COVID-acceleration digital transformation

In a few months, the COVID-19 crisis has accelerated business changes by several years, as reported by a McKinsey Global Survey. Companies have rapidly digitized customer and supply-chain interactions, internal operations, and expanded their digital product portfolios significantly. Nearly all surveyed executives stated that their companies quickly implemented temporary solutions to meet new demands and expect these changes to be long-lasting. Investments in digital initiatives have surged, emphasizing technology’s strategic importance beyond cost efficiency.

Successful companies during the crisis showcased superior technology capabilities, such as filling technology talent gaps, utilizing advanced technologies, and quick innovation. The pandemic has driven a significant shift to online channels for consumer interactions, with digital adoption progressing much faster than in previous years, especially in developed Asia. Respondents are now three times more likely to report that 80% of customer interactions are digital.