COVID-19 is already massively changing humanity and our global economy. There is no doubt that this pandemic will have lasting and far-reaching implications. While cases are being recorded around the world and recent reports show that nearly a quarter of the world's population is currently in a form of foreclosure, a growing number of businesses are facing incredibly worrying times due to business outages. supply chain, a decrease in customer demand and social measures imposed by the remote government, among other challenges.
About the author Dean Nicolls, Vice President of Global Marketing at Jumio. However, although there is no fixed end date, no vaccine to combat it, and no approved drug to stop its reaction in the human body, the world is beginning to adapt to the new operating conditions we are facing. we find ourselves confronted. In the blink of an eye, everything worked remotely. Universities around the world need students to take courses and exams online, global health agencies need to know who someone is remotely instead of having them visit clinics, and essential services like grocery stores now have need. contactless deliveries.
It is essential that companies build in the operational resilience necessary to survive this new reality. The COVID-19 pandemic has highlighted the value of IT and digital transformation, and organizations should take advantage of this time to accelerate the transition. IDC conducted a survey in China last month and analyzed the opinions of 32 CXOs in 10 industries on the value of IT and digital transformation in fighting the epidemic, the impact of the novel coronavirus on businesses, and new digital transformation measures. after the pandemic. They have had interesting results. The top three negative impacts of COVID-19 on businesses have been highlighted as a significant drop in sales performance, an inability to resume production, and an inability to visit customers. However, the top three positive impacts were cited as an improvement in the ability of companies to work in remote collaboration, an ability in online marketing and business development, and finally, a broad recognition of the value of digital transformation and technology. of information among all employees. Sandy Shen, senior analyst director at Gartner, said it best: "This is a red flag for organizations that have placed too much emphasis on day-to-day operational needs at the expense of investing in digital business and long-term resiliency. Companies that can shifting technological capacity and investments to digital platforms will mitigate the impact of the epidemic and keep your business running now and in the long term.This statement, looking back, seems to be something that we as business leaders have known for years, but it is only when it is imposed on you that you really understand the real need for this change in digital transformation
Building trust in a digital world
Countries with stricter COVID-19 restrictions, such as Italy, have seen a sharp increase in online learning, streaming, and shopping on e-commerce sites. Businesses are evolving to become more digital with an increasing number of customer interactions, not in person, but on a screen. These digital transformation efforts start with the creation of new online accounts. Digital identity management is often overlooked in an organization's digital transformation strategy, but it is vital because companies need to verify that a person's digital identity matches their physical identity when conducting any online business. Not only does it provide a better user experience, but it can also deter online fraud and help meet strict compliance requirements like KYC and AML. It's revealing, but not surprising, to see which industries are seeing a windfall in online business as a result of the pandemic: banking, financial services, food delivery, and even gambling are seeing significant increases. new customer records which, in many cases, help offset lost store sales. Unfortunately, many companies still link their customers to their physical stores or branches to create a new account, or even to carry out routine transactions. This will be increasingly difficult to maintain as many of us are confined to home and most stores in Europe will close for the foreseeable future. Organizations that have turned their businesses on the Web are in a much better position to deal with this pandemic, both in the short and long term. Digital transformation covers a lot of territory, but starting with identity verification makes sense because it allows modern businesses to streamline the customer onboarding journey. Users can create new accounts and make transactions from their smartphones and computers 24/7 without ever leaving their home. Of course, the focus on digital transformation is not new. Businesses have been pushing for digital accounts for the past few years, but COVID-19 is likely to be the catalyst to push this transformation past the finish line.