Businesses are developing digital resilience


August 4, 2020 | By RetailME Bureau

Digital transformation

Businesses are developing digital resilience, and it will prove to be a key factor for winning in the 2020s, indicates Boston Consulting Group (BCG). As the world of business grows increasingly uncertain and volatile, companies that have purposefully developed resilience and capabilities to tackle ambiguity and unpredictability are most likely to thrive.

Companies’ resilience is being tested as never before. Consumer spending in the US fell by almost 20% during the first two months of COVID-19’s explosive spread across the country, according to the US Department of Commerce. The pandemic has disrupted 75% of supply chains, according to the Institute for Supply Chain Management.

Also read: Serial innovation is imperative

Customer priorities and touchpoints are changing rapidly, and the massive shift to remote working poses a major risk to companies’ IT infrastructure. Consequently, a recent BCG study shows that approximately 60% of companies expect to report at least a 10% decrease in revenue and earnings in 2020. In this “bleak” context, and in general, resilience is a key driver of value.

Even before the COVID-19 crisis erupted, many companies were struggling to keep pace with technological change. The challenge has only accelerated since the pandemic began, bringing a growing realisation into sharp focus – the future of work and life will be more digital than people previously imagined. With almost every organisation having to depend on data, analytics, digital tools and automation, digital technologies will constitute an increasingly critical element of business resilience tomorrow.

Digital transformation has, therefore, become more crucial than ever. In a recent BCG survey, 75% of executives agreed that they regard digital transformation as becoming more urgent in light of the COVID-19 crisis, and 65% said that they anticipate increasing their investments in digital transformation. As almost every organisation’s dependence on digital technologies grows, it is hardly an exaggeration to say that adopting and managing digital technologies will be critical to business resilience. If done right, digital transformation will not only build long-term resilience, but also increase speed to market, workforce productivity and stability.

As businesses are developing digital resilience, click here to read about three steps towards building digital resilience.

 

For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.

Previous Article Next Article

SHARE

YOU MAY ALSO LIKE /



Spinneys has announced the launch of The Kitchen by Spinneys, its first-ever 

Continue Reading

May 20, 2024 | By RetailME Bureau

In a move set to redefine the landscape of the Fast Moving 

Continue Reading

May 16, 2024 | By RetailME Bureau
Sunil Kumar and Ali Saeed Juma Albwardy, Spinneys

One of UAE’s leading fresh food retailers, Spinneys has announced its intention 

Continue Reading

April 19, 2024 | By RetailME Bureau
Laura Manning, Managing Director & Founder, BRW Society

Launched in 2019 by Laura Manning, UAE-based homegrown brand BRW Society completes 

Continue Reading

April 5, 2024 | By Rupkatha B
Rajiv Warrier, Chief Executive Officer, Choithrams

Since the launch of its first store in the UAE five decades 

Continue Reading

March 20, 2024 | By RetailME Bureau
Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC

Dr. Dhananjay Datar Chairman & Managing Director ADIL Trading Co. LLC holds 

Continue Reading

February 29, 2024 | By Rupkatha B
Hani Weiss, Chief Executive Officer, Majid Al Futtaim Retail

In 1995 regional retail conglomerate Majid Al Futtaim introduced Carrefour to the 

Continue Reading

February 26, 2024 | By RetailME Bureau
Prashant Parameswaran, Managing Director and Chief Executive Officer of Tata Consumer Soulfull

Tata Soulfull, a leading name in the ‘good-for-you’ snacks and breakfast cereals 

Continue Reading

February 22, 2024 | By Rupkatha B
Jean-Luc Graziato, Chief Commercial Officer of Majid Al Futtaim – Retail and Alia Al Harmoodi, Acting CEO of the Environment, Health and Safety Agency

Majid Al Futtaim – Retail, which holds the exclusive franchise to operate 

Continue Reading

February 20, 2024 | By RetailME Bureau
Krishna Dhanak, Managing Director, Alpen Capital

In an exclusive interview Krishna Dhanak, Managing Director, Alpen Capital shared insights 

Continue Reading

February 19, 2024 | By Rupkatha B
Majed M. Al-Tahan, Co-founder & Managing Director, Danube Online

As digital transformation across the retail industry continues to accelerate, the expectations 

Continue Reading

December 19, 2023 | By RetailME Bureau
Frederic Levy-Perrault, CEO, Al Raya Supermarket

Saudi Arabia-based grocery retail chain Al Raya Supermarket serves over 100,000 customers 

Continue Reading

December 15, 2023 | By RetailME Bureau




Download Images RetailME Magazine