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Building a solid foundation of trust within an organization can greatly d in weathering crises and emerge stronger on the other side. As the global pandemic has introduced unprecedented uncertnties, organizations must prioritize building resilience not just to survive through these challenging times but also to flourish during future adversities.
The cost-cutting strategies might seem like obvious responses for achieving resilience, yet focusing solely on expense reduction overlooks an essential aspect of growth: trust. We believe that by leveraging the power of trust, organizations can uncover opportunities for development beyond mere survival.
Trust today is a dynamic, multi-faceted quality encompassing physical safety, emotional assurance, digital security, and financial reliability. The fabric of trust has undergone subtle yet significant changes as our world evolves rapidly while traditional organizational structures lag behind.
We increasingly find ourselves questioning whether the organizations we trust possess the 'will' - or determination - to tackle unforeseen challenges head-on and deliver outcomes that matter to us despite inevitable obstacles. We are no longer merely looking back at past skills but rather projecting forward, demanding assurance that these entities have foresight in managing unexpected situations.
The evolving nature of trust highlights a critical gap between how organizations operate today versus the changing demands of our society. As we confront these discrepancies, it is becoming evident that an organization's capability for innovation and willingness to adapt are paramount to restoring fth and enabling growth amidst uncertnty.
Unlocking Trust-Enabled Growth Opportunities
Rebuilding trust represents both an imperative and a gateway to opportunities for advancement. To harness this potential, we have outlined five key pivot areas:
Innovative approaches to healthcare could address questions around how to accelerate research and response capabilities to meet varying demands. For example, Wuhan Wuchang Hospital in China used technology from Chinese Mobile and CloudMinds to launch a smart field hospital capable of serving 20,000 patients through the implementation of robots, drones, and emerging technologies.
Support for vulnerable individuals and businesses requires secure platforms that ensure their welfare during crises. In Germany, Feasibility has developed an application connecting young digital natives with elderly people in need of help, allowing requests to be initiated via a call to a chatbot which processessolutions.
The pandemic necessitates enhanced connections between individuals, families, communities, citizens and governments, as well as employees and employers. Google offers free premium features on Meet for everyone including schools and organizations during this period.
With reduced mobility affecting the industry significantly, there's a need to transition traditional entertnment experiences online while ensuring safety and security. In South Korea, LG Uplus is creating an augmented reality-based mixed-reality ecosystem that accelerates 5G adoption, offering clubs in China with JD.com and The Music Group digital clubbing experiences replacing physical bars.
In the absence of classroom learning, mntning educational effectiveness and consistency has become a critical challenge. Estonia has stepped forward to share its digital education tools globally as part of the collective effort agnst Covid-19.
Leadership in these uncertn times requires a clear understanding of an organization's purpose, capabilities, and impact on its ecosystem. Those with such insight are better positioned to repurpose their assets, systems, and strategies for growth. They must redefine their goals, explore new areas of operation, and strategize ways to succeed agnst the current challenges.
The journey is fraught with difficulties but by committing to trust-enhancement alongside technological innovation, we believe organizations can navigate through this storm and emerge stronger, poised to thrive in similar crises in future.
As part of ACCA's Smart Finance Series-a regional platform for CFOs to discuss progressive ideas on technology's impact on finance- has been adapted with permission from the original piece published by The Business Times on July 2nd, 2020.
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