In a blog early in 2020, I discussed how technology can help shape a more inclusive society. As constituents and consumers, we are experiencing change at an unprecedented pace, underpinned by digital transformation across public and private sectors. This rapid change raises the question if technology enabled digital transformation can create value and shape a more inclusive society.
In this article, I will share my views on how technology will continue to deliver value to society. However, we do need appropriate governance models to ensure the benefits are reaped equitably by constituents across communities.
In 2020, we have had communities and businesses across geographies grind to a halt as the COVID-19 pandemic spread across the globe. The emotional and economic toll as well as the loss of life are continuing to ripple across many countries. Political leaders and public health officials continue to grapple with the challenges of saving lives and simultaneously keeping the economy running to protect livelihoods. According to this International Monetary Fund, December 2020 article, the pandemic has disproportionately hurt the poorer sections of community, both within and across countries.
Recovery and Value Creation
We have made major strides with advances in health care to save lives of those infected with COVID-19. A few countries have made major strides in managing public health and others continue to benefit as they learn more from their own experience in managing the pandemic and their economy. Already, we are seeing better health outcomes and economic recovery taking hold in several countries. According to McKinsey & Company survey, October 2020, executives have maintained more positive outlooks for world and national economies as well as their own companies.
The rapid advance in the development and upcoming regulatory approval of key vaccines to immunize against COVID-19 offers us light at the end of the tunnel. We still have a challenging journey ahead as the vaccine gets rolled out to ensure we get to herd immunity across communities and countries and a sense of normalcy is restored in our daily lives.
Delight Your Customers and Deliver Value
We are experiencing dramatic changes in many sectors of the economy. Public health officials have worked closely with healthcare providers to ensure services can be delivered safely. Digital and virtual care delivery are now embraced as reliable options to provide care. According to this McKinsey & Company, May 2020 Telehealth article, up to USD 250 billion of current US healthcare spend could be virtualized following the COVID-19 pandemic.
Online commerce has grown exponentially. Existing retail and consumer businesses, both large and small, have dramatically changed how they deliver products to their customers. The adoption of digital payments over cash payments has skyrocketed. Financial services institutions are rapidly embracing the innovations brought to the market by fintech companies. For example, community banks in the US are accelerating Fintech integrations to fast track their digital transformation programs and better serve their clients.
Education delivery has been completely transformed. Schools and universities have revamped how educators and students engage using hybrid models for in-class education and remote learning. Providers like Microsoft and Zoom have played a major role in enabling this transformation.
The service industry has rapidly evolved as experiences are being increasingly delivered through digital channels. Disney launched Disney+ streaming service in 2019 with management goal to get to 230 million to 260 million subscribers to Disney+ by 2024. This builds of Disney’s momentum having reached 86 million subscribers for Disney+ by December 2020. This is a great example from Disney of their formula for success as illustrated in the blog How To Keep Your Brand Magic.
Back to Basics for Better Outcomes, Faster
At SAP, we continue to partner and collaborate with governments and businesses across geographies to help them transform their operations to better serve their constituents, customers, partners and stakeholders.
I am excited about the upcoming innovations that will be offered as part of SAP’s Industry Cloud that was launched at 2020 SAPPHIRE NOW. These innovations will ensure you continue to benefit from solutions that will enable you to offer relevant products and services to your constituents and customers. Tailored experiences delivered to customers and constituents build loyalty and in turn help you create value in the societies that you serve.
What are your experiences in creating value? To learn more about how we can help, visit SAP Value Lifecycle Manager.