No going back: New imperative for digital transformation

Like it or not, COVID-19 created a new virus outbreak and introduced massive death tolls on the global scale. No one can escape from this round of changing economic landscape that introduces it. We saw a lot of enterprises across sector and industry fall, and those who remain need to take extreme measures to make sure it continues to operate in the reasonable “size” to match the challenging time that is coming.

From all the countries slowly reopening for domestic or international markets, after lockdown create economic pressure on the global scale. Global scale depression, not recession is coming, and everyone needs to be well prepared or make the bold move to navigate this tide of the changes that are coming.

The crisis will put all sectors and industry under prolonged economic stress due to lockdowns, massive decline in demand and psychological risk and fear of infection for everyone. Even for the travel, hospitality, retail and shopping sector after the virus outbreak eventually went away, we need to wait and see not just for a single country, but globally that matters for this inter-connected world.

Just like all the previous Great Depression in the past, it will take 4 years for the industry and sector to recover to pre-crisis levels. For those had yet to turn over to adopt digital transformation and still adopt the wait and see attitude, for sure they will encounter the gap and widen during this period of time.

As a quick recap, why it matter for company being digital transformation, because the company who are already had high proportion of business process being digitalisation and tap the automation, where in real life, depend on the massive of unskilled or semi-labor percentage is much lower than those who are, which make them more easy to adapt to the changing market condition in the more faster and without massive disruption due to the upcoming “right sizing or rationalisation” program most of the enterprise will do to make sure survival first strategy being execute and carry out, to preserve the capital and fund at this period of time.

With the high chance of liquidity concern, most banking and finance institutions will look at massive decline in revenues for most of the business and high risk for providing funding, unless government intervention and support, and government can do it also up to certain extent.

Without doubt, digital engagement levels have climbed up due to most of people is under lockdowns, and remote engagement provide as the only mean for them to their time occupied, whether it for attend serious training program for certification or rise in the online gamers in this particular time.

From a macro to micro perspective, if you have yet make the serious commitment to adopt digital transformation, maybe it is the time you need to into it, regardless of sector and industry you are in, it matters for innovation insight you can make use of digital transformation to turn the turbulent time crisis into opportunities.

E-SPIN being actively involved in enterprise technology solutions (leading and emerging technology) to assist enterprise customers for digital transformation across various use cases, industries and sectors. Feel free to contact E-SPIN and we see how we can assist in your digital transformation journey.