So as readers know by now, the pandemic policy moves have changed the way many companies do business, and how their employees interact between both themselves and clients. Some of this is temporary (how temporary remains in question since the lockdown policies have been partially reinstituted) but some of the changes will be permanent given individual and business recognition that things can be done differently.
This posting in The Hour discusses why this is a good time for businesses to launch a true digital transformation.
‘The current health crisis has changed the business community with guidelines and mandates on remote work and social distancing. Even if you’re fortunate enough to continue operating, this radical change may mean it’s time to take a deep dive into a digital transformation, rather than just baby steps. Here’s why you need to change now, and how to do so on a lean budget.’
The author goes on to make some good points as to what’s been happening and why it should change. An example of this is the level of processing heft required to handle the increased loan requests and other demands being placed on healthcare systems, and legacy systems get totally strained, especially with people working in remote locations.
Another example is the tendency for smaller businesses to use manual accounting systems, which end up with check processing and the ensuing issues where normal paradigms are interrupted (i.e.; mailing and cashing a check). Another example of the in-store payments capability (proximity payments), where preferences are quickly shifting to ‘no-touch’, something expected to become a permanent trend. The author goes on to point out many technology options are now available at lower prices, not to mention the cultural shift among employees to use modern tech in a remote working environment. The article is worth a quick read.
‘Cost may have been a factor in your earlier decision to delay a digital transformation. However, many companies see the current health crisis as an opportunity to help out potential customers and simultaneously attract a wider audience for their digital solutions. Many companies are offering their digital tools, apps and platforms for free or at a vastly reduced price.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group