covid-19 business change

Covid-19 is speeding up all kinds of changes in business

A recent survey of more than 200 enterprise business professionals confirms that Covid-19 is hastening both personal and business change across every industry.

In a May 2020 survey conducted by MicroStrategy, 88% of respondents said that Covid-19 has had some or a significant impact on their work, with more than 30% saying the impact has been significant. While 27% said that their employer has a new focus on employee upskilling because of changing priorities related to Covid-19, more than half of respondents (54%) said they now have a personal focus on improving their work-related skills or learning new ones.

Back to business

On the business side, 79% of survey respondents said that the impact of Covid-19 is accelerating their organization’s digital transformation initiatives. Top challenges and priorities that are now being addressed in order to adapt to a “new normal” include:

  • Budget changes
  • Employee productivity and retention
  • Remote work adaptation and collaboration
  • Connecting data with new KPIs
  • Ensuring trusted data to predict outcomes
  • Re-envisioning customer engagement

In relation to customer engagement changes, 91% said that Covid-19 has had some or a significant impact on their organization’s customer experience and customer engagement initiatives, with 38% saying the impact has been significant. And, as a direct result of the pandemic, 68% say their organization’s use of analytics has increased.

“Insight is great. Foresight is gold,” noted Constellation Research VP and Principal Analyst Doug Henschen in a recent webcast detailing Constellation Research’s Post-Pandemic Playbook for Business. Henschen said new leadership models, trust, remote work policies, reskilling investments, plus a focus on communications, mental health support and safety will be key people and process considerations moving forward. For technology, it will be all about continuity, resiliency, cloud to achieve scalability and flexibility, analytics for agility and performance, AI and automation, plus mobility and privacy.

Author: Tricia Morris

Source: Microstrategy