Technology will continue to play a key role in rebuilding economies

The role of technologies, such as artificial intelligence and drones, in supporting the healthcare workers during the pandemic is well known and accepted. Technology helped improve diagnostics, delivery of medicines, and speedy research and manufacturing of vaccines. By combining the latest technologies with a robust ICT infrastructure, it has become possible to monitor and prevent the further spread of the virus.

Now, technology is also helping rebuild a strong economy by facilitating the use of innovative methods to improve production and real-time communications. Businesses that leveraged technology and transitioned to digital during the pandemic fared better than their peers who missed the digitization bus. Predominantly offline businesses—such as travel and hospitality—were the worst affected, whereas online businesses—such as streaming services, online gaming, and eCommerce—saw an unprecedented increase in the number of users accessing these services. This is a good indication of the times to come where technology will enable businesses to solve complex problems and safeguard the interest of their personnel.

Acceleration in digital transformation efforts

Having seen the potential benefits of using technology, businesses, around the globe—including traditional industries—are now accelerating their digitization efforts. In addition to reviving the business, it will also help ensure the safety of the employees at workplaces by initiating or expanding flexible work arrangements. This may, however, require businesses to rethink how resources and team members are allocated.

One of the biggest plus points from this unprecedented crisis is that businesses have translated their learnings from the stress tests and revisited their strategies to build agility. This is enabling them to monitor and revisit plans that help respond to dynamic situations rather quickly.

Technology helps offer greater value to customers

Technology is further enabling businesses to offer innovative products and services that bring greater value to the customers. As billions of people across the world stayed home and conducted their day-to-day activities online, there is a proliferation in the number of tools and applications that improve productivity and collaboration. As the new normal is expected to rely heavily on digital technologies, we can expect a rather increased reliance on these tools.

The article has been written by Neetu Katyal, Content and Marketing Consultant

She can be reached on LinkedIn.