It’s in our very nature as humans to engage with one another. Any major disruption to our social fabric has meaningful and adverse effects on our general sense of wellbeing. Which is why the overwhelming impact of COVID-19 is a topic of discussion on nearly every media platform; with new and cascading effects being nearly uncovered every day.
The impact on business
The knock to industry and its impact on subsistence has been one well-documented influence of the pandemic. This widespread, adverse implication has translated into a decline in turnover and job losses across all industries. In order to find ways of enduring countrywide lock-downs and mandated social distancing, many businesses have had to rapidly innovate to embrace technological and digital solutions. Thus, we’re observing that businesses and homes are embracing digitisation at a velocity never seen before.
- AR and VR applications can help us overcome the feelings of isolation through online learning, social and cultural events by plunging our immediate surroundings into learning work or entertainment spaces.
- Across all industries, increasing numbers of companies are adopting videoconferencing tools and project management platforms to provide their employees with remote work options.
- Banks within South Africa are now offering online shopping, small to medium business are also offering online shopping through apps like Shopify and more universities and schools are offering virtual learning models.
- Businesses will have to turn solutions such as AR and VR to ensure their survival.
- The real estate industry has taken a major knock, however, the use of VR tours real estate agents and landlords have a stellar opportunity to prosper, even during the pandemic.
- Augmented reality can provide a much-needed lifeline for retail, research has indicated that retailers have seen an almost 20 % spike in engagement through AR. Retailers will have to embrace AR solutions in order to reboot their sales projections.
Some of the advantages of digital transformation
- Competitive edge
The proliferation of Internet technologies means it’s necessary for businesses to go digital.
While it isn’t always a simple transition based on process implementation challenges, making this leap will benefit you in the long run as market changes inevitably call for flexibility.
- Better communication and teamwork
Newer generations demand flexible working options such as working from home or teleworking. Empowering your team through digital transformation will improve their skillset and while encouraging a digital culture in which communication and productivity thrive.
- Encourages innovation and improves efficiency
Adopting digital transformation often leads to the dynamic adaptability of business with the agility to stay ahead of new technologies and the possibilities that come with it. With digitalisation comes access to the latest information that impacts your decision-making capabilities. Thus, digitalisation can lead to a significant cost reduction as a result of an increase in productivity.