Digitization Considered Vital to Business Success and Efficiency

1. Digitization Considered Vital to Business Success and Efficiency Document scanning services can digitize all data, which helps to work more easily with suppliers & customers while gaining more control over the business. Managed Outsource Solutions 8596 E. 101st Street, Suite H www.managedoutsource.com (800) 670 2809 Tulsa, OK 74133

2. Digital transformation has impacted nearly almost all industries. Large businesses have taken the lead by digitizing documents to enhance productivity, improve response times, monitor process status and optimize workflows. Digitization helps businesses to be agile, customer- oriented, well-connected, innovative, efficient and stay aligned with present and future customer needs. It also provides a strong and flexible model of customer service and ensures the security of all confidential and intellectual data. Document scanning services help convert all documents into the desired digital format, which makes it easier to work directly with suppliers and customers while gaining more control over the business. Granted that digital transformation is vital for business efficiency and growth, will businesses continue to invest in digitization in the present situation with reduced budgets and the fear of recession? With the outbreak of COVID 19, businesses are in a crisis and facing the problem of tighter budgets and profits going down the hill. The Chief Financial Officers are struggling to ensure that their organizations have a robust cash position and balance sheet to address the challenge. Since CFOs control the operations across the organization, they play an important role in deciding investment in the areas of technology and digitization. PwC’s COVID-19 CFO Pulse report gives some insight into the job finance leaders have on their hands right now. This survey has been done on 313 US finance leaders at a time when employment claims are increasing across the country and small businesses are struggling to make ends meet with emergency loans. The report states that more than two thirds i.e. 67 percent of US leaders are cancelling planned investments. It also shows how the current situation will affect how businesses will prioritize investment in technology. Interestingly, the least cuts are expected in areas such as digital transformation, cybersecurity, and customer experience. The survey showed that only 25 percent of CFOs are considering minimizing funding for digital transformation plans, and 15 percent are looking to reduce spend on customer experience associated functions. This is clear proof that these areas are considered essential for the survival of businesses and need to be sustained. IDC predicted that worldwide spending on digital transformation would peak up to US$1.2 trillion by 2023, taking up the lion’s share of spending in ICT. www.managedoutsource.com (800) 670 2809

3. Just like digital transformation, business spending on cyber security is also on the rise. Cyber criminals are leveraging the opportunity opened up by COVID-19 related policy changes such as work from home, wherein people are working outside the security ensured by the office network. Working from home has increased the number of connection points in the network and the certificates and keys that ensure authentication and baseline protection. Investment in cybersecurity is vital. Digital Transformation Market Is expected to Grow by 2025 The digital transformation market is expected to grow at a CAGR of 22.7% from 2019 to reach $3,294 billion by 2025 according to the market research report “Digital Transformation Market by Technology (IoT, Cloud, Big Data, AI, Cybersecurity, AR/VR, RPA), Process Transformation (Customer, Operation, Product, Workforce), End-use Industry (Retail, Healthcare, Manufacturing, Insurance, IT & Telecom, BFSI), Industry Size, and Geography - Global Forecast to 2025”, published by Meticulous Research. Digital transformation has been increasing in popularity over the past years and it is expected to grow in the coming years. The growth of the overall digital transformation market is driven by the increasing adoption of AI & robotics in manufacturing, lack of skilled workers in traditional manufacturing, increasing adoption of the Internet of Things, and government initiatives & policies towards digitization in developing nations. The digital transformation market is divided on the basis of technology, end use industry, industry size and process. On the basis of technology, the Internet of Things (IoT) segment commanded the largest share of the overall digital transformation market in 2019 due to the extensive adoption of cloud services; growing digital initiatives, rising use of mobile devices etc. On the basis of end use industry, the banking & financial services segment commanded the largest share of the overall digital transformation market in 2019, owing to these institutions’ rising focus on strengthening customer engagement with personalized offerings, virtual assistants, fraud detection and integrating advanced analytics tools. On the basis of industry size, small and medium businesses hold the largest share of the overall digital transformation market in 2019, owing to emergence of start-ups and technological developments along with the need to enhance customer experience and improve speed and accuracy of delivery services. www.managedoutsource.com (800) 670 2809

4. Geographically, North America holds the largest share of the overall digital transformation market in 2019, followed by Asia Pacific. The large share of North America region is mainly due to rising developing economies, presence of young population coupled with the rising disposable income, and increasing government initiatives and investment in research & development for advanced technologies in this region. The Asia Pacific region is also expected to grow during the forecast period. Given the importance of digitization and innovation in business, organizations can consider hiring document conversion services to organize all data. With effective digital transformation and cybersecurity measures, businesses can streamline workflow, increase security, and enhance productivity while customers enjoy quicker response and satisfaction. www.managedoutsource.com (800) 670 2809