UOB bank
November 2020
COVID-19 hit the world unexpectedly and has changed how we live. Unprecedented changes across the world have affected everyone, and has forced enterprises to rethink the way they work. This has led a large number of enterprises to make not only physical changes in the workplace, but also adopt new business models in order to survive during these tough times.
With disruptions facing the world today, enterprises need to move away from traditional business models to survive. While the concept of digital transformation (DX) is not new to organisations, the pandemic has forced many companies to embark on and accelerate their DX journey, when various governments enforced lock-downs and professional workforces across the globe had to shift to remote work within a very short period of time. In the midst of it, they found efficiencies in remote work. It has been proven that employees can be just as productive despite not working from a fixed workplace with assigned working hours. Most organisations have since indicated that they are keen to continue with flexible working policies even as restrictions in most countries have eased.
As the pandemic continues, the pace of DX will pick up, with the changes so far likely to pale in comparison to what is yet to come. The way we work, build/manufacture and play will change to adapt to the new restrictive conditions set out by respective governments. Hence, it is important for enterprises to get started on a DX journey to keep up with these changes and remain competitive in this dynamic environment.
DX is now happening at a much faster rate than before. Manual processes can be replaced with technologies that can lead to higher productivity, freeing up time for higher value customer engagement. This report highlights the trends, benefits and concepts around DX, as well as examples of organisations in different industries that have become more effective and efficient because of the small steps they took towards DX strategies.
We hope that you will find this report useful and will encourage you to start looking at ways to transform the DX strategies of your organisation.
For more information on these insights and banking solutions, please contact us here.
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