BusinessCoronavirusLatest News

Digital transformations ‘increase exponentially’ during Covid-19

Digital transformations in the workplace have ‘‘increased exponentially’’ during the Covid-19 pandemic, with organisations becoming increasingly reliant on digital products and services to survive, according to a report released by ACCA.

This change has been brought by the maturing of digital applications, which has made them widely accessible and relevant to employers in the current economic climate.

The ‘Digitisation and the global pandemic’ report details the fallout of this ‘‘immense change’’ following the pandemic, including case studies from business leaders working for KPMG and SAP Asia Pacific Japan.

ACCA’s report offers businesses practical advice to navigate this digital evolution, using its ‘Act, Analyse and Anticipate road to recovery’ digital model.

The recommended first step is to ensure operability, then analyse potential opportunities in the future, followed by establishing a digital strategy for the business and identifying technology’s long and short-term role to support the workforce virtually and physically.

Narayanan Vaidyanathan, the report’s author said: ‘‘Technology and digital have helped many organisations to continue to operate – those already thinking about digitisation adapted better, while those who had historically resisted it found their problems amplified. 

‘‘That’s why we think our roadmap is helpful, a practical guide to plan over the short, medium and long term to cope with digital change. Many have had to accelerate their digital plans, and make huge changes to how an organisation actually works.’’

He added: ‘‘Home working has become the norm, and for managers this has demanded a change in style and approach – the rise of digital has meant the need for even more leadership from the front, with a strong human touch.’’

Sam Ellis, chair of ACCA’s global technology forum, said: ‘‘Covid-19 has, at least for now, reduced the tolerance for traditional hard-charging ways of doing business. Organisations are thinking more critically about what their digital footprint says about their values and respect for the community. 

‘‘But we are very much still in uncharted waters, and I know that the accountancy profession is working hard to navigate ahead, facing these challenges head-on and leading from the front.’’


Show More
Back to top button