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COVID-19 Accelerating Digital Transformation: McKinsey
Joseph F. Kovar
“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.
Digital Transformation And The Pandemic
Much has been written about how the COVID-19 coronavirus pandemic has accelerated the pace of digital transformation, including rapid migration to the cloud and the move to work from home. McKinsey & Company, the New York-based management consulting firm focused on helping its clients create change, recently moved to quantify that pace across a wide spectrum of businesses.
McKinsey recently published the results of a survey titled, “How COVID-19 Has Pushed Companies Over The Technology Tipping Point—And Transformed Business Forever.” The survey was conducted on-line from July 7 to July 31, 2020, and received responses from 899 C-level executives and senior managers across a wide range of geographies, industries, and company sizes.
The McKinsey survey found that the COVID-19 pandemic has significantly accelerated the pace of adoption of digital transformation technologies, as well as other speeding up other business changes. The survey measured how businesses changed their investments post-pandemic vs. what they had planned to invest before the pandemic started. The survey also found that companies significantly shortened their reaction time to changes in the business environment due to the coronavirus.
For many solution providers that found themselves playing a critical role in helping customers make these changes when the pandemic hit, the McKinsey findings may not come as a big surprise. But the survey helps quantify the scale and scope of the sudden changes that businesses and their solution providers implemented and provides the channel with insights about how lasting these changes may be.
For insights into the new pace at which businesses are changing and moving through their digital transformations, turn the page.