CEBU, Philippines — While most companies in the Philippines are now spending to improve digital tools to stay relevant under the new normal, there are also firms that have yet to embrace digital transformation.
In a survey conducted by Grant Thornton in June this year, on the impact of COVID-19 on the digital transformation agendas of companies in the Philippines, it revealed that about nine percent of its respondents expressed no plans to respond to the effects of the pandemic through digital initiatives.
However, 17 percent of the respondents, were already spending on digital transformation pre-pandemic would continue to do so.
The respondents were mostly leaders and decision-makers of organizations in various industries with assets greater than P100 million.
The year 2020 is a forgettable yet memorable year to remember for most businesses around the world.
The COVID-19 pandemic has forced business organizations to find ways to continue operations despite the government restrictions enforced to ensure public health and safety.
For corporate survival, many companies have resorted to digital transformation initiatives, such as innovations in workplace mobility, digital marketing, and e-commerce.
Some companies have also modified and recalibrated their business models, processes and systems to address the challenges of the ongoing situation.
It is true that digital transformation is not a magic pill that will cure all problems at this difficult time. Nonetheless, companies should digitally adapt to be resilient now and, perhaps, to alter the future of their respective industries, Grant Thornton suggested.