How have business priorities changed pre- and post-Covid? The global pandemic has dramatically refocused business priorities for businesses across the UK.
Francois Lacas, Deputy COO at Yooz
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n a life before Covid, businesses prioritised factors such as increasing operational productivity, communicating better with other departments, and gaining better control over dayto-day financial processes. Post-pandemic, however, the outlook is very different. According to a new survey of UK finance leaders, the top priority now is being able to adapt to Digital Transformation. The technologies of old simply can’t cut it in today’s agile working world, and businesses simply have to invest in better support if they’re to grow in the future. Twinned with a new reality of hotdesking between home, office and remote locations, the strengthening of cyber security practices has also climbed to second in the ranks of business priorities.
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But how do businesses protect files, data and private records while people are on the move and out of sight? Business priorities have changed. Both of these factors were never really a priority before. Both reflect the challenges businesses face in a future full of long-term changes to working practices.
Technology, not processes, a priority One just needs to look at the rising stock of companies such as WeWork, Zoom and Slack to see that the old way of working simply isn’t working any more. The majority of Europe’s workforce want a flexible working environment, which only increases the amount of, and demand for, new technology. Employees are dotted across the world now, and tech investments are set to soar to accommodate this greater flexibility.
A McKinsey report states Covid-19 has accelerated digital transformation by seven years, yet we’re only really seeing the start of it. Gartner predicts global IT spend will increase by 9% in 2021, driven by companies' needs to accelerate their digital transformation as businesses switch from survival to growth mode. Everything from data centres and software systems to new hardware and IT services will grow exponentially as businesses top up investments already made to support staff during office closures. Priorities have shifted. Increasing productivity, internal communication and financial control are second to putting in place the technologies that keep us operational. Being able to shape the future of the business around this new environment is an issue which could spiral out of control if not dealt with quickly.
