The coronation pandemic forces the economy to digitize

While the crown pandemic is terrible, it has accelerated the modernization of the economy just as much: companies around the world are now much more dynamic and more willing to work with new technologies. A recent study shows this.

Digitalisation affects our daily lives and affects the entire economy. As a result, the business models of entire industries are changing, sometimes dramatically. Even banks and savings banks cannot avoid this trend. Studies on current trends and developments in this area can be found on the banking blog.

To be successful and maintain success, companies need to keep pace with technological advances. They must not only implement their own digitization strategies, but also be able to respond to unforeseen problems. The crown pandemic showed this.

Many companies have learned from this and are now more open and willing to work with new digital technologies. A study commissioned by the British software producer Endava shows this. The survey is based on a global survey of approximately 1,000 IT executives.

According to this, the introduction of digital technologies accelerated by up to ten years by 84%. companies due to actions taken in the aftermath of the corona pandemic. Why?

This is how companies all over the world have modernized

99 percent respondents admitted that their company was not properly prepared for the pandemic. Most have confirmed that the coronation pandemic has exposed the problems and weaknesses of the technology their companies are using.

87 percent of those polled said their company was operating as a result and changed its approach to adopting digital technologies faster: 92 percent increased the budget for digitization. And 88 percent would launch optimization initiatives to better respond to the vulnerabilities. 95 percent plans then and in the future to invest money to increase their competences in digital technology.

The optimal approach to acting quickly

According to the surveyed managers, the best approach is to concentrate 69 percent. efforts on short-term measures, and 30 percent. on long-term measures. In Germany, forces are distributed on average between 61%. short-term funds and 37 percent. long-term measures.

German companies are making great strides

If the respondents are to be believed, German companies are now also operating in a more agile and modern way: 94 percent of German survey participants rated their companies’ performance in introducing digital technologies as “good” or “excellent”. Only Australians were more optimistic about themselves (95%).

In addition, 38 percent of German companies have thoroughly rebuilt their technology portfolio. Only in the Scandinavian countries this percentage was higher (48%).

Do not give up

The difficulty now, according to the authors of the study, is to consistently continue digitizing business even after the corona pandemic. It is also important that the customer is at the center of this development.

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