COVID has proven to be a significant catalyst in generating digital transformation. In fact, digitalisation adoption rates have sky-rocketed with many industries being propelled into making changes that otherwise would’ve taken years. Businesses have adopted new technologies up to seven years earlier than they would previously have done before COVID. Some were implementing at rates of 20 to 25 times when compared to pre-COVID times.
“Digital transformation has been a priority of most governments and businesses for many years, and COVID-19 has amplified the need for it, as well as the impact of not doing it.” - McKinsey & Company (2020)
This need for speed has caused significant disruptions to the current traditional offerings available and brought along new unique threats. Cybersecurity issues have come to the forefront of discussion. Concerns regarding data security and the ease of which some devices can be hacked need addressing. Legal policies and Government regulations haven’t followed us into this new digital era either. In Japan and the US, legal agreements, such as real estate conveyancing documents and court documents, still need to be submitted as a physical document. And although the way we work has changed, inadequate and non-existent policy changes have exposed the shortcomings of this rapid shift into the digital era.
Digitalisation will continue to play an increasingly important role in the future of business, but exactly what that future looks like, remains a tantalising mystery.