Digital Transformation Accelerates Due to Covid-19 Pandemic
According to a McKinsey & Company study, businesses have surprised themselves with the speed and success of their digital initiatives in response to the Covid-19 pandemic. On average, digital transformation has made the equivalent of seven years of progress in a matter of months.
One notable change from the offset is the number of small or local businesses making the move to ecommerce. With the introductions of lockdowns around the world consumers were left with no choice but to move online, therefore leaving traders with very little option but to also make the move. The same study found, because of these moves the share of digital customer interactions around the world is three years ahead of where it would be if the pandemic had not occurred.
Aside from retail the manufacturing industry has also seen an acceleration in digital transformation over the past 12 months. More than two-thirds of manufacturers (67%) have accelerated their adoption of digital technologies as a result of the Coronavirus pandemic, according to a major new report published by The Manufacturer and IBM.
Some key findings of this report included:
- 92% say their most significant business imperative is improving operational efficiency.
- 88% say that COVID-19 has resulted in their organisation placing greater emphasis on operational resilience.
- Cybersecurity, data analytics and cloud computing are the technology areas the greatest proportion have already implemented or are working towards implementing.
- Looking ahead to the next 18 months, the most significant barrier to technology adoption is organisational culture.
In line with these trends VisionID has been doing extensive work on developing our portfolio as so we can support our customers through this change. VisionID found that 37% of Manufacturing companies have a digital strategy, this is a low percentage when you consider the findings of the report from The Manufacturer and IBM.
From working across industries as part of digital initiatives we have observed 3 core pillars to effective digital transformation.
- Defined Strategy
- Key identification of Human factors
- Quantifying business case.
With over 60% of manufacturers failing to have the first pillar in place VisionID have developed a “Factory of the Future” workshop whereby VisionID can help your business develop their own digital strategy.
Defining a “Quantifying business case” is crucial for Digital Transformation. End users must focus on desired business outcomes or business challenges, before aligning with technologies that might address these issues.
Some key technologies that we at VisionID see to be driving Digital Transformation are as follows:
- Enforced digital workflows through RealWear’s HMT-1.
- Asset Visibility through our Real Time Visibility Solutions.
- Automated Inspection using Vision-Systems and Deep Learning from Cognex.
To one into one example in detail our enforced workflow solution removes paper and gains efficiency. In doing so you can reduce line clearance processing time by 35% and increase RFT % by up to 23% when compared to paper-based system.
To find out more about how VisionID can help develop your digital strategy contact email@example.com