The COVID-19 pandemic accelerated digital transformation efforts across industries, forcing businesses to rethink operations, customer engagement, and technology investments almost overnight. Organizations turned to cloud computing, payment automation, APIs, robotic process automation, and digital commerce solutions to maintain continuity while adapting to changing consumer behaviors. In many cases, companies that had already invested in modern infrastructure were better positioned to scale quickly, support remote operations, and meet growing demand for online services.
Nothing changes the status quo faster than a disaster, and it is often technology that helps us adjust – and that’s the case with the COVID-19 pandemic. Businesses have responded by automating tasks, expanding mobile and online channels, utilizing APIs to enable new products and partners, and Robotic Process Automation to reduce the number of employees needed to perform key processes.
Companies that already moved to the cloud saw major benefits in the ability to scale with the record number of customers that poured in online, or reduced costs as activity shrank. Technology for online interaction is being rapidly deployed as merchants add order for pickup and delivery options, which isn’t reflected here:
“These companies connect supplier payments and billing to accounting and enterprise resource planning systems. The race among these firms is to be an essential project when other technology initiatives may get pushed back.
“Crises define customer relationships, and what a company does with a customer at a time of crisis will define the relationship forever,” said Thad Peterson, a senior analyst at Aite, adding retailers are also aggressively upgrading online capabilities.
Part of boosting onboarding speed is general communication, Caudill said. “Innovating is about listening to what companies need,” Caudill said of positioning payments automation as a business continuity move. “Companies are deprioritizing some projects.”
The general trend toward cloud-based and open development will help payment companies deploy digital transactions faster. Square, for example, recently boosted its API to accommodate larger companies. And Stripe in the past year has made moves to connect its B2B platforms with other Stripe payment technology.
“The bottom line across the board right now is any tech deployment is going to need a fast turnaround,” said Sam Maule, a managing partner for 11:FS. “It really needs to be that ‘seven lines of code’ for the next few months.””
The pandemic demonstrated how rapidly businesses can adapt when faced with unprecedented challenges. Technologies such as cloud computing, payment automation, APIs, and digital commerce platforms became essential tools for maintaining operations and strengthening customer relationships. As organizations continue to navigate a more digital-first environment, the ability to deploy scalable solutions quickly and efficiently will remain a critical competitive advantage long after the immediate crisis has passed.
Overview provided by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group.