As MIT economics professor Rüdiger Dornbusch once remarked, “Things take longer to happen than you think they will, then happen faster than you thought they could.” This holds true for the digital transformation triggered by the COVID-19 pandemic. According to a McKinsey survey conducted around peak pandemic time, COVID-19 had accelerated technology adoption at an unprecedented pace. In fact, 63% of leaders had embraced digital transformation earlier than anticipated, a process typically taking three to four years.
At the center of this change were the CFOs, who recognized the potential of advancing digital capabilities as a panacea for generating better-quality data that could result in sharper analytics and actionable insights for stakeholders. Individuals who were thought to be masters of money matters, suddenly transformed into technology evangelists and the results were out there for all to see. Companies with a stronger digital maturity adapted to rapid digital transformations, giving them a significant edge over competitors. Deloitte research shows that 49% of enterprises with high levels of digital maturity saw net profits way beyond the industry averages.
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