4 Stats Illuminating How Businesses Are Adjusting to Covid-19

Operational Excellence
Nov 23, 2020
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6 Min Read
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As the world continues to deal with the Covid-19 pandemic, the impact on the business community is still being felt. But the organizations that are having the most success are the ones who have effectively adapted to the new realities of business and remained flexible during this period of constant change. The new Quick Base-sponsored report from Harvard Business Review Analytic Services, “Reevaluating Digital Transformation During Covid-19,” lays out the effects of Covid-19 on businesses and their attitude towards digital transformation. 

Here are four key takeaways from that report, and some of the major statistics showcasing how organizations adjusted and reacted to Covid-19. 

Covid-19 has altered operating models at almost every business

91% of organizations surveyed altered their operating models because of the Covid-19 pandemic

It’s no surprise that organizations were deeply impacted and pushed to change based on the impact of Coivid-19. But the scale to which that change has come is staggering. HBRAfound that 91% of organizations surveyed altered their operating models because of the Covid-19 pandemic. From small-scale to full overhauls, organizations across industries have had to adjust to the new realities of business. And the scale is worth recognizing as well – 33% of organizations classified their changes as “significant,” with 58% classifying them as moderate. 

Business resiliency is a new top priority

One of the other new focuses that Covid-19 has brought into stark relief is the need for more business resiliency. Since the Covid-19 pandemic, began, this report found a 33% increase in organizations that see improved business resiliency as a top goal of digital transformation. As organizations seek to become more prepared to embrace and navigate uncertainty, finding methods to become more resilient is key to success going into 2021 and beyond.

Becoming more agile requires enabling innovation across your business

With organizations looking to become more agile and more flexible, dual-track transformation provides a clear path forward to operational agility and digital transformation. For the organizations who have seen their business models altered due to Covid-19, this is the moment to focus on digital transformation 

A major key to that is innovation coming both at the leadership level and across the entire business – a big point in the right governance models for innovation. This report found that 77% of respondents strongly agree that successful digital transformation requires innovation at the enterprise level and across departmentsWith users at the business level enabled to solve the problems they are closest to, when major business adjustments need to happen – such as adjusting to Covid-19 – they can happen rapidly instead of taking up dedicated IT resources.

Leading organizations continued to lean on their transformation success

Lastly, the Covid-19 pandemic made incredibly clear the differences between leading organizations and their competition. Leaders – 27% of surveyed organizations – viewed their digital transformation strategies as “very successful” both before and after the pandemic. And it is no secret what the strategies are for those leaders. 69% of leaders are relying on a dual-track transformation strategy, and 73% are capitalizing on low-code development. These organizations are using low-code and dual-track transformation at a higher clip than follower and laggard organizations, showcasing the advantages they have during this time of major business turmoil.

Learn more in Harvard Business Review Analytic Services’ new report, Reevaluating Digital Transformation During Covid-19
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