While businesses continue to navigate the prevailing uncertainties related to the global pandemic, the rules for developing and realising strategy are rapidly changing, according to Dr Justine Wang.
And the post pandemic digital world presents opportunities for leaders to push their organisations toward capturing emerging growth opportunities and strengthening their competitive advantages.
The Senior Economy & Finance Analyst at Excelsia College who is author of “Information linkages among National, NSW, VIC, and QLD real estate markets in Australia” says avoiding adverse side effects of volatilities and information linkages is crucial.
But “businesses require the courage to reframe the whole enterprise to look beyond the pandemic with clear ambitions to drive sustainable long-term value,” says Dr Wang.
“Successful strategies to assist businesses gain insights will capture the emerging growth opportunities in the new digital and global market, broaden attention to new risk mitigation approaches and highlight the elevated skills requirements and ensure standards of competency.
“As teams ask better questions to find new answers for the complex issues facing our world today, there is a need to establish interoperability platforms, which means creating collaborative platforms rather than ‘siloed’ solutions.
“There is also a need to upskill your workforce with digital proficiency and acumen including technology, data, cyber, digital and enterprise skills such as resilience and adaptability as strategic priorities.
“This is particularly the case in the post pandemic world where acceleratina digitalisaction is resulting in a paradigm shift in the way we do business and work.
“The economy is set to grow, despite input shortages and rising costs coming from supply chain disruptions, especially in online retail in Australia.
“Surveys show 80% of Australians do their shopping online.
“And globally 49% of consumers say they will not stop but buy more online shopping post pandemic on items other than fresh foods
“But there is risk associated with these rewards.
“While technology is replacing workers in routine tasks that are easy to automate and complementing workers in tasks that require creativity, problem-solving and cognitive skills - and people no longer need to go to the office as they can communicate using Zoom or social media when working or doing business - there is a flip side to these benefits.
“Business functions could fail to work together due to less face-to-face interactions.
“The problem of silos could rear its head, trigger increased costs, and eat up expected revenue gains.
“Digital acceleration and digitalisation of business - including the rise of AI - could further exacerbate the digital divide, making it harder for individuals to overcome barriers of access, leading to a technology default and a class of digital outsiders.
“Indeed, adaptation to new ways to work, technology illiteracy and cyber security risks will all cause disruption to people’s daily lives.
“Therefore, business leaders need to see skills as a priority investment rather than an expense.
“What’s needed is a shift in mindset to a culture of investment in creativity, innovation, imagination, collaboration, and design skills as critical business enablers.
“Though executives need be aware of the technology risk as usual, especially when moving away from an institutional work model - and the shift to a flexible learning and working model.
“Huge economies of scale exist if businesses highlight upskilling and collaboration, aside from strategic goals of achieving business performance.”
In conclusion, she says, the new characteristics of the post COVID-19 environment will have broader implications on the banking industry, and a wider range of Australian and global businesses.
The accelerated digital associated risk magnifies the need for new skills and habitual mindset changes, including adaptation and consciousness of volatility/challenge, and changes from pre pandemic behaviours.
