Businesses everywhere are asking tough questions about how they can mitigate the impact of the COVID-19 crisis and plan for future success.
Amid continuing uncertainty, leading enterprises are looking to new revenue streams, bolstered business resilience and ramped-up digital transformations to help them get there.
But what exactly will this futureproofing entail? Moreover, given the huge role technology will play, how can CIOs lead these initiatives?
These were some of the topics discussed by a panel of CIOs from multinational companies talking at the virtual roundtable, The C-Suite View: Leading Resilient Growth, hosted by Tata Consultancy Services (TCS) in Finland.
Around the “table” were CIOs representing banking and finance, the forest industry and manufacturing and logistics. Each of these sectors faced challenges even before the pandemic, from low interest rates and consumer uncertainty to transportation and supply chain issues.
These challenges and many more have been exacerbated by the crisis. But the panel were united in the view that companies can survive the storm and thrive in the future by embracing digital transformation, investing in innovation and pivoting to launch game-changing products.
The CIOs talked about how their organizations had already embarked on programs in these areas before the pandemic hit. This, they stated, meant they were able to quickly and successfully navigate challenges such as the move to mass remote working and ensuring business continuity for customers.
One of the speakers equated an earlier shift to an agile operating model with their company’s ability to cut bureaucracy, increase autonomy and deliver new products faster in the transition to a post-COVID-19 economy.
This chimes with one of the main findings of the TCS report Digital Readiness and COVID-19: Assessing the Impact. It found that companies that were further along in their digital evolution have, on average, performed better during the pandemic and subsequent economic downturn.