2022 will be a crucial year for many organizations as a result of unprecedented global, supply chain, and market instability. In the boardroom, cutting expenses and improving efficiency are more important than ever. The automation and efficiency that cloud technology may bring constitutes an obvious option for businesses who are under pressure to find solutions.
It's a difficult period, and many businesses have never had to deal with so many problems at once. But there are similarities between the beginning of the epidemic and this fresh round of international controversy. We may draw lessons from the earlier situation when some businesses were able to take quick action, develop a long-term digital strategy, and emerge stronger.
The Importance of a Digital Strategy
We learned from the pandemic that a lack of a digital strategy, equals no strategy. Throughout the pandemic, digital transformation intensified, and those businesses that were able to quickly change course thrived.
According to research, "leader" companies increased their tech spending in 2020 and 2021 and as a byproduct are currently expanding five times faster than companies that neglected digital transformation.
Additionally, it was discovered that during the pandemic, a new class of organizations shifted their business model and targeted more than twice as many functions for digital transformation. They are currently expanding four times as quickly.
Today's leaders are taking advantage of the ongoing opportunity by investing in technology as a means of increasing efficiency and profitability, fostering innovation, and securing competitive advantage.
Industry Wide Change
Plans for technology investments are becoming an increasingly important part of corporate strategy as they shift to a more balanced emphasis on growth and cost-savings. It's a change being noticed in companies from every sector.
Major international manufacturers and retailers are using AI and machine learning to rethink supply chain management, to control growing supplier pricing efficiently, and to figure out how to best fulfill customer purchasing preferences.
Automation through the cloud is revolutionizing the customer experience in the financial services sector, as many firms are realizing the urgent need to upgrade both front and back ends of their systems, or lose business.
The same is true for the public sector as a whole; very recently would anybody have dreamed that we would be interacting via SMS or self-servicing through chatbots. Governments' ability to interact with their constituents has been completely changed by digital platforms, and this trend is only going to grow. Governments have witnessed firsthand the potential of what technology can accomplish for them and their citizens: offering high quality digital services, increasing efficiency and cost effectiveness.
To be competitive in this market, businesses must deliver outstanding client experiences with every engagement. They also need to see a return on their technology investments in the form of increased production, efficiency, and resilience. As their digital platform, many businesses are using Salesforce and Customer 360.
We can't be pessimistic about the economy. Every level, every department, and every process must reevaluate how we approach efficiency. By doing this correctly, we may develop our agility and improve our ability to adjust to the unpredictable future. Long-term success opportunities will indeed emerge from this.