An IFS report conveyed that digital transformation investments have increased for 70 percent of businesses after the pandemic began. When multiple lockdowns have taken away jobs and caused a global economic meltdown, 52 percent of companies increased their IT investment for digitization. In this article at Information Age, Nick Ismail discusses why the pandemic has resulted in a sudden spike in digital transformation investments.
Why the Sudden Interest?
Most of the concerns were because people thought of an ensuing global recession. Digital transformation investments are happening worldwide and industries. 75 percent of the study participants revealed that they plan to spend more on digitization this year. 58 percent of IT and 55 percent of manufacturing organizations are ready as well. Nonetheless, not everywhere will you find this enthusiasm. The energy and utilities sector has only 37 percent investors, and a meager 35 percent of retailers are thinking of increasing their digital transformation investments. IFS Industries senior VP Antony Bourne remarks that the lagging companies in digitization efforts are now at the forefront.
Leveraging the Crisis
Many business leaders faced challenges in digital initiatives. 64 percent of the participants are worried about a delay in revenue streaming and dissatisfied stakeholders. Several companies want to utilize their extra resources to bring forth good ROIs for their digital transformation investments. Since more organizations will join the digitization race in the hope of a better economy, spending in this area will increase.
Upgrade your in-house tools and technologies and ensure to modify processes and functions to match today’s demands. With greater visibility and analysis, you would be able to make better decisions that are key for business continuity. According to Bourne, “Nothing less than a considered and resolute attitude toward adopting digital transformation will help companies thrive, now and in the future.”
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