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AcctTwo Blog

COVID Has Made Digital Transformation Technologies Essential

digital transformation“The notion of a tipping point for technology adoption or digital disruption isn’t new, but the survey data suggest that the COVID-19 crisis is a tipping point of historic proportions—and that more changes will be required as the economic and human situation evolves.”

That’s the conclusion McKinsey & Co reached after surveying hundreds of global business leaders about their digital transformation efforts before the pandemic compared to now. Overwhelmingly, the results show companies embracing the notion that surviving the pandemic and remaining competitive long-term both depend on embracing technology like never before.

Which is exactly what one would expect given recent events. The sudden rise of remote work proved that entire offices could run on a mix of video conferencing, messaging apps, and cloud collaboration tools. Or it did the opposite: demonstrating how much a company can struggle in the absence of a strong digital foundation. If the pandemic has one clear lesson, it’s that digital transformation isn’t optional any longer.

Rethinking Risk in a Post-Pandemic World

Before the pandemic, digital transformation technologies were often considered “nice to have” but non-essential. Companies could survive without them or wait longer to adopt them the dominant thinking went. Not anymore.

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Moving forward, all companies must strive to become efficient, intelligent, adaptable organizations. In the wake of COVID, agility (the ability to move fast in the right direction) will distinguish successful organizations, just as inability to change will make the rest increasingly irrelevant. This is, without a doubt, an evolve or die moment where the single biggest risk a company can take is rejecting digital transformation in favor of the status quo.

Digital transformation challenges will drive the post-pandemic business world. Resilient and agile companies will run on the cloud, operate with the aid of AI, and stay seamlessly linked from points across the globe. The digital future is here sooner than anyone anticipated. Transformation is the only way to keep up.

Preparing for the Next Era of Accounting

As companies make digital transformation a top priority, they need to single out departments and processes that are either ripe or overdue for digitization. Take a long look at accounting and finance.

The financial engine of a company must be able to withstand any disruption, whether that be a pandemic or a severe storm. Cloud-based tools give the accounting team the flexibility to operate from anywhere. Financial processes also tend to be repetitive or detail-oriented, making them ideally suited to automation. AI in the accounting department can improve accuracy, efficiency, and productivity while uncovering strategic insights for smarter decision making.

Where and how will you use digital transformation technologies to emerge from the pandemic stronger than ever? We have some suggestions. Download this whitepaper exploring the post-COVID business model.

Topics: General