From COVID-19 to 5G: how digital acceleration reshapes businesses

What is digital acceleration?

Digital acceleration (DA) is often associated with digital transformation, but they're not the same. While we'll discuss the differences later, it's essential to know that the former emphasises speed and continuity in integrating technology into various industries to give them a competitive advantage. This way, DA can offer a faster and more efficient strategy for achieving digital transformation goals. Let's explore its core aspects in more detail.

The value of digital acceleration

The recent COVID-19 pandemic has tested every company's flexibility statements. Unfortunately, many proved insufficient in the face of the "new normal", which significantly changed our lives. To overcome the challenges of these troubled times, many companies are turning to digital acceleration, highlighting the importance of leveraging the latest technology to achieve more.

Increased innovation

DA, emphasising a rapid pace, expanded the world of opportunities for innovation. It allowed the creation of "impossible" products, services and technologies, both by individuals and businesses alike. This accessibility resulted in a surge of entrepreneurial activity, increasing the competition across various industries. The faster technology adoption encourages ongoing innovation, allowing companies to stay ahead.

Enhanced communication

The way we communicate has undergone a revolution that is still unfolding before our eyes. Social media, video conferencing, and other digital platforms have made connecting with other people faster, more efficient and more accessible. Digital acceleration addresses the need for even more comprehensive distance shortening, incorporating the means to enhance our communication further.

Greater flexibility

Digital acceleration has facilitated increased opportunities for remote work, providing people with greater flexibility and the ability to balance work and personal life. This trend became even more significant in light of the COVID-19 pandemic, as companies had to adapt to social distancing protocols faster. Those who have embraced DA have been better prepared to maintain their business in a remote work environment.

DA is redefining the world of business and technology. But who exactly is harnessing its power? It is worth examining which industries have embraced this opportunity.

Who uses digital acceleration?

The influence of DA extends across diverse industries, shaping how they operate and interact with customers. While we discuss some of the frontrunners, it's worth noting that other sectors are also embarking on their digital acceleration journeys, recognising their potential for growth and success.

E-commerce

In e-commerce, ongoing integration of digital strategies is the driving force behind rapid growth. Online retailers leverage this strategy to continuously enhance user experiences, streamline logistics, and explore innovative ways to attract and retain customers. The convenience and accessibility offered by e-commerce platforms exemplify the benefits of digital acceleration.

Telecommunication

The telecommunication industry relies on digital advancements to stay at the forefront of technology. The deployment of 5G networks, the expansion of digital services, and the transformation of communication infrastructure have been made possible through this strategy. Telecommunication companies are committed to maintaining fast-paced growth to meet customer demands.

Healthcare

Healthcare has witnessed a significant transformation due to using digital aid. Telemedicine, digital health records, and advanced diagnostic tools have become integral to healthcare delivery. This acceleration enables healthcare providers to deliver better services and reach remote areas effectively.

Insurance

Digital acceleration has disrupted the insurance sector by improving operational efficiency and customer service. Insurance companies now employ advanced analytics, artificial intelligence, and digital channels to enhance underwriting, claims processing, and customer engagement. This approach ensures faster, more personalised services to policyholders.

The impact of COVID-19 on digital acceleration

The COVID-19 pandemic served as a powerful catalyst for the adoption and intensification of digital acceleration across various sectors. Businesses reevaluated strategies, leading to a surge in digital tech adoption. The pandemic accelerated digital initiatives by months, if not years, for many companies. This rapid shift was evident in various economic drivers. Here are critical aspects of the pandemic's impact on digital acceleration:

Remote work

Over 93% of businesses worldwide increased remote work or adopted a work-from-home model. The adaptability of remote work became a new norm, with around 45% of companies planning to maintain this approach post-pandemic. The necessity for remote work forced companies to invest in digital technologies that support remote operations rapidly.

Changing customer demand

Customer behaviour underwent a massive shift, with a clear focus on online services and products. Businesses that adapted promptly to these changes were better equipped to meet evolving customer expectations.

Tech innovation and digital disruption

Adopting advanced technologies, such as AI and analytics, emerged as a fundamental aspect of digital acceleration. Nearly half of the companies foresee this accelerated digital adoption as a continuing trend post-pandemic.

How to succeed in digital acceleration?

Navigating the terrain of rapid digital progress requires a strategic and well-executed plan. Embracing best practices can significantly enhance the success of such endeavours. Here are some fundamental principles:

Assess

Before embarking on a DA strategy:

1. Conduct a comprehensive assessment.
2. Examine existing technology deployments, level of workforce expertise and readiness for digitisation.
3. Identify the areas that require improvements and additional resources to ensure a successful acceleration journey.

Don't rush

While speed is essential in implementing new technology, it doesn’t imply haste. Impulsive actions may cause more harm than good. Developing a well-thought-out plan and executing it in a structured manner is crucial. Rushing can lead to oversights and potentially detrimental results. A comprehensive yet agile strategy is vital to success.

Monitor

Continuous monitoring and evaluation are integral to successful digital acceleration. Employ tools and metrics to measure the impact of your initiatives. As a result of monitoring progress, you can adapt and optimise strategies to reach your objectives on time.

What's the difference between digital transformation and digital acceleration?

While both share common goals, they differ in their approaches and timelines:

• Digital transformation involves a comprehensive overhaul of an organisation's structure, strategies, and customer experience. It tends to follow a more extended timeline.
• Digital acceleration, on the other hand, entails fast technology adoption with an emphasis on continuity. It involves a series of ongoing digital transformation projects.

Technological trends driving digital acceleration

• Automation: streamlining processes and reducing human involvement.
• Cloud: enabling agility, scalability, and security.
• Cybersecurity: enhancing protection measures in the face of evolving threats.
• Advanced data analytics: leveraging descriptive, diagnostic, predictive, and prescriptive analytics to drive informed decision-making.
• Artificial intelligence: playing a pivotal role in enhancing efficiency and productivity.
• Understanding these technological trends is crucial for organisations striving for digital acceleration.

FAQ

What are the key technologies driving digital acceleration?

Key technologies driving rapid technological advancement include automation, cloud computing, cybersecurity, advanced data analytics, and artificial intelligence. These technologies empower businesses to streamline operations, enhance security, leverage data insights, and increase efficiency.

What are the key steps to accelerate my digital business?

To accelerate your digital business, consider conducting a comprehensive assessment of your current technology landscape and workforce readiness. Develop a strategic plan that emphasises incremental improvements, invest in training your workforce, adopt agile methodologies, and continuously monitor and optimise your digital initiatives.

What are some best practices for implementing digital acceleration in a business?

Implementing digital acceleration requires strategic planning and careful execution. Some best practices include assessing your current state, starting with smaller, achievable goals, avoiding haste in implementation, and regularly monitoring and refining your strategies.

Can digital acceleration help in improving customer experience?

Yes, it can significantly enhance customer experience by enabling businesses to stay updated with evolving customer demands. Incorporating new technologies allows more efficient communication, greater personalisation, and faster, more streamlined services, all contributing to an improved overall customer experience.

How can I leverage technology to accelerate my digital business?

Leveraging technology involves adopting a strategic approach integrating advanced technologies such as automation, cloud solutions, analytics, and AI. Employ these technologies in a way that fosters greater efficiency, productivity, and innovation within your business processes.