The Next Global Crisis: Tech’s Achilles Heel as One Third of IT and Telecoms Companies Remain Unprepared

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Tech News Summary:

  • New data from Board International shows that despite 97% of global companies attempting some form of planning transformation since 2020, 90% report that it has failed to some degree.
  • The leading causes for failed planning transformations are lack of technical capacity within the organization, lack of investment in skills, and shortage of equipment resources.
  • Continuous planning is an imperative, and companies that advance their digital capabilities can run their business at the speed of change and gain a competitive advantage.

According to a recent study conducted by a leading business consultancy firm, one-third of IT and telecoms companies are ill-equipped for the next global crisis. The report noted that despite the increasing reliance on technology in today’s world, many companies in these industries are lagging behind in their efforts to prepare for future crises.

The study found that most IT and telecoms companies focused primarily on their day-to-day operations, rather than investing in long-term disaster planning. This lack of preparation can leave companies vulnerable to disruptions and major crises, such as the recent COVID-19 pandemic.

The report also highlighted other potential risks that these companies face, such as cyber-attacks and supply chain disruptions. Although some firms have made efforts to address these risks, many are still struggling to implement effective strategies.

The study suggests that IT and telecoms companies need to prioritize crisis preparedness and invest in preventative measures to mitigate risks. This may include developing contingency plans for emergencies, investing in robust cybersecurity measures, and diversifying their supply chains to reduce dependencies on a single vendor or supplier.

Failure to address these problems could have serious consequences for IT and telecoms companies, as well as the wider global economy. Given the critical role that technology plays in today’s world, it is essential that these firms take the necessary steps to prepare for the unexpected and safeguard against future crises.

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