How Has COVID Affected Digital Technology?

According to the latest McKinsey Global Survey, which took place during July 2020, companies hastened the digitisation of both their customer and supply chain interfaces by between three to four years, and the stake in digitally-enabled products by up to seven years.

The respondents also reported that, although these were supposed to be temporary measures, they now expect them to be permanent. They also expressed their surprise at how quickly the implementation of these adjustments happened – possibly driven by the pressure for businesses to continue to perform under very challenging conditions.

A rapid technology change is usually followed by a noticeable impact in costs required to fund such changes. This was verified by the various company executives interviewed in the McKinsey report. These executives stated that the funding of new digital initiatives had outpaced any other business cost or human capital expenditure over the same period.

However, the adoption of increased digitalisation was not limited to only consumers. The McKinsey report suggested that there was, on average, a seven-year increase in the rate of development of related products and services in terms of how we shop, pay and work.

How We Shop

Online shopping experienced massive growth during the COVID lockdown, with companies in the US and China launching contactless delivery services to avoid in-person contact. The rest of the world experienced similar growth with regards to online shopping and their individual responses to the pandemic.

How We Pay

Contactless payments, specifically in the form of “Tap and Go” banking cards enabled people to minimise the exchange of banknotes and coins which may carry the virus. Online payments opened up payments to include services and utilities, and not only goods However, the ability to make these types of payments is dependant on access to a digital payment platform and a stable internet – something which can be a problem for developing countries.

How We Work

Mass remote working gained momentum overnight when global lockdowns were introduced. Many employees were able to work from home and were enabled by digital technologies which included virtual meetings and cloud technology. Flexible collaboration tools which facilitated remote working also saw a tremendous growth.

However, the transformation of digital technology is not without its challenges. Privacy, information security and technical support remain some of the most significant issues. Building the necessary framework for companies to ensure their digital readiness requires a specialist IT company’s services. Specialist IT companies, such as Westech, ensure that company networks are protected from hackers attempting to breach the network, steal company information and/or hold the company to ransom.

Westech offers the latest in networking technology to ensure that businesses can run more efficiently and safely in these unusual times. They also supply a comprehensive range of software and hardware at preferential prices. Contact them to ensure that your company stays abreast of all the latest IT technologies.