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It is technology that unites us in a divided world.
We must adapt in both our own four walls and beyond in order to unify our divided planet, and technology is essential to this process.
Digitalization and the complete automation of fundamental business activities are essential to an organisation’s existence as well as a source of competitive advantage.
Businesses that know how to function financially, resolutely, and sustainably alongside their ecosystem are the ones that will succeed in the future.
The world of today is marked by interconnected economic and non-economic upheavals like volatile markets, inflation, geopolitical conflict, the energy crisis, and climate change. This scale of difficulties cannot be met by one company, one government, or one community alone.
We must adapt in order to reconnect our divided world, both within and outside of our four walls, and technology is essential to this process.
Business models: from analogue businesses to smart businesses
Companies understand the need to become more flexible and adaptable as a result of the significant swings in supply and demand, dynamic consumer behaviour, and mounting pressure to innovate. For many, though, fragmented process landscapes make it difficult for them to respond to change rapidly. Because data is frequently kept in silos, not all decision makers have equal access to it.
Digitalization and end-to-end process automation are essential to an organisation’s survival as well as a source of competitive advantage. This is not about using technology to replace people.Giving people their creative freedom back is what this movement is all about.Companies are better equipped to keep track of what is occurring in their business and why with the aid of trustworthy data and artificial intelligence.Due to this, they become not only more effective but also quicker and more flexible, particularly during times of crisis.
However, being resilient as a single organisation is no longer sufficient. This is only the initial phase of a new business model.
Supply chains: transitioning from direct links to open business networks
Because of globalisation, our supply networks are now more susceptible and complex. During the peak of the COVID-19 outbreak, 94% of Fortune 1,000 companies were experiencing supply chain difficulties. The impact of this has been particularly severe on the agricultural, energy, and hi-tech industries. Climate change, the pandemic, the war in Ukraine, and geopolitical tensions globally have highlighted the limits of our current economic models.
As a result, the development of resilient supply chains has become a top priority. Technology is the enabler because, unlike networks of many-to-many connections, which are less susceptible to disruptions than linear one-to-one connections, these networks enable companies to work together with partners along their value chain and exchange data in real time. The full value chain is transparent from top to bottom.
Businesses have the adaptability and endurance to survive even in the most turbulent conditions because of the 360-degree transparency along the whole value chain. They can manage sourcing, trade, and distribution up until the customer while anticipating hazards. They can match supply and demand, optimise inventory, and spot bottlenecks before they even form. Companies can choose different or more environmentally friendly suppliers right away in the event of supply chain disruptions.
Businesses that know how to function financially, resolutely, and sustainably alongside their ecosystem are the ones that will succeed in the future. And this mindset, the knowledge of ecosystems’ strength, is one of the most crucial conditions for resolving global issues.