Pre-crisis, the top 10 percent of enterprise leaders that had invested in technology and digital transformation outperformed the lowest 25 percent by more than 2x on a revenue basis. That gap has now grown to 5X.
Innovation leaders were able to adjust supply chains faster, reimagine buying models with agility, and maintain productivity of workforces, customers and partners more effectively.
Three areas of innovation were accelerated by the pandemic – all centered around data sharing.
Negative COVID tests. Onboarding. Trade finance. Our manual, paper-based methods of proving identity and establishing trusted transactions are not suited for today’s needs. Innovation around decentralized digital identity is accelerating to meet the evolving requirements of our digital world.
From toilet paper to hand sanitizer, test kits to vaccines—the opportunity to efficiently coordinate information, assets, and personnel across multiple parties could enable our complex supply networks to more nimbly respond to changing supply and demand.
The rapid deployment of money to individuals and small businesses in need relies on cumbersome process, leaving many without relief. Improving access, management and movement of money is a key priority.
The solution to these issues is a more direct and transparent data-sharing model that allows all stakeholders to see, agree, and act on assets and information in real time. Gone are the days of manually passing siloed data back and forth.