We can be sure of one thing – with the pandemic causing significant uncertainties, it has become more important to build resiliency in our organisations to not just weather this crisis, but also thrive in similar crises in the future. Building resiliency has been never been as important as it is today.
It is only natural for organisations to consider cost reduction-related plays as a means to build resiliency, but organisations should also challenge themselves to think about plays that can lead to growth. We think trust is a fundamental factor that can be leveraged to enable that growth.
Pillars of trust
Trust is human and multi-dimensional, and covers four aspects – physical (trust that one’s physical space is safe), emotional (trust that one’s emotional and societal needs are being safeguarded), digital (trust that one’s information is secure) and financial (trust that one’s financial concerns are being addressed).
There are subtle shifts happening in the fabric of trust. It is becoming increasingly apparent that there is a growing disconnect between the way organisations are run and the way our world is evolving.
We are also feeling more fear because organisations we rely on are falling short in addressing our needs. Additionally, the foundation of trust is moving from skill to will.
Rather than looking into the past skills, we are increasingly looking ahead into the future and asking the question: do the organisations that we trust have the will required to confront unexpected situations and find ways to deliver an impact that matters to us, regardless of the unforeseen obstacles and barriers standing in their way?
It is becoming increasingly apparent that there is a growing disconnect between the way organisations are run and the way our world is evolving
Five growth pivots
Rebuilding trust is an imperative and therein lies the opportunity for growth. To this end, we have identified five trust-enabled growth pivots:
To generate new opportunity in this pivot, the key questions are: how can the pace of innovation and research in healthcare be improved, and how can healthcare systems be enabled to respond to peaks and troughs in demand?
As an example, in Wuhan Wuchang Hospital, China Mobile and CloudMinds helped launch a smart field hospital project that will trial robots, drones and other emerging technology to serve 20,000 patients.
Vulnerable individuals as well as businesses should feel secure in times of crisis. In Germany, a platform named Feasibility has been set up to connect young digital natives and the elderly in need of help through a mobile app where help requests can be initiated via a call to chatbot and processed by artificial intelligence.
Share Force One, in Estonia, enables organisations to share employees easily with one another; this reduces retrenchment numbers and helps employees to re-skill into new jobs.
There is the need to improve connection and communication between individuals, families and communities during times of social distancing, between citizens and government, and between employees and employers. To this end, Google has made its premium Meet features free for everyone, including schools and organisations.
With the significant reduction in mobility, the entire industry has been disrupted and needs to find ways to digitally deliver traditional entertainment experiences, and, at the same time, make entertainment safe and secure.
In South Korea, LG Uplus is creating an augmented reality-powered mixed-reality entertainment ecosystem that can accelerate 5G adoption. JD.com and Taihe Music Group in China are partnering to replace going to physical bars and clubs with online clubbing experiences.
The path is not easy, but by committing to trust and technology, we believe that organisations will weather the storm
In the absence of classroom learning, it is important to ensure learning effectiveness and to keep learning outcomes consistent. Bold actions have been taken in this area.
For example, Estonia has announced it will share all of its digital education tools to support other countries’ education systems as the world fights Covid-19 together.
Only a few have the courage to think clearly through these times of crisis and see opportunities. These few have a strong awareness of their organisation’s purpose and capabilities, and the impact it has on trust within its ecosystem.
They will need to find ways to repurpose their capabilities and management systems for new growth. They must think through their new goals, new areas to play in and how to win strategic endeavours.
The path is not easy, but by committing to trust and technology, we believe that organisations will weather the storm and have the ability to thrive in this crisis.
The ACCA Smart Finance Series is a regional forum for CFOs to discuss progressive and technological ideas that develop the profession. This article is adapted with permission by the authors from an article published in The Business Times on 2 July 2020.