After the pandemic is over. Countries and economies begin to recover. Bhushan Patil believes that the future of business will not be the same. The rapid adoption of new working methods and an increase in reliance on technology contributed to accelerating the digital transformation in response to the pandemic.
Companies today are discussing methods through which they can slow digital transformation and preserve capital. Companies that invested in the future have a greater chance of rebounding when the global economy recovers. In the next three years, digital offerings and operations will generate 80 percent of revenue growth.
Information technology leaders need to take steps to transform their operating models and invest in key enablers. The cloud, agile, automation, Artificial Intelligence, blockchain, and analytics are examples of these. Companies can greatly improve their products, processes, and profitability with digital transformation. As a result, every business must improve its sustainability rating.
Accelerating Digital Transformation
In 2022, IDC anticipates that 70% of organizations will adopt mobile devices. It will upgrade their adoption of digital transformation technologies. It also enhances employee productivity, creates new revenue streams and makes businesses more resilient. In addition, businesses must also create sustainable business models to combat climate change.
As the year 2020 has unfolded, it has affected nearly every aspect of our work and our lives in ways we couldn’t have anticipated. Net Zero’s role as a mainstream economic concept will be remembered as one positive feature of the year. The rapid rise of digital technologies has enabled this sustainable future.
Digital transformation stalled for many businesses in a rut. Their achievements were not possible in five years. Five years would require to accomplish what they realized in a few months. First, these provided emergency support for remote working. Furthermore, the goal of thriving and surviving long term now is maximizing the value of these investments, which can be seen as integral parts of plans to build back better.
Climate Change Requires Action
There have been many headlines about climate change in recent years. A historic event will take place in 2019 that will influence the world. By 2050, they are expected to achieve net-zero emissions. It cannot be accomplished by governments alone. Getting to a zero-carbon economy will require a major contribution from businesses.
Many companies are strategizing to create a more sustainable future by decarbonizing their business models. The digital transformation can help companies achieve their goals through 5G, cloud, AI, and IoT. The energy consumption of 5G has raised concerns. Remote monitoring, predictive maintenance, and resource reduction will result from its adoption in smart manufacturing and IoT. Therefore, overall supply chain efficiency improved.
Cloud adoption will also enhance the efficiency of data centres, and hyper scalers will be running on cleaner energy. A company such as Google has committed to working with carbon-free energy 24/7, 365 days per year by 2030.
Also, AI solutions implemented during the COVID-19 pandemic outbreak. In addition, it allows for fast diagnosis and vaccinations. Also, avoiding administrative operations will reduce waste. The activist movement and consumer pressure to prove sustainability credentials are on the rise among businesses. Business leaders must implement ESG principles to be truly sustainable.
During February and April, internet traffic worldwide increased by 40%. Remote working has become more common as more companies use the cloud. Numerous industries have changed the physical aspects of their work. It is far from like the satanic mills William Blake described during the first industrial revolution. There are carbon neutral and even carbon-positive data centres.
Leading The Change
Sustainable development is important to generations today. According to climate change, UK employees are 65% more likely to prefer working for a firm with strong environmental policies. In addition, 63% expressed a desire to improve their green skills. Their value will increase in the workplace.
The most important agenda for business leaders in creating a sustainable future is to put the well-being of employees, customers, and the environment first. Digital transformation technologies that enable businesses to drive sustainability will not only improve customer satisfaction. However, operational improvements and profitability are also possible.
Building A Sustainable Future
So, to ensure a greener future, businesses must think ahead. You have the chance now to influence positive change. A business must transform to reach zero waste. Further, digital transformation technologies help them conduct sustainable operations throughout their organization.
Twenty-six countries, including Norway and Iceland, joined forces to accelerate green digital transformation technologies to protect the environment. Several green digital technologies deployed to achieve climate neutrality. The next generation EU funds, Next Generation EU and Invest EU, also accelerate Europe’s green and digital transition.
As a result of the Declaration on the Green and Digital Transformation of the EU, some national actions are planned:
- Provide Europe with a common data space
- Develop digital green solutions to increase the decarburization of energy networks
- Enhance precision farming and reduce pollution
- Enhance resource efficiency and reduce biodiversity loss
- AI solutions that are energy efficient
- Boost the greenness and digitalization of cities
- Improve the energy efficiency of buildings.
- Sustainable and smart mobility systems
- Contribute to the development of European cloud and blockchain infrastructure that is climate-neutral and sustainable.
- Propose permits for data centres and networks that are environmentally sustainable.
- Defaulting to green procurement in public procurement
- Develop systems that consume less power
During 2021 and beyond, the digital transformation needs to contribute to the achievement of much-needed efficiencies, productivity improvements, and future resilience. At the same time, creating jobs and economic growth while reducing our carbon footprint will help slow down climate change.