Resilience - Technology
As technology companies look beyond their initial reaction to the crisis, they must direct their attention to building further resilience into their business models. Human capital management and clear and concise communication strategies will be important. Remote work strategies and cloud based digital tools must be further nurtured to empower a high-performance workforce.
Business continuity planning must be further enhanced to address challenges emerging as we emerge from the crisis. Attention to optimal cost structures will be an important area of focus. Some technology sectors are looking to design further resilience and safeguards into their supply chains because of supply interruptions, changing trade dynamics and government intervention. Ongoing regulatory changes must also be attended to by technology companies as governments adjust and set new rules to respond to challenges brought on by the crisis.
Accelerating digital transformation is a reality across most industries following the crisis. This bodes well for technology companies who can help clients strengthen their resilience and competitiveness with relevant digital products and services. Clients will also be more receptive to incorporating advanced technologies into their businesses in order to meet the evolving preferences of their customers.
To build further resilience into their businesses, some technology companies will decide to invest and acquire complementary technologies and capabilities, and to grow revenue streams and market share. For others, it may be a time to exit a business due to the longer lasting impacts of the crisis. Acquisitive strategies will require access to funding for growth and a strong level of cooperation with financial partners.
Both in the short and medium term, many technology companies will play a central role in the economy, and their services will likely be in higher demand than before.