“To Sink or Swim” is a common dilemma businesses find themselves facing at times, but this situation cannot be more relevant than in the past 12 months, with Covid-19 continuing to ravage the world’s economy. The Covid-19 crisis has made it imperative for companies who may have been sitting on the sidelines and slow at technology adoption to hasten their pace of digitisation. A recent McKinsey Global Survey of business executives concluded that “Covid-19 has sped up the adoption of digital technologies by several years - and many of these changes could be for the long haul.” While there are many drivers for digital transformation the most rapid and extreme in recent memory has to be the chronic disruptive impact of Covid-19.
Covid-19 has uprooted our habits, such as face-to-face meetings, visits to shopping malls and global travel, forcing people to adopt technology we are not used to. For many of us, “zoom meetings”, “online food delivery”, “virtual conferences”, and “telehealth consulting” are activities we were unaccustomed to previously, but are now central to our lives. As a result, businesses need to adapt quickly to the change in the way consumers interact and shop, to ensure that they remain relevant in this new tech dominant normal.
Accelerated digital transformation has been observed in various sectors and industries, with many already underway prior to Covid-19, but now hastened. This report is not meant to be exhaustive but attempts to capture some of the most prominent emerging digitisation trends which we at Arcadier Enterprise have observed and believe will become mainstream in 2021 and beyond. Notwithstanding, one thing is certain: the quickened pace of business digital transformation is here to stay and if businesses do not embrace the inevitable, they will be left behind.