The pandemic made drastic changes to the workplace. Over 70% of full-time employees were working remotely during COVID-19. And, 69% of business leaders planned to commit to digital transformation. Before the pandemic, digital transformation wasn’t a major priority, but now companies have realized just how crucial technology is to improve business efficiency, maintain flexibility, and stay competitive.
How Did COVID-19 Affect Digital Transformation?
COVID-19 made digital transformation rapidly increase. Businesses were forced to close up shop and move online in order to survive the lockdown. The possibility for remote work was made more accessible as businesses fully embraced technologies like Zoom and the cloud to keep their operations running during the pandemic.
Yet, because businesses needed to immediately adapt to new technologies in 2020, they are now entering a stage where they need to figure out how to fully maximize the efficiencies of these technologies instead of merely using them as a band-aid solution. Businesses that want to excel need to find ways to use technology to its fullest potential in order to remain competitive post-pandemic.
How Are Digital Transformation and Increased Business Efficiency Related?
Business efficiency is a company’s ability to run its operations in a way that maximizes productivity while minimizing waste of resources, time, profits, etc. If the goal of business efficiency is to maximize and improve, then technology is the stepping stone to achieve that goal.
Technology has helped increase businesses efficiency by improving productivity and profit. One study found that by using only mobile applications and software tools, 23% of workers saw improvements in their productivity. Another study discovered that companies who implemented marketing strategies based on data-driven research saw an increase in revenue by 20% and even experienced a 30% reduction in costs.
What Does the Future Hold for Businesses That Want to Stay Efficient Post-Pandemic?
Digital transformation is not a one-time event, but rather a journey that requires continuous consideration and investment. Businesses that will find success post-pandemic are those that will continuously seek to integrate technology into their business.
Now, technology is on many business owners’ minds. Because of the pandemic, 9 out of 10 companies stated they needed to rethink their strategy and incorporate technology into the business model.
Additionally, over 51% of businesses plan to differentiate themselves from competitors using technology. In tech-driven companies, executives reported a 40% increase in operational efficiency. Businesses that understand the importance of digital transformation will undoubtedly continue to adopt and optimize technologies that improve business processes, albeit more deliberately and safely than the rapid adoption we witnessed in Spring 2020.
How Can Businesses Use Technology to Improve Efficiency?
Businesses that want to be efficient in an age of digital transformation need to take advantage of technological capabilities by finding ways to utilize technology into their business strategy.
Digital transformation helps companies to improve their business efficiency in the following ways:
- Automate Tasks: Businesses can get tasks done faster and use fewer resources with technology. Automation can also help companies improve their customer service by providing customers with self-service options and 24/7 support.
- Improve Communication and Collaboration: By moving to the cloud, businesses can share files and documents easily and securely. They can also use video conferencing and chat tools to communicate with employees, customers, and partners.
- Collect and Analyze Data: Data can be used to improve decision-making, understand customer behavior, and find ways to improve operations. Technology can help businesses collect data from multiple sources and then use that data to create reports and dashboards.
- Upgrade Security: Technology can help businesses protect their data and operations from cyberattacks—if breached, attacks could slow down efficiency. Businesses can also use authentication and authorization tools to control access to their systems.
By taking advantage of these capabilities, businesses can remain competitive and optimize their workflows.
Improve Your Business Efficiency with Envision Consulting
Envision Consulting can help you navigate your digital transformation journey and adopt the right technologies for your business model. We offer comprehensive managed IT services that support your digital transformation strategy, implementation, and ongoing management.
Contact us today to learn more about how we can help your business leverage technology for real-time growth and results.
