Digitization of business

Digitization as a direction to overcome the economic crisis of Covid-19

 

For some time now, we have been in a new stage of business digitization where companies are focused on equipping themselves with advanced technologies and new business models to remain relevant and competitive in a rapidly changing world. Covid-19 has presented one of the most formidable challenges in recent history to governments, businesses, and society. Many consider it to be the ultimate tipping point for the 21st-century. The pandemic is a wake-up call for companies to have a plan to deal with disruptions to ensure business continuity. It is also a watershed moment that will signal the fast-track acceleration process for digitization throughout society.

Many economists are already predicting that with the Covid-19 a good thing may happen: that the resources go from unviable sectors and companies to sectors and companies with a future. Paraphrasing Schumpeter would produce creative destruction.  Since the beginning of the pandemic, there has been talking of a recovery in the form of a K, which means that we have a broken economy in two sectors, on the one hand, there are those that can continue to function more or less normally after the pandemic or in pandemic conditions. So what is the differential factor that determines being in one segment or another of the economy?

The ‘K’ shaped recovery is underway, leaving winners and losers. Regarding the labour market, the more digital profiles, who have the tools to work remotely and who have a higher training are suffering less from the impact of the pandemic and could benefit more from the recovery. On the contrary, workers with less training, who are unable to telecommute and whose work depends largely on social contact are in serious danger. The digitization of business has become a lever for economic growth, not only ensures the competitiveness of a company but also implies a paradigm shift in business culture for continuous improvement and innovation. So … In the middle of 2021 and with the threat of the economic crisis in which axes should the digitization of business be structured:

 

Digitization of the customer relationship

The need to deepen customer orientation, increasing the digitization of relationships, to achieve personalization and the creation of a solid emotional bond. This forces us to rethink new products and services, redefine new ways of acting and new business models. The optimal strategy will be the one that covers the customer journey from end to end, from the customer’s own onboarding to subsequent interactions.

 

Ensure complete business activity in the digital dimension

Identity verification underlies many of the core processes associated with digital services, required to subject their customers to strict identity checks, both to protect those users’ finances and to meet regulatory compliance demands. Digital ID solutions can help iron out these identity verification headwinds.  Digital IDs, when done right, can help business ease identity verification pain points for their customers while also helping them slash operational and compliance costs. The coronavirus crisis brings the need for effective digital identity into sharp relief, as social distancing measures are imposed worldwide: remote access to systems and services is more in demand than ever, and calls are growing on governments to forge a path out of lockdown.

 

Automation, the key to unlocking new levels of efficiency

Process automation is a necessary step towards digital transformation. Implementing and socializing automation across the entire business means that entire teams benefit from a newly efficient workflow, not just IT. Automating day-to-day workflows lies at the heart of successful digital transformation. Optimizing the way work is done to improve productivity and efficiency is desirable in itself, for best results, your process automation should align with a broader business strategy.
Workflow provides significant benefits for any organization. Self-automation and workflow generation make an organization more efficient by helping to save time, eliminate waste, eliminate unnecessary work, make better use of human resources, generally saving money and helping an organization to grow and improve.

 

The formalization of digital activity with full legal guarantee

The pandemic has acted as an accelerator of a trend: the constant migration of most everyday business activities to mobile applications and online portals. The Digital Signature is a technology that allows you to sign any type of document remotely, in real-time and with full legal effect, thanks to the test certificate generated by each transaction. Time is of the essence as businesses work to adapt to this paradigm shift. And the adoption of digital signature technology with integrated capabilities for audit trails and workflow automation can dramatically streamline the process, in addition to not only optimizing relationships with your customers and suppliers but also with interactions with the different public administrations.
Covid-19 has accelerated the digital transformation of companies. In this new technology-dominated landscape, businesses must adapt as quickly as possible to ensure their survival.