Covid-19 highlights the need for digital transformation across industries

June 2020

Abstract

When we think about the structural changes that Covid-19 has caused in our lives, our minds go possibly to the loss of loved ones, prolonged social distancing, or the need for protective gear for previously routine activities. And as they should. However, the pandemic will also continue to point out weaknesses in our technological infrastructure. Some of these challenges stem from our reliance on analog or outdated business systems, such as the payment infrastructure in use for the stimulus checks. In other cases, the coronavirus has presented problems and applications that we’ve simply never encountered before, such as the need for a privacy-preserving system to do contact tracing. Further, Covid-19 has intensified the importance of being able to transact digitally with less friction. The need for data transparency, provenance and access are more critical than ever. We believe that this will fuel digital transformation across industries as firms seek to not only survive in these challenging times, but re-emerge triumphantly. This paper walks through disruption in five industry verticals – trade, healthcare, insurance, financial services and telecommunications – and outlines opportunities within each for digital transformation.