The world expects a financial meltdown soon, and everyone has rolled up their sleeves to face it. Recession impacts are like separating rice from its husk; it differentiates winners from losers. Even if it is going to be a rocky year, companies should take it as a wake-up call to adopt new strategies and invest in digitalisation to move ahead.
During the pandemic, digitally advanced companies won a massive market share compared to those lagging in adopting digital transformation. They managed their supply chain and managed to sell through online platforms. It shows that the winners were better equipped, and they invested in facing the future. The pandemic revealed to us a guideline on how to be prepared and how we should respond.
The 2023 Gartner CIO and Technology Executive Survey reports that EMEA CIO business priorities for the remainder of 2022 and next year are growth and digital transformation, with the top areas of increased spending in 2023 including cyber and information security (70%), business intelligence and data analytics (53%), and cloud platforms (48%). Approximately 34% are increasing investment in artificial intelligence (AI) and 24% in hyper-automation as well. https://www.cio.com/article/411566/
How does digital transformation aid during an economic meltdown?
Risks are a common scenario for all kinds of businesses, and minimising risks equals future-proofing your organisation from a significant fall. But how? Through digital transformation, companies enhance consumer experiences, expand digital products, and build brand equity. Companies’ technologies ready bounded on their digital journey by investing in robotic process automation or cloud-based information management technology is sure to reap benefits. Digital initiatives can help to:
- • Manage interactions with clients, projects, and engagements.
- • Cut down on labour-intensive tasks through automation
- • Automate client or customer services
- • To make faster decisions and increase operational efficiency
- • Create a stronghold for information security
- • Develop new products and services
- • Generate a competitive advantage
Major Goals of Digital Transformation
Enhancing Operational Efficiency
Production, marketing, finance, accounting, and other processes are becoming more streamlined and trustworthy because of digital transformation. Digital marketing is becoming considerably more effective due to modern business technologies that enable it to get, analyse, and change crucial data for marketing and other uses.
Faster Decision Making
Most of the time, companies benefit from big data by placing data analysis methodologies at the core of their digital transformation strategy. To make the most of it, this data can be exploited by robust tools and turned into crucial business information. For targeted marketing campaigns and SEO plans, these outcomes can be utilised. With the help of a fully integrated digital transformation making decisions are simple.
Enabling Business Transparency
A company’s potential to streamline business operations depends on effective transparency management. Since firms now use new communication channels to create transparency between higher authorities and employees, they can better disrupt the conventional working structure owing to digital transformation. Companies need digital platforms to assign responsibilities and assist them in running businesses. Examples of digital breakthroughs that help with effectively managing corporate transparency include analysed data, forecasting models, and online customer support services.
Driving Digital Transformation Amidst the Upcoming Downturn
CIOs can adopt three effective tactics to move forward with digital initiatives: empowering the workforce, ensuring financial and sustainable growth, and by implementing a robust cybersecurity system.
Empowering the Workforce
Repetitive and time-consuming tasks can be automated to create a more engaged employee group. Tools and technologies using AI can unburden employees, increasing their productivity and capability. Companies can experiment by incorporating online and onsite working modes to stay ahead of the pack.IT and HR can go hand in hand together to provide an elevated employee experience, resulting in a high employee retention level.
Adopting Intelligent Connected Infrastructure
AI, IoT, the cloud, analytics, and edge computing are all blended by Intelligent Connected Infrastructure (ICI) to share data among infrastructures, such as bridges, highways, and ports. Investing in ICI will boost commercial and societal progress while enhancing citizens’ quality of life. Implementing an Energy Management and Optimisation System (EMOS) to reduce energy usage can help to face future challenges and convert that into revenue sources. The strategy of blending finance and sustainability helps to win over customers, employees and investors.
Implementing a Robust Cybersecurity System
Cybersecurity is a rising concern for all enterprises, and not investing in it can invite risks. Developing threat intelligence platforms to prioritise and address cyber security threats is a measure to keep away from vulnerabilities. Continuous monitoring and comparing protection levels with other companies reduces the threat rates.
Summing Up
The future is unpredictable, and so are the risks, but businesses should be well-prepared to face it by taking strategic initiatives for technological developments. Past experiences proved that investments in technology wouldn’t go astray and can reap profits even at times of uncertainty. Recent research advises CIOs should not shy away from changes and be prepared with a roadmap to face macroeconomic uncertainty with digitalisation.
Beinex Offerings
Beinex Digital, a part of Beinex Holdings, is a digital transformation entity with a comprehensive suite of independent products focused on addressing specific business gaps, use cases, and needs. It incorporates a spectrum of solutions related to employee health and safety, enterprise product management, performance management, and audit & risk management.
To know more about us: https://beinex.com/beinex-digital/
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