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Despite economic turmoil and the disruption caused by COVID-19, the drive for digital transformation in the enterprise is, if anything, getting stronger. In September last year, Gartner reported that 69% of boards of directors in the US, EMEA and APAC had accelerated their digital initiatives following COVID-19 disruption, and were looking to increase their spending on technology. PwC s 24th Annual Global CEO survey also found that nearly half of CEOs were expecting to increase their long-term investments in digital transformation by over 10%, and that a further 34% expected moderate increases of up to 9%.
However, there s more than one kind of transformation. Much of the digital transformation of 2020 focused on continuity; using digital technology and new working models to maintain operations through repeated lockdowns. Where pre-pandemic talk of transformation centred on innovation and disruption, last year s was all about day to day operations. Now, though,
Sindri: While the state government is yet to take a call for deputing third year medical students at covid care centres to tackle the manpower crunch .
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“Disruption creates space for entrepreneurs.” Kevin Sneader and Shubham Singhal, McKinsey & Company
The health pandemic fundamentally changed the way we do business. In 2020, we began operating in a changed world, conducting business online and virtually.
According to an insightful article by McKinsey & Company, our “new normal” is changing how we do business in the short and long term. In 2021, entrepreneurship numbers are up, and the need for technology is high. Access to capital is paramount to ensure an entrepreneur can access the tools they need to compete. How do we blend the increase in small business formation and the ongoing need to access capital to new and existing businesses?