Innovative Technology for Post-Pandemic Economic Recovery
The COVID-19 pandemic has had significant negative impacts on most countries’ resilience having unleashed major health, social, and economic shocks. The trauma varies across countries and industries, and many governments have announced fiscal packages to fund...
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| Format: | Article |
| Language: | English |
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Universitas Indonesia
2021-01-01
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| Series: | International Journal of Technology |
| Online Access: | https://ijtech.eng.ui.ac.id/article/view/4691 |
| Summary: | The COVID-19 pandemic has had significant negative impacts on most countries’ resilience having unleashed major health, social, and economic shocks. The trauma varies across countries and industries, and many governments have announced fiscal packages to fund substantially increased public health measures, social assistance for vulnerable people, and business activities in response to the consequent fall in incomes, loss of job opportunities, and price fluctuations. Businesses need to adapt their activities to a new post-COVID normal in ways that support a rapid recovery, and market intervention is required to create a rebound effect to regain consumer confidence. In particular, the crisis has created widespread need to adopt digital solutions. Digital technologies have already played vital roles in maintaining a functioning society by enabling remote working, facilitating contactless business transactions, and automating corporate processes during the pandemic. They are helping to create the “new normal” by delivering innovative ways for almost any activity to be conducted with even more productive outcomes. These technologies can be used as a driver for economic development during the crisis and in the post-pandemic recovery to enhance national resilience; they are crucial for ensuring social and commercial continuity in these uncertain times. The Roles of Stakeholders The pandemic has forced business models to adapt, and this could have a beneficial impact on economic recovery. For example, many businesses have been required to adopt digital strategies in response to changing customer behavior, and, as a result, massive online platforms to digitalize and realign business operations using artificial intelligence have been created. Consequently, businesses can improve operational efficiency using these autonomous technologies, and more resilient production systems and supply chains can be created through this digital transformation of existing industries. Emerging technologies that support automation and digitization can be used to create smart cities that will transform business and public services provision. Therefore, collaboration and coordination between technological, financial, and policy developments are now required to build digital competency and infrastructure for the post-pandemic economic recovery. Optimizing the benefits of technology will thus require solid government policy, private sector investment, and appropriate human resource allocation. Governments, in particular, need to take effective strategic decisions about transforming health, economic, and social sectors by adopting these innovative technologies. On the other hand, digital technologies might have the potential impact to widen socio-economic inequality, for example by reducing human involvement in conventional jobs and requiring greater education and skill in the future workforce. Governments are therefore also required to continue any policies that support the digital transformation and enhancement of relevant skills in small and medium-sized enterprises (SMEs) to cope with the ongoing situation and to deliver full support to the creative industries ecosystem through digitalization such as in digital literacy, access, and infrastructure. Digital technologies will enable resilience in SMEs by giving them practical online tools and business platforms from internal production through to connecting with the market and their customers. Such advancements will be a major push in speeding up the post-pandemic recovery when leveraging knowledge, technology, and data in relation to digital integration will be important. Digital technologies will improve our economic and social resilience. |
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| ISSN: | 2086-9614 2087-2100 |