evident that digital transformation has resulted in a number of unique industry challenges, but it certainly seems like it’s a race against time to adapt to the ‘new normal’. But one thing is constant. Delivering a high-quality user experience is more important now than ever before. Point-of-sale systems, increased use in contactless solutions and banking apps to digital healthcare services are everywhere in our daily lives. Consumers now have the expectation of digital services working correctly on every platform, but just how have individual industry sectors adapted differently to digital transformation?  

 

Healthcare 

 

Healthcare has seen one of the biggest changes as a result of digital transformation, particularly with the increased use of VR tech. Virtual Reality, wearable technology, and the rise in Telehealth to name a few have completely transformed the way we choose to interact with healthcare professionals and the services we receive. 

 

According to research carried out by Mobidev

 

“In April of 2020, 43.5% of Medicare primary care visits utilised Telehealth systems rather than in-person visits. One of the major benefits of telehealth over in-person alternatives is that it reduces contact between patients, healthcare workers, and other patients. Wearable devices enable healthcare workers to have real-time information on patient data while they remain at home.” 

 

In the UK the NHS has also seen a surge in usage of its digital platforms as a result of social distancing and needing to access healthcare. “the NHS website is one of the biggest health-related websites in the world; usually attracting around 360 million visits a year, which is around 30 million visits a month.” It is clear to see that technology has enabled the healthcare industry to evolve and adopt new innovations at an accelerated pace and meet the demands of  ‘on-demand’ healthcare.  

 

Retail 

 

The way we shop has completely transformed over the last decade.  Almost anything can now be purchased online. The  pandemic has further reinforced the importance of innovation in the sector, with social distancing measures making high street retail less attractive for consumers. . Consumers want access to products and services on-demand, which has put many organisations under greater pressure to digitise services quickly and at scale to meet rising demand. This leads to the importance of providing efficient and effective customer service, according to ZDNet. 

 

The Top 8 trends for shaping Digital Transformation in 2021 demonstrate the rising trend of the digital-ready culture. 

 

“Consumers want consistent engagement with brands across their preferred channels. 73% of shoppers use more than one channel during their shopping journey. Per Deloitte, 75% of consumers expect consistent interactions across all departments of a company.”

 

Another example of effective digital transformation would be the growing number of retailers looking to use Artificial Intelligence to enhance personalisation as more and more retail moves online. Quiz, the omnichannel fast-fashion brand, announced its partnership with AI platform HelloDone to revolutionise its post-purchase customer support. The need for brands to digitally transform may be one of the most important challenges yet. 

 

Banking Apps 

Technology is advancing everyday, and most financial institutions have had to adapt and expand their digital capabilities at a faster rate during the outbreak of Covid-19. The use of analytics, technology and innovation to allow their customer to bank online, and deliver an in-person style of service has almost eliminated the need for branches in a post-pandemic world. 

 

 

Customer expectations and behaviours are high, according to Everfi report

 

 

“more than half (53%) of consumers have changed the primary financial provider they use and an additional 9% said they are considering it. Banks should provide what customers want if they want to retain their existing customers.”

 

A Deloitte survey including 17,000+ banking consumers revealed that 22% of consumers are using online and mobile app channels 10+ times per month to handle their banking needs. Since digital is the most frequently used channel by consumers, the survey concluded that financial institutions should invest more in digital. 

 

For the financial sector, it’s important that they implement more measures and investment towards digital transformation to build better and more accessible solutions for their customers, allowing them access to their accounts at any place or time. 

 

Further research from International Investment suggests; 

 

It’s not the case that traditional banks are simply trying to transform into digital banks; they’re looking to build entirely new digital banks instead. Fintech companies have identified the huge potential in this area of the banking market and their aim is essential to become technology giants with a banking license”. 

 

While digital transformation looks different for every company, many organisations have realised the importance of flexibility, adaptability, self-sufficiency, and the overall role it plays in staying competitive and afloat during these turbulent times. Technology has opened up the possibility for us to adapt at a faster rate than ever before and will continue to evolve for the foreseeable future. 

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