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The shock of coronavirus brought changes to digital society. People have embraced new ways of connecting with colleagues, classmates, and loved ones virtually. The range of goods and services we buy online quickly ballooned. Not long ago, the appetite for spending time in new digital spaces seemed limitless. Gaming platforms, arguably best-positioned for the transition, showed that it was possible to create compelling live experiences like concerts in a virtual realm. Fitness platforms turned bedroom workouts into a social experience. Tech companies that offered ways to gather virtually found that users were willing to try almost anything. That's no longer the case. The growth of platforms to spend a lot of time on is slowing down. Two years into the pandemic, the meteoric growth of platforms that connect people online is petering out. It's also glaringly clear that interactions through today's technologies aren't ready to replace the ones we have in real life. Virtual and augmented reality, the technologies best-suited to fill this gap, are still a long way from delivering the "killer app" that will attract broad users. Our collective embrace of digital-first platforms was one of necessity, not desire. Don't blame the platforms for users being turned off. Both the nature of the pandemic shock and technological limitations can explain the change of attitude. Along the way, we have learned what people love–and hate–about living online. People don't like spending hours on the platform but appreciate the efficiency of transactional platforms like Uber, Airbnb, and marketplaces for common interests that are non-transactional. SmartMoneyMatch provides in the B2B investment space that enables investment sponsors to confidentially connect with relevant investors and service providers. The statistics speak a unanimous language for themselves regarding the success:
Why is this the case? Digitalization and digital transformation are hot topics for all industries, but especially for private capital such as private equity and venture capital in the current climate. Why? The investment industry has been notoriously slow to adopt new technology. This resistance is starting to catch up with the industry and is producing negative effects. In today's modern landscape, more businesses are operating remotely and relying on their data to make important decisions. Technology has become a critical business capability that can no longer be ignored. Those who don't transition and use technology to replace or enhance traditional processes will find it much more difficult to respond to changing market conditions and run the risk of getting beat by their competitors. Firms are hungry for change but lack the aptitude to achieve a radical digital transformation. It’s time to match the aptitude to the appetite. With the right technology stack, firms can support their entire investment life cycle with a transparent solution that shares data across departments for optimum efficiency.
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