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COVID-19 Accelerating Digital Transformation: McKinsey

“Respondents are three times likelier now than before the [COVID-19] crisis to say that at least 80 percent of their customer interactions are digital in nature,” says management consulting firm McKinsey in a recent survey.

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Response To COVID-19-Related Changes Accelerated Greatly

The speed at which businesses change their organizations has accelerated dramatically because of the COVID-19 coronavirus pandemic.

McKinsey asked companies how quickly they implemented changes since the beginning of the pandemic, and how quickly they might have made those same changes if the pandemic had not occurred, for several potential changes in their organizations and industries.

The most dramatic change, not surprisingly, came from the work from home transformation. Businesses surveyed by McKinsey said that it took an average of 10.5 days to implement work from home after the pandemic started, compared to an expected 454 days to execute that change.

For seven organizational areas of change, McKinsey found that, after the pandemic hit, it took businesses an average of:

* 10.5 actual days to increase remote working and/or collaboration vs. the 454 days the changes were expected to take if there were no pandemic.

* 26.5 actual days to increase the use of advanced technologies in operations vs. the 672 days it would have taken to use those technologies if there were no pandemic.

* 25.4 actual days to increase the use of advanced technologies in business decision making vs. the 635 days it would have taken to use those technologies if there were no pandemic.

* 23.2 actual days to increase the migration of assets to the cloud vs. the 547 days it would have taken to migrate those assets if there were no pandemic.

* 26.6 actual days to increase near-shoring and/or insourcing policies vs. the 547 days it would have taken to implement those policies if there were no pandemic.

* 23.6 actual days to increase data security spending vs. the 449 days it would have taken to increase that spending if there were no pandemic.

* 29.6 actual days to build redundancies into supply chains vs. the 537 days it would have taken to build those redundancies if there were no pandemic.

For three types of industry-wide changes, McKinsey found that, after the pandemic hit, businesses took an average of:

* 21.9 actual days for customer demand for on-line purchasing and services to increase vs. the 585 days that demand would have increased if there were no pandemic.

* 21.3 actual days for customer needs or expectations to change vs. the 511 days such changes would have happened if there were no pandemic.

* 24.4 actual days for the ownership of last-mile delivery to change vs. the 585 days that change would have happened if there were no pandemic.

 
 
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