A tale of 2020 in 20 McKinsey charts

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See the story of this unique year through data visualizations from our Charting the Path to the Next Normal series.
This year, we launched a new series to highlight our best charts and data visualizations—the ones that deserved lives of their own outside the articles they were originally created for. Every weekday, we post a selection from one of our highly skilled data-visualization editors to our collection page, Charting the Path to the Next Normal. As we look back at the year that was, these daily charts tell a story about our changing world, from the early days of lockdowns and a tumultuous summer to ending the year on a hopeful note. While uncertainty remains, and each chart in isolation offers but one lens on the landscape, the themes emerging from the collection as a whole provide unique insight into the many disruptions 2020 visited on us.

How COVID-19 has pushed companies over the technology tipping point—and transformed business forever

In just a few months’ time, the COVID-19 crisis has brought about years of change in the way companies in all sectors and regions do business. According to a new McKinsey Global Survey of executives,1 their companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.2 Nearly all respondents say that their companies have stood up at least temporary solutions to meet many of the new demands on them, and much more quickly than they had thought possible before the crisis. What’s more, respondents expect most of these changes to be long lasting and are already making the kinds of investments that all but ensure they will stick. In fact, when we asked executives about the impact of the crisis on a range of measures, they say that funding for digital initiatives has increased more than anything else—more than increases in costs, the number of people in technology roles, and the number of customers.To stay competitive in this new business and economic environment requires new strategies and practices. Our findings suggest that executives are taking note: most respondents recognize technology’s strategic importance as a critical component of the business, not just a source of cost efficiencies. Respondents from the companies that have executed successful responses to the crisis report a range of technology capabilities that others don’t—most notably, filling gaps for technology talent during the crisis, the use of more advanced technologies, and speed in experimenting and innovating.3 Tiếp tục đọc “How COVID-19 has pushed companies over the technology tipping point—and transformed business forever”