There is a saying “every company needs to become a tech company in the wake of COVID-19”. The statement did not suggest that all companies have to turn into technology developing companies. Instead, companies should start to adopt the technology and transform their current technology. Here is why you should too. In a recent McKinsey study, some 50% of surveyed companies reported moderate to a significant impact on realizing new revenue streams, almost 70% reported impact on increasing existing revenue streams, and 76% reported impact on reducing costs.
Technology transformation remains difficult and complex to most entrepreneurs. The technologies to be transformed could be digital or non-digital technology that affects every part of business operations. It requires an external consultant to perform a comprehensive analysis to develop the best strategy relevant to your business.