Why You Should Speed Up Your Digital Transformation During the Crisis

by Malcolm Musgrove

Before the crisis, if your company depended on a physical business location and in-person interactions with customers, vendors and employees, it might have made sense to cling primarily to legacy systems and paper processes. Adding digital components like a website, mobile app or electronic payment processing didn’t necessarily mean you’d undergone a complete digital transformation.

The current health crisis has changed the business community with guidelines and mandates on remote work and social distancing. Even if you’re fortunate enough to continue operating, this radical change may mean it’s time to take a deep dive into a digital transformation, rather than just baby steps.

Here’s why you need to change now, and how to do so on a lean budget.

Crumbling legacy systems and paper processes
Not every business is adequately handling the volume that many financial institutions and state and federal organizations are currently experiencing for loan and unemployment processing. These are prime examples of the insufficiencies of legacy systems buckling under the pressure of increased demand. Healthcare and insurance systems are also struggling in this new environment.

Accounting

On a smaller scale, businesses and startups are also finding it difficult to continue using manual accounting systems that involve paper processes. For example, the new environment makes it difficult to process paper paychecks unless an employee can remotely access the payroll and accounting software as well as print checks. They must also mail all those checks and hope that their employees can somehow deposit them all while complying with shelter-in-place rules.

Payments

Perhaps your business can stay open but you primarily dealt in cash, in-store credit or debit card payments. It’s difficult to continue serving customers without migrating to a digital ordering and payment process. While you might be able to incorporate curbside pickups, customers may not accept this option. If so, they’ll go to a different business that lets them use an order and payment app.

Adding more digital solutions can help sustain your business during these uncertain times as well as maintain revenue and keep productive work flowing.

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