In a recent article by Forbes, the magazine cited that while approximately 70% of companies had digital transformation plans in place, most were not far enough advanced to mitigate the huge disruption caused by Coronavirus Covid-19.
Furthermore, according to the Harvard Research Review, of the $1.8 trillion spent by companies on technological innovations in 2018, some $900 billion was wasted on schemes that proved ineffective.
Whilst we are seeking to innovate – a driving human condition – it seems we are not always that good at it. Perhaps a case of the busy vs productive argument.
Cataclysmic episodes are often the catalysts for major, positive transition. The Second World War in this country was followed by the birth and evolution of the NHS and an entirely different lens on life. Forbes assert that this current episode will have major future effects in four key areas; telecommuting, food and services, events and the cloud.
For our clients at F3GROUP; global professional services and the property and construction industries, the effects will also be significant.
Professional services that cannot integrate their information, securely protect their data and continue to service their customers will fail. Banks, lenders, project managers and manufacturers who cannot transparently and quickly understand their position, in real time, and be aware of the multiple risks and challenges, will see their supply chains frozen or unable to deliver.
In 1918, the Spanish Flu, with its global mortality of 20 million, similarly paralysed whole regions. Populations were bedridden, cities closed – and with no way of personal or collective communication that we have today.
Today, due to technology, business can still function and children can be home-schooled, by their schools, en masse. This would have been unprecedented in its scale even 20 years ago.
As risk managers led by technology, the fusion of these to F3GROUP is obvious. It’s why we have invested and even pivoted our business to the fu3e.digital management technology platform. A single pane of glass that assimilates tens of thousands of documents and millions of pieces of information into a simple, visual, real-time dashboard.
In the New World of post Covid-19 – and New World is not an understatement, new thinking, productive technology, not busy, work creating technology, will be the future difference between resilient businesses and those that are volatile to the next tsunami.
Our digitally home-schooled children, logging in to their daily lessons, working out to Joe Wicks and snapchatting each other to stay in touch, will wonder in a few years how things were ever done differently…