During the COVID-19 pandemic, governments and various industries largely relied on digital innovation to stay afloat and survive emerging challenges. Amid supply chain issues, factories rely on digital solutions, such as the SCADA software solution and automation platforms, to utilize manufacturing data.
By now, we can say that technology has played an important role in rebuilding the world economy. With that in mind, we'll talk about how businesses can take advantage of modern technology to build their resiliency in these challenging times.
Modernization of supply chains to survive future challenges
Since the onset of the COVID-19 pandemic, several businesses worldwide have experienced major supply chain disruptions because of transportation restrictions. Even big corporations were not spared from the economic fallout caused by the global health crisis.
More than a year into the pandemic, many businesses went through many major cuts, mass layoffs, and other alternatives to stay afloat. But as countries gradually reopen, most industries find themselves struggling to keep up with the rising consumer demand.
The pandemic has played an important role in uncovering vulnerabilities and inefficiencies in global supply chains. This allowed organizations to learn from their old ways and address the issues to prepare for another economic crisis in the future.
For example, businesses learn to invest more time and funds in reassessing their current supply chains to identify and fix vulnerabilities. After detecting weaknesses, they take advantage of modern tech solutions, such as data-driven insights and automated systems. Meanwhile, others use real-time data to detect issues in the supply chain in terms of speed, inventory, modeling solutions, and future disruptions. In other words, supply chain owners should utilize technology to further enhance supply chains and serve their clients better.
Cybersecurity supports digital transformation
Whether you are from the private or public sector, anyone can be a victim of ransomware attacks and other forms of cybersecurity. According to Cybersecurity Ventures, global cybercrime is expected to grow by 15% every year over the next five years. By 2025, the overall damage of cybercrime can amount to $10.5 trillion.
Given the widespread impact of cybercrime on businesses, it is high time for people to recognize cybersecurity as a critical part of the digital transformation strategy. Cyberattacks not only expose and corrupt private company data, but they are also time-consuming and expensive to address. By adopting data protection strategies, organizations can devote their time, efforts, and resources to focus on their operations and innovation processes.
Innovative technologies, such as artificial intelligence and machine learning, can support companies predict and avoid security attacks before they occur. This means nations and companies should protect their end-to-end IT infrastructures, including devices, services, and supply chain.
Big corporations invest in an intelligent security solution called cyber-vault, which aims to protect the IT ecosystem. By protecting every aspect of the operations, business owners reduce the risk of threats and become more resilient in handling sensitive parts of their business.
Opportunity to reskill and upskill employees for a changing economy
The job market faces a skills gap, particularly in the tech industry. A study revealed that hiring challenges have greatly affected the industry, as many workers lack the skills needed to keep up with the changing economy. The pandemic has further widened the skills gap as workforces and companies are forced to adapt to new work arrangements, such as running a business remotely.
As the economy changes, people have to build their skills and learn new ones. Private corporations and governments shouldupskill the workforce to keep pace with the digital transformation. Along with upskilling efforts, it's important to incentivize workers to pursue other skill sets and work on their professional growth. Organizations and businesses can achieve this by working with academic institutions and training centers to help students develop new skills needed to compete in the job market.
Academic institutions should also invest in skill-building and infrastructure technology to equip fresh graduates with the skills required to succeed in a tech-driven world. This means ensuring students access reliable internet connectivity, digital learning resources, and blended environments.
As nations continuously respond to the crisis and transition to recovery, there are plenty of opportunities to prioritize the digital transformation to help industries and governments strengthen their economy and infrastructure to be prepared for future disruptions. Allocating resources and funds to buy new hardware isn't enough to achieve these objectives. Establishing the right programs and infrastructure to fully transform the economy is also necessary.