COVID-19 spurs organisations’ digitisation progress, says Deloitte
11 Aug 2020
The COVID-19 pandemic has accelerated organisations’ digitisation progress, according to a survey by Deloitte.
In a statement, it said prior to the outbreak, organisations might not have treated digitisation as a top priority as it was thought to be either a good-to-have or mission impossible, due to the perceived challenges.
“However, in a social distancing environment, going digital is now a matter of life and death for many businesses.
“It was evident that organisations with digital workspace were able to reduce disruption at work during the movement control order (MCO) period, whereas those without had to quickly adopt digital tools to resume business activities to a certain level,” it said.
While having a digital workspace has benefited organisations in many different aspects, Deloitte said risks and roadblocks might also be present to those unfamiliar with the new business setting such as the risk of fraud and misconduct.
According to the survey, Deloitte said over one-third of responses indicated that their organisation had experienced an incident of fraud over the last 12 months, or expected more incidents of fraud in the upcoming months.
“Organisations should thus be prepared for an increased risk of fraud.
“A recent publication by the Association of Certified Fraud Examiners (ACFE), “Fraud in the wake of COVID-19”, highlights cyber fraud, fraud by vendors or sellers, and payment fraud as the top three frauds that are expected to rise in the coming year,” it added.