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UK companies have re-invented their business models due to the pandemic

(Image credit: Image Credit: Wright Studio / Shutterstock)

Covid-19 has forced organizations to re-invent their business models (opens in new tab) and shift their digital transformation efforts into overdrive, accomplishing “in a few months, what would normally have taken them years”.

This is according to a new report from Dell, based on a poll of 4,300 business leaders at mid-size businesses and large enterprises, across 18 countries.

According to the report, almost three quarters (72 percent) of businesses have fast-tracked digital transformation programs this year and totally re-invented their business model.

Taking these figures into account, the proportion of “digital leaders” in the UK (those considered most digitally mature) is now at five percent. At the same time, digital adopters grew from 22 percent in 2018, to 32 percent today.

“We’ve been given a glimpse of the future, and the organizations that are accelerating their digital transformation (opens in new tab) now will be poised for success in the Data Era that is unfolding before our eyes”, said Michael Dell, Chairman and CEO, Dell Technologies.

The road to a more digitally mature organization is a long and challenging one, however, with many obstacles along the way.

Dell identified three main barriers to successful digital transformation in the UK: lack of budget or resources (the main reason since 2016), concerns over data privacy and cybersecurity and the inability to extract insights from data.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.