Deloitte for tech companies: forced acceleration must be used for transformation

Deloitte for tech companies: forced acceleration must be used for transformation

The covid pandemic has forced many companies to accelerate their digital transformation efforts as managers, employees and customers all work and play online.

Take advantage of this forced acceleration to continue transformation, but “with more awareness and purpose,” advises companies in Deloitte’s 2022 Technology Industry Outlook report. “Instead of immediate crisis management, solid foundations can be created for future innovation and growth,” reads the report. In early 2021, Deloitte recommended that tech companies “double down” on digital transformation efforts and focus on cloud infrastructure development, data and analytics capabilities, cybersecurity and business model evaluation. He also suggested retraining the workforce so that companies can take full advantage of advanced technologies like AI. To enable the next phase of growth, technology companies must continue on this path and prioritize improving transparency, agility, collaboration, sustainability and digital innovation. Deloitte sees the following four core themes for 2022 and beyond. 1. Taking cloud and everything-as-a-service to the next level. As more companies adopt the cloud and XaaS providers proliferate, there is an increasing need to manage the technical and operational complexities of hybrid and multi-cloud approaches. 2. Creating the supply chain of the future. It is necessary to learn from the supply chain disruptions caused by the pandemic in order to build systems that operate with greater transparency and flexibility in order to mitigate systemic risks. 3. Building the next iteration of the hybrid workforce. It is necessary to learn better how to further develop the work culture and cooperation. 4. Leading role in creating a sustainable future. Increasing pressure from stakeholders and possible changes to ESG reporting rules make this imperative. However, stricter sustainability rules carry a risk. According to the author of the report, Paul Silverglate, vice president and sector leader of Deloitte’s US technology team, technology companies are aware of the huge energy demands of manufacturing processes, billions of connected devices and proliferating data centers. As he said, the technology sector may be responsible for 2-3 percent of the world’s greenhouse gas emissions. A typical data center, for example, uses as much water per day as a city with 30,000 to 50,000 inhabitants. In addition, the accumulation of discarded consumer electronics and the lack of recycling options contribute to the “growing global crisis of toxic e-waste,” he added. Businesses should therefore be aware of regulatory debates and possible decisions related to ESG reporting. Technology companies must allocate resources to comply with changing regulations.”In the coming months, technology companies should prepare for regulatory changes by proactively improving their governance and data management processes and controls to support thorough and accurate disclosures,” Silverglate said.

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