A sudden acceleration in digital transformation presents new opportunities
More than three-quarters (78%) of Canadian companies believe they overperformed during the pandemic with respect to their digital transformation efforts. However, while 82% of respondents indicate their companies undertook a comprehensive strategic and portfolio review in 2020, we find that investment in digital transformation remains a top strategic priority, right behind growth through acquisition.
To a large extent, accelerated digitization was forced on Canadian companies in ways that few could have expected. From remote working — which has enabled collaboration without business travel — to the rapid ramp-up of ecommerce capabilities, Canadian companies realized early that there were digital opportunities amid adversity.
As a result, 68% of Canadian companies say they are planning to increase strategic focus and investment in digital transformation — something 74% of executives say is already underway. And while the main trigger may have been the impact of the pandemic, their predominant priority is to create a more flexible operating model and cost base.