A pandemic-hit business needs resuscitation, and Bank of England is ready to help business owners out of troubled waters. With uncertainty looming large, it is impossible to figure out how long it can take for organizations worldwide to get back on their feet. Interruptions in the supply chain areas and non-essential business activities can damage the revenue streams for companies. In this article at Computer Weekly, Cliff Saran shares how CIOs can renovate their pandemic-hit business.
Reviving a Pandemic-hit Business
Amidst all the negative updates, World Economic Forum forecasts some positive consequences. The pandemic could give rise to a type of economy that is heavily based on technologies and contactless service offerings. ‘COVID-19 risks outlook: A preliminary mapping and its implications’ report suggests new employment upsurge. Especially in telemedicine, online retail, and delivery and logistics, enabling social distancing.
Brit Insurance CFO Mark Allan observed that technology adoption is slow in the insurance sector. However, the industry has experienced rapid implementation of new tools to prevent their pandemic-hit business from going under. Gartner conveys that CIOs are focusing more on mandatory technology and services changes than growth or transformative projects. Undoubtedly, the former stance of postponing new tool adoption is less. Nonetheless, the risks of cyber threats, system breakdown, privacy issues, and inequality have risen, according to WEF.
Here are some updates that CIOs must stay abreast of to work on their pandemic-hit business:
37.6 percent of the WEF report respondents think cyberattacks are the third most critical threat to companies. Since the majority of the workforce is working from home, it is putting a strain on services like VPN. Without proper security protocols, it further increases the intensity of cyberthreats.
More Automation and Tech Reliance
To prevent their pandemic-hit business from flatlining, employers might not bring their workforce back to the workplace. Instead, they might automate processes and make human intervention optional. Organizations are planning to invest in employee health surveillance and communication channels.
The New Outlook
According to Gartner VP John-David Lovelock, CIOs are spending 8 percent less than the previous year in IT infrastructure. They are boosting their cost efficiency for their pandemic-hit business. Newer demands may evolve, keeping in mind public safety and social constraints.
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