Increase resilience through digitization
RESPOND – A global COVID-19 response for legal leaders
Current digitization strategies typically focus on increasing productivity of a company. Maintaining productivity is, however, equally important as the COVID-19 pandemic demonstrates.
A robust technical infrastructure and end-to-end digital processes (“paper-less”) are key elements to safeguard productivity during disastrous events. First-response actions such as implementing business continuity plans and stabilization of business operations should be accompanied by proactive measures: companies should rethink and accelerate their digitization strategy to increase resilience and optimize business processes at the same time.
Contractual arrangements with IT service providers should be revisited, data privacy and security topics as well as industry-specific regulations must be kept in mind. Although companies are now busy responding to the COVID-19 challenge, we will soon face a recovery phase that will once again show the importance of a holistic and sustainable digitization strategy. Using “lessons learned” is key to prepare for and thrive in the future.
Maintain productivity while keeping it safe and economically sustainable
Ensuring business continuity is one of the highest priorities for every company, and in these days, many may be forced to cut costs. If they do so, however, they should not lose sight of the long- term implications of the crisis. Once the situation has been stabilized, companies must rethink their digitization strategy and put measures in place that establish sustainability for the future challenges to come.
- Business continuity
- Cost cutting
- Rethink digitization strategy
- Establish sustainability
Respond – Recover – Thrive
- Timely response to the new situation is key, by proactively tackling pressing issues.
- Development of the means to adapt existing processes and strategies is imperative, as well as the identification of digitization potentials to increase resilience and cut costs at the same time.
- Implementation of those new processes and strategies, and establishment of sustainability are achieved by assessing (the risk) of future crises.