How digital transformation can build more resilient businesses
During the COVID-19 pandemic, schools, hospitals, businesses and governments have depended on technological innovation more than ever before to keep their operations afloat. As nations work to rebuild and reinvigorate the global economy, recovery plans must focus on creating jobs, investing in infrastructure and driving innovation with sustainability at the very core.
We have a once-in-a-generation opportunity to bolster our economies so that industries can keep pace with rapidly changing technologies and are more resilient in future crises. Our collective success depends on the public and private sector’s ability to keep up with the never-ending journey that is digital transformation.
An executive survey from Deloitte suggests more “digitally mature companies” – companies where digital strategy and infrastructure is embedded in all parts of their business – are more resilient and agile in a crisis. They also perform better financially. There are a few crucial areas in which we can invest to lay the foundation for long-term resilience to crises:
The next generation of connectivity is 5G and it will continue to transform the way we work and live. It doesn’t just mean faster internet; 5G is a deeper level of connectivity that lays the foundation for the Fourth Industrial Revolution to create more efficiency in all industries. As of 2021, however, almost half of the world’s population is still offline with the pandemic emphasizing the digital divide as communities still lack the high-quality broadband access needed for remote work and virtual learning.
An open 5G network – wireless, software-based and automated rather than built on legacy systems – will provide more job and learning opportunities and create a more diverse and digitally agile global workforce. Open 5G networks are vital to providing all communities – urban, rural and tribal – with access to affordable, high-quality internet capable of supporting remote working and learning. This type of connectivity will create better economic opportunities and job security, provide academic support for students and reinvigorate local businesses. It can also open the door to new innovative technologies, such as autonomous vehicles, energy-efficient cities and smart agriculture systems.
Since the start of the pandemic, 94% of Fortune 1000 companies have experienced supply chain disruptions from COVID-19. A year and a half after many companies made cuts to stay afloat, industries are facing a similar problem because they can’t keep up with demand as the world reopens.
The pandemic uncovered inefficiencies and vulnerabilities in many supply chains, so organizations need to address these issues to prepare for future disruptions. Businesses should invest time and resources into re-evaluating their supply chains to find and address weaknesses. Once they find vulnerabilities, they can use advances in technology, like automated systems and data-driven insights, to modernize their supply chains and be more resilient.
