Digital innovation ‘vital for business after pandemic’
BUSINESSES will need to draw on their digital strengths and sustainability expertise to thrive post-pandemic, according to a banking chief, off the back of recently published research.
A new report by HSBC drawing from a survey of more than 2,600 companies in 14 countries and territories highlighted how the crisis has forced many businesses to adapt, with almost two thirds (63%) having modified their operations already.
According to the report, technology is seen as critical – with six in 10 (61%) thinking virtual collaboration will become standard practice over the next two years. Some 57% said that virtual meetings – internal and external – are here to stay even after lockdown ends.
More than nine in 10 (91%) aim to ‘build back better’ by re-engineering their businesses to be more sustainable, while nearly a third (27%) intend to make their supply chains more environmentally sustainable over the next two years.
More than two thirds (69%) also believe flexible working will become standard practice, as a third (34%) expect to cut their air travel.
Warwick Long, head of commercial banking for HSBC Channel Islands and Isle of Man, pictured, said: ‘Businesses aren’t waiting to be told how to “build back better”, they’re starting now and technology and sustainability are at the forefront of their thinking.
‘Since history shows that businesses are more likely to fail coming out of a downturn than when they’re in one, it’s vital that island business leaders push ahead with efforts to make their enterprises more agile and more resilient.’
He added: ‘The Crown Dependencies have been very successful in setting out their stall as expert hubs in digital innovation and sustainability and, as this report shows, now more than ever, island businesses are going to need to move faster and smarter if they are to thrive in this new environment.’
