According to a Boston Consulting Group report, the implications of the current pandemic on businesses have indeed been felt across every sector, and the majority of companies are having difficulties regaining control of their top and bottom lines.
The study, titled “The Five Imperatives of a Successful Digital Transformation,” emphasizes that while recent events have heightened the urgency to migrate to digital, they have also amplified the risks and challenges that companies are already facing.
According to BCG research, roughly 70 percent of brands worldwide have failed or are struggling in their digital transformation efforts, and Middle Eastern businesses are facing similar challenges. Organizations are unprepared for the obstacles that such a journey involves.
Issues on how to set up management, facilities, and technologies often occur, while introducing new ways of operating and managing various organizational cultures is frequently tricky.
As the year 2020 progressed and the market world encountered unparalleled turmoil, the digital transformation problems that businesses were facing became increasingly troublesome.
Customer standards in a digitally connected world have soared due to pervasive communication and mobile adoption, while more digitally sophisticated rivals have increasingly scaled across geographies.
Meanwhile, more dynamic and creative offerings have forced regulators to rethink economic development structures. Remote working has demonstrated the urgent need to reform corporate environments and work practices to attract and maintain talent.
“For company executives and decision-makers, these challenges shed light on the necessity to double down on digital transformation by making it a top corporate priority – to stay relevant and to survive”, said Kaustubh Wagle, Managing Director and Partner at BCG.
“Despite the pandemic’s repercussions, companies making sustained progress on their digital transformation journeys have demonstrated more operational resilience due to their ability to serve customers digitally”, said Shoaib Yousuf, Partner at BCG.
Shoaib further commented since digital is the way forward, marketing leaders must act now, implement these measures, and efficiently and effectively set a long-term plan to ensure that they can meet all of the demands of a complicated digital transformation journey.