THE IMPACT OF COVID-19 PANDEMIC ON ACCELERATED DIGITIZATION OF THE ECONOMY
THE IMPACT OF COVID-19 PANDEMIC ON ACCELERATED DIGITIZATION OF THE ECONOMY

Summary/Abstract: The main topic of this paper is the impact of COVID-19 pandemic on accelerated digitization of the economy. In order to facilitate understanding of the given topic, the goal of this paper is to explore the causal link and effects that COVID-19 pandemic had on accelerated digitalization of companies around the world. The outbreak of the global COVID-19 pandemic is an absolutely singular phenomenon in recent economic history that will leave deep impact on the economies around the globe. Almost all aspects of our lives have changed in just one year. Hence, today we depend heavily on digital tools, whether it’s trade, education, working from home, or something else. Ultimately, this makes it even more difficult for companies to survive, as the expectations they have to meet are now higher than ever. The digital transformation certainly did not begin due to the COVID-19 pandemic, but it was accelerated by it - according to some experts, COVID-19 accelerated digital transformation strategies by an average of six years globally. Many companies recognized the importance of digitizing business processes long before the pandemic and began the digital transformation. However, the appearance of the coronavirus has forced companies to adapt to the new circumstances practically overnight. COVID-19 has turned digitization from a “nice to have” to a “must have” for many organizations, forcing them to adapt and modernize quickly in order to keep their operations running. Everything that could be digitized has been digitized, and what hasn’t (and has no intention of doing so in the next few years) is doomed. Staying in the comfort zone, i.e. deciding that everything is going the old way, is no longer a business option. The value of digitization has become more evident than ever, and those who refused to think about it are now forced to do so. Changes that were brought upon practically overnight in many countries actually helped to drive a digital transformation that has impacted businesses across industries. Exploring how these changes have impacted the businesses can help people understand how organizations can embrace their digital transformation and what parts of these changes will likely be here to last.

• Details
• Contents