26 03

Thanks to the vaccines, the COVID-19 pandemic may be entering its later stages, but it has already upended everything we were previously accustomed to.

For businesses and economies in general, the effect has been quite drastic. Businesses of all sizes have had to deal with interruptions to supply chains, increased workforce risks, shifting customer demands and, perhaps most importantly, the need to accelerate digitization to cope with the changing workforce structure.

A report by Gartner projects that the ongoing digital transformation will affect about 70 percent of organizations by the year 2025.

The report is not unrealistically optimistic, however. A wide-scale shift to embrace the use of digital tools will have plenty of challenges.

Organizations will have to work hard and be creative if they intend to improve their efficiency and meet these obstacles.

According to the study, 77 percent of CIOs prioritize digital transformation in their budgets, showing just how important a role digitization plays in ensuring business continuity.

In fact, one KPMG study found that about 74 percent of U.S. CEOs had seen their companies accelerate digital transformation in a matter of months, all thanks to the pandemic.

The third stage of the PDSA entails a trial-and-error testing approach, whereby prototypes are integrated into business networks to determine whether they meet the needs established.

At this point, they can take advantage of cloud computing vendors like Amazon Web Services to meet digital transformation needs such as enterprise applications, analytics, developer software, networking and database solutions.

These strict approaches to managing working capital can improve risk management outcomes as you can identify and avert ineffective agreements with unreliable suppliers. The measure will be instrumental in re-negotiating new terms and conditions to ensure business continuity.

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