By Akanimo Sampson
As the rampaging COVID-19 pandemic is forcing businesses to re-think about the way they were operating, a Microsoft-commissioned study by Economist Intelligence Unit (EIU) has revealed that business leaders are overwhelmingly citing digital preparedness as the key to adapt.
The mass move to remote work also led to a heightened focus on employee engagement — so much so that empowerment topics like skill-building, well-being and creating lasting benefits for society at large now lead the transformation agenda for many organisations.The EIU was trying to find out how the relationship between technology, business and people evolved during the pandemic and heard from business leaders across eight distinct industries about the challenges and opportunities the disruption created and how digital initiatives shifted to confront a new reality.
Chief Operating and Marketing Officer, Microsoft UAE, Ihsan Anabtawi, says ”every company is a digital company in the post pandemic era and the past year has fundamentally changed the way businesses must evolve in the new normal,
“The research with EIU unveils an in-depth analysis on how the relationships between technology, businesses and individuals have evolved. It shows we will have to invest in people and their capacity in creating new solutions that meet the challenges of a changing economy.”Microsoft’s Corporate Vice President for Enterprise and Commercial Industries, Deb Cupp, adds ”we’ve long seen the advantages that digital transformation brings customers — and this data gives us concrete insights into how industries have handled the new challenges.
“The findings confirm trends we’ve seen emerging and reinforce our commitment to delivering insights, products and services that help customers in every industry pivot when they need to, empower workers of all kinds and achieve more.”
The study looked specifically at supply chains, remote work, predictive analytics, decision-making, and employee safety and well-being.Managing Editor of EIU, Michael Gold, says ”the pandemic showed how digital tools are critical in allowing businesses to create agility and respond to major disruption.”The study shows that it’s not just about business.
Companies overwhelmingly see digital transformation as crucial in overcoming skills gaps, engaging employees, and delivering broader benefits to society.”The study showed a renewed focus across industries toward engaging and connecting people to each other, to their work and to a shared sense of purpose.
The percentage of all respondents citing employee engagement as a technology imperative shot up from 24% pre-pandemic to 36% in the COVID era, and was up by 10 or more percentage points in manufacturing, financial services, retail, and education.It also showed that organisations across industries accelerated their transformation initiatives and began to rely more heavily on digital tools.
Cloud technology led the way, with 50% of organisations saying it played a critical role in their COVID-era operations. That was followed by technologies to enable remote work (40%), artificial intelligence and machine learning (33%), and the Internet of Things (31%).
Because each industry operates differently, the pandemic exposed digital gaps in different ways. Educators expressed concerns about access and inclusion, while automakers focused on climate change. Across all industries, the human side of technology transcended their responses and, in some ways, overshadowed benefits to business.Financial services organisations were the most prepared digitally to meet the challenges of regional lockdowns and supply-chain disruptions.
Education respondents were concerned about a lack of tools creating a barrier to digital progress, as well as the fragmented application of technology across departments. Governments had an easier time obtaining budget to invest in technologies once the pandemic hit and generally prioritised tools to facilitate remote work and collaboration.
Healthcare organisations, relying heavily on in-person interaction, may have had the most transformation to do when the pandemic hit, regarding remote employee and patient experiences.
While maintaining strict compliance with patient privacy regulations, administrators and clinicians rapidly expanded and adopted virtual capabilities as the pressure of COVID forced increased investments.
