2020 Wake-up Call: US Business Leaders Take Bold Action to Recover From Pandemic and Accelerate Growth With Digital Transformation
The year 2020 not only tested a decade’s worth of tech-fueled investment and deal-making but also stressed business models, value chains and portfolio holdings.
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With most businesses adopting a digital-first mindset, many executives thought they were in fifth gear and innovating to meet customer demand — now they realize there’s a sixth gear driving transformation. These findings are reflected in the 23rd Ernst & Young LLP (EY US) US Global Capital Confidence Barometer (CCB), which indicates US business leaders’ need for resiliency and growth in 2021.
COVID-19 accelerated digitization. Where there was some fatigue prior to the emergence of the pandemic, 76% of US business leaders now plan to increase digital investments as a part of their 2021 strategy. In addition, 73% are increasing spend on customer engagement and 74% plan to invest in workforce management.
Interestingly, most US companies appeared confident that their pandemic response outperformed competitors, specifically around digital transformation (79%). Meanwhile, leaders compared themselves less favorably in terms of operational stability (67%) and workforce management (22%).
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“US business leaders are consistently shifting from damage control to ambitious, forward-looking growth,” said Bill Casey, EY Americas Vice Chair, Strategy and Transactions. “Everyone is grappling with what changes are permanent and which are temporary, but it’s clear that digital investment is a necessity. Executives are doubling down on their ability to connect revenue sources more tightly to business, employees to employees, and customers to customers. And many will test the waters of M&A to achieve those digital ambitions.”
He added, “Much has been made about looking upstream at supply chains. What we really need to do is also look downstream to comprehend the entire value chain, to get close to the customer and prepare for the next crisis preemptively.”
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