Business
Why is digital transformation more important than ever?
Published by linker 5
Posted on September 2, 2020
5 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by linker 5
Posted on September 2, 2020
5 min readLast updated: January 21, 2026
By Adam Reynolds, Webexpenses CEO
2020: The year business changed forever
2020 will forever be known as the year that changed the way business is done.
It has been a seminal, generation defining year (and we’re still only in August) and its ripples will be felt for decades to come. We are now officially in a recession for the first time in 11 years. The economy shrank 20.4% between April and June compared with the first three months of the year and The Press Association calculates at least 171,248 jobs have already been lost or are at risk, since the start of the pandemic.
As well as economic challenges, businesses have had to deal with operational constraints. Since lockdown began, there has hardly been an organisation across the globe that hasn’t felt the effect of a change in operations, such as being forced into total remote working. Many industries have had to navigate this new landscape and the challenges it has brought to the fore.
The future workplace
COVID-19 has accelerated a need to address the requirement for employees to work remotely and the impact this will have on existing corporate models. Where once senior executives and key decision-makers may have travelled for meetings they have now been forced to adapt and adopt new technologies and strategies which allow them to fulfil these requirements remotely.
The challenge of working remotely should not be underestimated. A recent survey of more than 1,000 Webexpenses customers revealed more than eight in 10 (84%) people found themselves working from home during lockdown – mirroring the latest ONS data revealing 86% of those who worked from home recently did so due to the pandemic. This has proved tough for some. Our research revealed:
The main reason for these issues? Accessibility. 60% of people have experienced tech-related challenges during this period of lockdown, with most citing problems with accessing software, networks and files, or supporting other colleagues with tech as the main hurdles.
A catalyst for change
‘The new normal” is one of those dreaded turns of phrase which was cliché from almost the first moment it was uttered but, unfortunately, it’s here to stay.
Businesses will have to be flexible, savvy, take advantage of support available and make sensible investments. Core to
Adam Reynolds
this is embracing digital transformation.
Many organisations are already beginning to realise the importance of digital transformation and the major part it will play in the future of business. Our survey found 93% believe the pandemic will be a catalyst for digital transformation, with over a third (35%) stating they will be looking to review their own departmental processes as a result of the enforced lockdown.
The UK government has recently announced a new £20million support programme to boost the recovery of SMEs in the UK. Businesses will need to think carefully about how they use such funds to invest in new equipment or upgrade existing technology to best support staff. It is vital businesses seize this opportunity.
Three points for successfully embracing the digital transformation
Businesses must prioritise digital transformation and form a plan of action to optimise remote working.
1) Listen. What’s working for your organisation now? And what isn’t working? A major part of this will be listening to your employees. What have been the challenges they’ve faced over recent months? What tools or training do they need to overcome these barriers? While the ultimate decision may lie with your Board, it’s those who are ‘on the ground’, using systems day in and day out, who will be able to provide insight or ideas you may never have even thought of.
2) Tailor to your needs. There is no ‘one size fits all’ when it comes to the best digital tools for businesses. But there are a huge range of options available, that can enable you to dial up what you need to, where you need to. This is particularly important if existing systems are slow (if automated) or even still rely on a manual process. This is time consuming and a drain on resource that may currently be in high demand.
3) Futureproof. Finally, while we can’t – and hopefully shouldn’t have to – plan for another episode like this in our lifetimes, this pandemic has shown us we should always expect the unexpected. We can’t plan for every eventuality, but take this time now to consider what your business has learned from this experience, and consider how you can use this to consider what you may come up against in the future – and how you will need to react.
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