The pandemic has permanently changed the way we work. And to be sure, there have been some negative effects. Abrupt changes disrupted business operations, caused leaders and employees alike to feel isolated and uncertain, and led many to experience burnout. Alongside these negatives though, some changes in working environments presented benefits and opportunities to business leaders.
For example, remote and hybrid work models can save businesses up to USD 11,000 per employee every year. Employers are also realizing that they can offer new remote work benefits that attract talent and help insulate their businesses from the "Great Resignation" making waves worldwide. In addition, lots of business leaders are taking advantage of the ways in which the hows of work are changing –– employing everything from automation software to cloud processes to improve productivity.
Given rapid changes to the way the world now does business, it's clearer than ever that the time for digital transformation is now. But business leaders can't just go about it haphazardly; only by careful planning can you fully reap the ROI of emerging technologies. The following four companies have successfully done it and can offer us a few strategic lessons.
CITIC Telecom CPC
This Hong Kong-based telecom company recently revealed plans to roll out strategic technology innovations in 2022. Foremost among these is the improvement of their DataHOUSE™ AR Remote Hand service. This service employs the use of augmented reality (AR) glasses, which in turn enable engineers and maintenance staff to access data in real-time. An additional AR console lets back-end teams see the same data and simultaneously provide troubleshooting instructions. First launched in 2020, this system is now being ramped up in anticipation of increased demand. In part, this is because CITIC Telecom expects more companies to undergo digital transformation in light of the pandemic.
The Philippines' most popular fast-food chain recently announced its partnership with Amazon Web Services (AWS). AWS is one of the world's largest providers of cloud computing services, mostly due to its highly reliable data centres. Thanks to high-speed PCB designs, AWS's servers are able to facilitate the transfer of digital signals at a rapid rate, allowing participating clients like Jollibee to access data on sales and supply chains in real-time. AWS's analytics tools will also help the company gauge and predict minute changes in customer preferences, which have been hard to pin down during the pandemic. Jollibee can thus improve its services by being more agile in adjusting to consumer behaviour.
It can be difficult for some larger-scale operations like those of German car manufacturer Volkswagen to digitalise. That's arguably why it opted to join another high-profile digital transformation partnership — this time, with Nokia. The pandemic has been instrumental to the development of Industry 4.0, which is considered the next stage of manufacturing, and which is powered by the Internet of Things (IoT). Nokia is helping Volkswagen embrace that change with pWireless, its industrial-grade 5G network service. Pilot deployment of the technology will help to drive automated production lines that use robots and other vehicles and wireless tools with IoT sensors.
Trusted Novus Bank
Banks have been at the forefront of digital transformation since the rollout of ATMs in the '60s, but this Gibraltar bank is proving that the banking industry can do more. Trusted Novus Bank has recently partnered with banking software company Temenos to conduct end-to-end digitalisation. This involves replacing its legacy core and front office system, as well as using pre-integrated fintech solutions on the Temenos Banking Cloud to create personalised banking services for each customer. With this move, Trusted Novus aims to stay competitive, especially with emerging third-party systems like Google Pay and Apple Pay offering convenient and instantaneous mobile payments.
Ultimately, it's clear that digital transformation is necessary as the pandemic changes customer behaviour and preferences. By taking the time to study which tools will most benefit your business, you'll be able to stay ahead of the competition instead of being eliminated altogether.
Image Credit: Pixabay
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