While the pandemic has been devastating for many business owners, the good news is most Canadian business leaders believe their business will survive.
A recent survey from Microsoft Canada found that 69 per cent of entrepreneurs believe their business will survive the pandemic and into 2021, while 54 per cent said they believe they’ll be able to adapt to the challenges of the year ahead.
Additionally, 51 per cent believe they are well-equipped to survive a second wave of the virus.
Further, 56 per cent of business owners credit the pandemic as the catalyst to push their company to adopt new technology and new ways of working.
Forty-five per cent of entrepreneurs said their digital transformation was overdue, and 66 per cent of this group said their businesses suffered because of it amid the pandemic.
“Digital resilience is paramount and never more so than when dealing with the impact of major disruptions like the pandemic. Organizations are relying on technology to adapt and thrive – from emergency response, to recovery, to reimagining the way we work and live,” Kevin Peesker, president of Microsoft Canada, said in a news release.
“The pace of digital transformation has accelerated all over the world, and it is clear, those organizations that are using data, AI and the cloud are better equipped and more likely to not just survive, but to thrive,” he continued.
Moreover, while many businesses are prioritizing a technological transformation, few are prioritizing security—only 26 per cent of business decision-makers said their company had already identified and applied new security solutions for online processes, and only 20 per cent said they have prioritized migrating to the cloud within the next year.
“Millions of people moving to remote work, remote learning and even remote socializing in a matter of months means the number of potential targets for cybercriminals has never been higher,” Peesker said.
“While I am heartened by the innovation and agility I have seen, business leaders must be equally focused on securing their organizations’ digital infrastructure as they evolve their business,” he added.