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We use cookies essential for this site to function well. Please click "Accept" to help us improve its usefulness with additional cookies. Learn about our use of cookies, and collaboration with select social media and trusted analytics partners here Learn more about cookies, Busineess and Technology in new tab. According to a new McKinsey Global Survey of executives, 1 1. The online survey was in the field from July 7 to July 31,and garnered responses from C-level executives and senior managers representing the full range of regions, industries, company sizes, and functional specialties.

And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.

Digital adoption has taken a quantum leap at both the organizational and industry levels

We looked at the past results for the degree https://amazonia.fiocruz.br/scdp/blog/gregorys-punctuation-checker-tool/overview-salinas-kean-university-is-a-public.php digital adoption reported in each of these areas of business operations. Based on the average percentage of adoption in each survey, we calculated a trendline to represent the average rate of adoption in, and just before the crisis, which respondents were asked about in the survey. Busineess and Technology acceleration time frame was calculated from the amount of time it would have taken to reach the current level of digital adoption respondents report if the precrisis pace of Busineess and Technology had continued.

Nearly all respondents say that their companies have stood up at least temporary solutions to meet many of the new demands on them, and much more quickly than they had thought possible before the crisis.

The largest changes are also the most likely to stick in the long term

In fact, when we asked executives about the impact of the crisis on a range of measures, they say that funding for digital initiatives has increased more than anything else—more than increases in costs, the number of people in technology roles, and the number of customers. We define a successful organization as one that, according to respondents, has very effectively implemented their initial responses to COVIDrelated changes. During the pandemic, consumers have moved dramatically toward online channelsand Busineess and Technology and industries have responded in turn.

The survey results confirm the rapid shift toward interacting with customers through digital channels. They also show that rates of adoption are years ahead of where they were when previous surveys were conducted—and even more in developed Asia than in other regions Exhibit 1.

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Respondents are three times likelier now than before the crisis to say that at least 80 percent of their customer interactions are digital in nature. Perhaps more surprising is the speedup in creating digital or digitally enhanced offerings. Across regions, the results suggest a seven-year increase, on average, in the rate at which companies are developing these products and services. Once again, the leap Tevhnology even greater—ten years—in developed Asia Exhibit 2. Busineess and Technology also report a similar mix of types of digital products in their portfolios before and during the pandemic.

This finding suggests that during the crisis, companies have probably refocused their offerings rather than made huge leaps in product development in the span of a few months. Across sectors, the results suggest that rates for developing Busineess and Technology products during the pandemic Tecynology. Given the time frames for making manufacturing changes, the differences, not surprisingly, are more apparent between sectors with and without physical products than between B2B and B2C companies. Respondents in consumer packaged goods CPG and automotive and assembly, for example, report relatively low levels of change in their digital-product portfolios. By contrast, the reported increases are much more significant in healthcare and pharma, financial services, and professional services, where executives report a jump nearly twice as large as those reported in CPG companies.]