Agility in the New Digital Normal: How European Businesses Can Thrive In a Post-COVID World
Telstra is a Business Reporter client.
Digital transformation is helping European businesses adapt after a difficult year in the shadow of the pandemic, according to a new report by Telstra, a leading telecommunications and technology company. Matt Williams, Telstra’s Managing Director of EMEA, looks at how organizations are innovating, the need for agility and the challenges of cybersecurity in the wake of Covid-19
Covid-19 has changed the way in which we live, learn and work together, perhaps forever. People worldwide have been forced into a rapid digital transition that we have had no choice but to adapt to and accelerate with. Organizations have had to implement entire business strategies that would have otherwise taken years in a matter of months. Employees have changed their entire work routine, learned new skills and become used to a completely new way of working.
At Telstra, we wanted to understand how organizations across Europe are adapting to this sweeping change. We launched our Agility Report to discover how they are updating their digital transformation strategies to get the best out of their businesses at such a critical time. What we found shows that the best-placed organizations are those that are focused on their security and have been able to adapt quickly to fast-moving developments.
Security is an ever-evolving and challenging landscape
It’s clear that cybersecurity is more important now than ever in a company’s digital transformation strategy. Unfortunately, the pandemic, coupled with a fragmented workforce, has presented a unique opportunity for cybercriminals. Our research found that 65% of respondents report an increased number of cyberattacks during the pandemic.
The energy, oil, gas and utilities sectors reported the greatest increase in attacks, with 80% stating that the pandemic had increased the number of cyberattacks on their organization. Security accidents and non-malicious attacks have also increased during the pandemic—with some going unreported due to a lack of training, or even simply to avoid embarrassment.
It is imperative that businesses provide a supportive culture in which individuals can openly ask questions, learn to spot and avoid threats and report suspected incidents. As a strong security culture can only be shaped by the behaviors of individuals over time, leaders need to set an example for employees and the wider public to emulate.
However, it’s reassuring that businesses have been quick to realize the heightened risk of attacks, as more than half of our respondents reported that improving cybersecurity is a key priority in their Covid-19 recovery strategy.
Agility and cloud: a business necessity
The agility of a business is increasingly a key indicator of success, and that has never been truer than in the midst of the global pandemic. Our research shows that business agility has been vital during the pandemic, with success hinging on how quickly organizations could react and adapt to a disparate workforce and customer base. Those who adapted quickly were the winners, and many cited cloud as the key technology that enabled their success. It is therefore surprising that only 23% of respondents reported that their organization has a cloud-first strategy, with almost half (49%) expressing a need to migrate more applications to the cloud.
Ultimately, the research showed that, regardless of whether organizations implement a cloud-only or hybrid model, they cannot afford to forego the agility benefits that cloud can deliver for both network and business performance.
Applying digital transformation in a Covid world
From our research, it’s heartening to note that organizations are moving in the right direction with digital transformation strategies, with the majority identifying themselves as more agile than they were before. Four in five respondents agree that their organization needs to increase the pace of its digital transformation, as it underpins their ability to operate and is a business imperative for future growth and success.
At Telstra, we have always been agile, offering remote working for our employees. So when the pandemic hit, we had the technology and tools in place to adapt to the new reality. Remote working used to be a workplace perk, but now, it is a necessity.
European businesses have invested heavily in digital transformation despite the economic downturn, with respondents reporting an average increased spend of 2.71% as a result of the pandemic. Of those surveyed, the financial services industry in particular reported 3.5 times more digital investment than any other sector, with an average spend of $6.55 million.
Building and maintaining confidence
It’s encouraging to see that the businesses surveyed reported strong progress in their digital transformation and innovation plans, especially since a significant proportion identified themselves as being less agile before the pandemic. However, increased agility should not be the sole consideration in coming out stronger from the pandemic, and cybersecurity and a cloud-first approach are also mission-critical. It is only when this trifecta is fully addressed that organizations will be able to emerge with confidence into the post-pandemic world.
Read the full report and learn how Telstra can support your transformation journey here.
— Matt Williams, Managing Director, EMEA, Telstra
This article originally appeared on Business Reporter. Image credits: iStock 1291736312
