As the COVID-19 epidemic continued to unfold across the world in 2020, political, bureaucratic and business leaders came to a common conclusion: Digital transformation has become more urgent than ever.
In the , 鈥淚t is time for the government, enterprises and society to invest more intensively in digital technology.鈥�
The reason behind such a call is simple. COVID-19, today, has already reoriented our relationship to the outside world and to one another.
In response to travel bans, lockdowns, as well as containment measures and quarantines, people turned to online shopping, e-learning and social media to maintain some semblance of normality. At the same time, aggressive social distancing mandates means companies, educational institutions and other organisations have been harnessing digital technology to collaborate and operate more effectively.
Even as countries race now to get their citizens and even as we hear optimism from Iata chief that , the fact remains that COVID-19 has catalysed the move towards digital transformation for many businesses including growing companies to strengthen business resilience.
has found that key digital investments by banks and insurers over the past decade has helped them to be more resilient to the impact of COVID-19. Cloud computing has enabled greater flexibility in where employees work. The ability to link data centres across multiple sites has also allowed these financial institutions to mitigate risk more effectively 鈥� as opposed relying on a single venue that could be affected in the event it becomes a coronavirus hotspot.
Digitalise for survival, for new business breakthroughs
With the coronavirus disease epidemic reshaping mindsets and the way the world operates, there鈥檚 no knowing how different society will look at the end.
Organisations that were hesitant to invest in digitalisation because things were going reasonably well have had to review their stance for business continuity and to mitigate the business impact of COVID-19. Or they risk their very survival.
conducted in China in February 2020 highlighted the value of IT and digital transformation in the face of the coronavirus epidemic. The CXOs polled believe that organisations should turn the crisis into an opportunity as enterprises leading in digital transformation are significantly less vulnerable to the pandemic. These businesses will also be in a better position to identify new business breakthroughs and innovations to generate sustainable corporate results during these challenging times.
According to . Customers will change some behaviours permanently. Companies need to take proactive steps to build more resilience into the business. And bold action now聽is a necessity for success through the downturn and beyond.
Innovative digital tools cushion COVID-19鈥檚 impact
Here are some practical and innovative digital tools facilitating business continuity. They are also allowing organisations to run more smoothly amidst COVID-19 and beyond:
- Understanding the Pulse of the Remote Workforce. As entire companies move to working remotely, businesses need to know if their organisations are prepared for the shift, and if their employees have what they need to succeed. A allows organisations to check in on their employees, help their workforce feel safe and supported, ensure they have the resources needed for work, and stay productive.
- Extending the Reach of Your Supply Chain. . To mitigate the impact, businesses can take advantage of the world鈥檚 largest business network that鈥檚 now . It allows any buyer to post their immediate sourcing need, and any supplier who can deliver to respond.
- Automating Core Tasks for Business Continuity. With business continuity at risk in a pandemic situation, organisations can leverage on to automate core tasks 鈥� such as workflows to collate travel declarations, send alerts, answer support tickets 鈥� so that these undertakings don鈥檛 distract your workforce from key business responsibilities.
where digital technologies can make a significant positive impact include Telehealth, Remote Learning, and Virtual Conferencing.
Governments have a responsibility to deepen digital transformation spend
Beyond the immediate need for individuals and businesses to function more normally, there鈥檚 an even bigger reason why digital transformation investments need to be expanded: To future-proof economies.
COVID-19: A significant labour market and economic threat
Even though the COVID-19 is first and foremost a public health emergency, it has become a significant labour market and economic threat.聽 And it is calling for urgent, large-scale and coordinated measures to protect workers in the workplace, stimulate the economy and employment, and support jobs and incomes.
In 2020 alone, the . Central Banks are not in a position to solve this crisis singlehandedly. An appropriate macroeconomic policy response with aggressive fiscal spending and significant public investment is required and has been witnessed globally.
Boosting aggregate demand: Beyond roads and bridges
When economies are operating below their macroeconomic potential, governments tend to boost spending in public infrastructure such as roads and bridges to boost aggregate demand and put idle resources and unemployed people to work. than transfers or tax cuts, so public infrastructure investment is seen as an effective tool for stimulating the economy.
In today鈥檚 rapidly unfolding COVID-19 scenario, it is clear governments also need to deepen investments in digital transformation 鈥� whether it is to help businesses, healthcare and educational institutions, and other organisations cope with COVID-19 more effectively, or to boost a country鈥檚 digital foundation to prepare for an uncertain future.
Such spend plays the dual role of fueling the economy right now, as well as building resilience into economies by strengthening the entire ecosystem鈥檚 digital infrastructure.
Doing the right thing
People, businesses and governments today face unprecedented challenges with the coronavirus epidemic. But the profound humanitarian fallout聽of the COVID-19 pandemic does not need to translate into an equally disruptive economic fallout.
Digitalisation is a critical enabler of agility, flexibility, and innovation. These in turn build resilience into individuals, businesses and economies. So we can tackle what lies ahead, together.
As a business, 51风流can help you during these extraordinary times with an on-your-terms and on-your-timeline transformation to an intelligent enterprise: is an offer that brings together everything you need to fast track your business transformation journey. of 51风流SEA Strategy Day to learn more about the launch of RISE with SAP.
Chee Lioy U is industry cluster lead for Public Sector, Southeast Asia, SAP.
ADAPTED: 16 MARCH 2021
