As business leaders try to make sense of what’s in front of them – while mapping out a plan for the short-, mid-, and long-term for their organisations – one of the critical things to consider is the potential for digital transformation, says Senior Deputy Dean of UNSW Business School Professor Leisa Sargent.
There are four types of digital transformation: business process, business model, domain, and cultural and organisational. While some businesses have already pivoted their organisations, the question is whether they are genuinely investing in the technologies they need for the future, says Prof. Sargent.
They also need to be thinking about where the risks are in their business, says Prof. Sargent, who points to recent cases of legacy issues, particularly with infrastructure and technologies, as well as threats to cybersecurity.
“We see that pretty much every day affecting businesses, and also agencies and government agencies. So, I think there’s a really important piece around how we think about our business,” she says.
Digital transformation within businesses across Australia has accelerated since the outbreak of COVID-19. Amid the chaos of the first wave, a Capterra Australia survey found 57 per cent of employees said their business had already begun operating fully remotely by mid-April, with 6 per cent saying they had plans to be by the end of the month.