As I reflect on the turbulence from this infamous last year, a predictable pattern has emerged: organizations that were able to digitally transform their business prior to the pandemic were able to mitigate most of the risks the pandemic presented to business continuity. In obvious contrast, organizations that hadn’t been able to do so fell victim to those risk factors. As we saw with numerous industries, businesses unable to shift their focus quickly during lockdown or acute supply chain disruption, suffered great impact in the immediate term.
So, you’ve just shelled out big money to have it classified and your data will almost certainly be correct when you receive it, but it will only stay accurate for a short period of time.
Organizations are putting a magnifying glass to their global workforce. Through continuous changes in local employment laws and additional scrutiny towards proper worker classification both domestically and globally, globalization and centralization of an organization’s talent is more important than ever.
Companies who had not centralized their global workforce are now having to consolidate and audit their once independently running teams. Many are finding that having a decentralized HR function is putting their organizations at risk.
2020 brought us a time of reflection on many fronts, from how we eat to how we prioritize, how we think, how we get from point A to point B, to focusing on what matters. Diversity is one of the elements that came to the forefront in 2020 for many people and organizations.
As an immigrant and a minority woman, I never thought that we would be at this place in my lifetime where an open discussion of diversity occurs because I have seen how much of it was shunned systematically in the past.
Given the supply chain disruption, business shut-downs and economic uncertainty caused by COVID-19, it’s never been clearer — doing business closer to your own shores is coming back into vogue.
With recent restrictions on H-1B workers and a tech talent shortage, selecting a nearshorer is fast becoming the first step on a company’s digital transformation journey.
During the COVID-19 pandemic, companies have had to navigate unprecedented supply and demand chain challenges. In fact, industries were seeing increasing instability in this area prior to the pandemic’s onset.
The concept behind a circular economy is simple: minimize waste by reusing, sharing and repairing goods that are already in use. That allows items to remain in the economic system, preventing the need for as many new products to be introduced.
This results in a closed loop. New resources aren’t being used, so energy is conserved.
IT products come with many social and environmental challenges. Conflict minerals, supply chain working conditions, hazardous substances, e-waste as well as the “take, make, use dispose” model of the linear economy demonstrate that the challenges and risks connected to our digital devices run wide and deep. Purchasers and users of technology are at the forefront of asking for better product options.
Among the multitude of challenges the COVID pandemic has inflicted on businesses, the heightened requirement to straddle the precarious divide between prudency with operational budgets on one side and not throwing the return-on-investment baby out with the expenditure bathwater on the other represents a particularly painful headache.
The Future With Artificial Intelligence
Artificial intelligence (AI) is shaping our future and becoming integrated into our lives, both at home and work. With it come many fears about what it means to jobs, humans and our future.
First, let’s put our minds at ease around the fear of tech run amok. We are incredibly far away from a Terminator chasing us. Now, let's focus on the idea that we can positively shape AI to our benefit.
Though terrible, the pandemic has given us much-needed time to pause, reflect, and perhaps make some changes to the way we live our lives. We have a chance to reevaluate what is really important to us. What brings us happiness? What drains our energy? What experiences add meaning to our days? Which ones take it away? We have an opportunity to face this challenge in a way that makes us better people.
The COVID-19 pandemic has exposed the vulnerability of the global supply chain. Precisely when the capabilities of international, interconnected trade mechanisms were supposed to kick into high gear, producers found themselves desperate for supplies while store shelves lacked essential goods. The global supply chain didn’t rise to the occasion. Now, it’s important to examine why.
In late 2020, Robert Wilson and Paul Milgrom were awarded the Nobel Prize in Economics for breakthrough work on structuring auctions to deliver the best results for both the seller and buyer. Google, for instance, reinvented the advertising industry, which was based on face-to-face, closed-doors deal-making, with its programmatic, automated, real-time, largely auction-based digital platform. In doing so, Google grew exponentially by providing millions of small businesses with the ability to advertise cost-effectively.
Twenty-five years ago, the internet was in its dial-up infancy, businesses still relied on fax machines and procurement was considered solely a back-office, cost-cutting function that controlled the organization’s purse strings.