What questions should you be asking about digital migration.

The past few years have seen a huge acceleration in digital migration. 

Employees are not just working remotely, but systems have radically changed how we work and what we’re working on.

Companies have had to be more agile, flexible and fast.

Many organizations have moved quickly to digital and have found rapid gains and also challenges.

Leaders are asking themselves – how can we capitalize on the things that are working?

And it’s a crucial question.

How can we capitalize on the things that are working?

Some businesses had been reluctant to adopt digital solutions but the pandemic has forced them to transform to develop new digital ecosystems.

Until recently, calling a company digital meant it was focused on IT or technology. But today, almost every business is digital in some way, and the ones that haven’t entered the digital arena are trying to find a quick ticket in.

Customers and employees have helped to drive this transformation through their need to consume and provide products and services in new ways.

Traditional banking and healthcare have gone digital in many respects. We used to have physical contact with a representative at a local bank and have a designated doctor at a practice. Now, we can go online for consultations and get our medicine prescribed and then delivered by an online pharmacy.

Of course, some companies have emerged from this rapid change as clear winners. Companies like Zoom, Amazon, UberEats and Bolt have thrived.

What is the new normal?

But a question arises, what will happen to those ‘traditional’ companies who have been forced to keep up with this new normal? Will they be replaced by smaller, hi-tech startups or will they move rapidly to embrace the new order?

Companies like Assa Abloy whose main business has been mechanical locking mechanisms are now in a changing environment as the internet of things spreads through the world. Smart buildings with integrated AI, communication and interaction with the environment demand new ways of thinking.

Even a seemingly traditional company like Volvo Trucks has gone digital with Volvo Connect. Truck wonders and transporters can increasingly use telematics and digital services to improve the productivity and efficiency of their businesses.

‘Volvo Connect enables you to access the important services and information needed to run and develop your daily business, in one place,” says Carina Holm, Project Manager, Volvo Connect. “Besides fleet management and maintenance planning, many more aspects of the operation will be supported, including help with administration and legal compliance. Volvo Connect will also contain a marketplace where additional services can be subscribed to and activated. Users can adapt the interface so that the information and services most important to them are quickly and easily accessible.”

Robotics, machine learning, Big Data and AI represent a huge shift from simply putting some services on-line, or allowing customers to order on a website.

How will companies compete and succeed? 

The digital migration is driven by how businesses are responding to consumer needs and how they innovate to meet those needs?

Companies need to find new ways to find and keep new talent, transform operations to include new technology, and invest in their digital platforms.

As data driven technological advances speed up, larger companies need to embrace emerging technology such as AI to keep pace. 

AI is superior to humans in analyzing big amounts of data in an instant and can monumentally increase the speed of generating ideas.

As these technologies are integrated into traditional products questions arise around how technology can enhance human capabilities.

A recent Harvard Business Review stated that 25 percent of 250 business executives in a survey think AI will help them pursue new markets. AI helps with efficiency and effectiveness.

The pandemic has upset the time table. Businesses are becoming increasingly virtual, digital and agile and the need for change is fast.

As leaders try to keep pace, they must ask – how can we keep up this momentum? What have we learned and how can we make sure we keep learning and put best practices into action?

Businesses that embrace this change and move quickly will grab market share and set the tempo in the marketplace.

How can tech, data and rapid iteration help your business to thrive?

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