The state of productivity in this digital era has been the subject of numerous discussions in recent years. But can technology provide the boost in productivity and economic growth?
Technology has already played a significant role in in many industries and sectors, and it is expected to continue doing so. From automation and robotics, to artificial intelligence and cloud computing, the digital evolution has enabled businesses to streamline operations, reduce costs and improve efficiency. Indeed, the adoption and implementation of technology by businesses and industries is crucial in today’s rapidly changing business landscape.
Yet, technology alone is rarely enough to create significant benefits. Such advancements can bring about unintended consequences, namely the disruption of established industries, displacement of workers and inequality. Those who are able to take advantage of new technologies, such as entrepreneurs or highly skilled workers may see significant gains, while those who lack the necessary skills or resources to adapt may fall behind. Consequently, capturing the value of digital requires adequate investment in intangibles such as talent and organisational models.
Businesses must recognise their reliance on digital infrastructure to ‘keep the lights on’ and work towards digital resilience at every level.
A digital resilience framework will serve as a master document to capture all these areas and ensure a consistent and coordinated approach to understanding, managing, and mitigating digital risks, threats and challenges. The framework can cover a wide range of areas, including but not limited to cyber security, business continuity, re-skilling and digital transformation. The current business environment demands an integrated approach of all functions. Businesses must recognise their reliance on digital infrastructure to ‘keep the lights on’ and work towards digital resilience at every level. Implementation however is no easy feat. It requires setting a vision and gaining alignment across the business and industry partners. To sustain value creation in the long run, businesses should prioritise skills investment and work collaboratively across talent, operating models and data infrastructure to facilitate adoption and scaling and continuously review, revise and adapt. This is often a multiyear journey that requires careful up-front planning and a relentless focus on execution. An agile methodology is key for developing a digital resilience framework. Iterative development will allow continuous feedback, improvement and adaptability throughout the development process, which can ensure that the framework is functioning as intended and meeting the required business goals.
The net result is more interconnected systems, a larger business ecosystem and an even greater reliance on technology.
The past decade has seen a significant shift towards digital transformation across various industries and sectors. The net result is more interconnected systems, a larger business ecosystem and an even greater reliance on technology. Resilience in general is a good trait for any business and it is easy to fall into the trap of conceptualising it as relating only to risk. But the role of digital resilience as a core business tactic is much bigger than that. It is not only a strategic imperative but a crucial foundation for digital innovation. Without the ability to withstand and recover from disruptions or threats, any digital innovation efforts would be hindered or even derailed. Even more so in a competitive and constantly changing business landscape. If you’re not already prioritising digital resilience for your business, it’s time to make bold bets to reinvent your ventures and get started.
Article by: Tessabelle Camilleri, Senior Manager, Tech.mt