File picture: Pexels
File picture: Pexels

Are we in a tidal wave of creative destruction?

By Ugan Maistry Time of article published Apr 20, 2020

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When something new is created, it brings about the demise of something old. This is according to Joseph Schumpeter and his reference point was human ingenuity and innovation.

Today, mankind is experiencing existential threats in the form of climate change, famines, biological pandemics, geo-political wars and terrorism - including bio-terrorism and cyber-terrorism.

The response to the Covid-19 pandemic and the subsequent precautionary measures, including the 21-day lockdown, has been a catalyst for change. This has changed the way we live, learn and work.

People quickly adopted online learning and they were forced to work from home using online collaboration tools. More importantly, there was a mass adoption of online retailing.

When the dust has settled, would we or should we go back to how we used to live, learn and work?

As society, we will soon realise the benefits of essential travel and reduced carbon emissions, cost savings from reduced office space rentals, peer learning via online platforms, improved employee productivity coupled with output based remuneration models and the value of quality time with our loved ones.

In this moment of creative destruction, should we not be assessing the way we configure our businesses for customer centricity, uninterrupted supply chains and maximum efficiency?

As a specialist in business process optimisation and digital business, FIRtech has introduced its Business Continuity Suite – a set of intelligent automation and digital business tools built on the DNA of modern business.

Every business needs to develop a business continuity strategy to ensure its operations can continue uninterrupted - no matter the cause.  Business Continuity Suite builds resilience from the ground up, from automating admin to automating sales.

It can be designed to suite your specific business needs, including a bot to handle IT operations, a bot to handle customer orders, a procurement and logistics bot and a bot to ease HR operations.  By using software bots, business owners can protect their most valuable asset - their employees.

Ugan Maistry is the CEO at FIRtech. 

IOL TECH

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