Digitalisation: opportunities and challenges

20/ 05/ 2020

Listen to online Stop   Digitalisation is not just a whim, but a necessity dictated by time. That was the main topic of the EBA Innovation day organized with our international colleagues. During the meeting, we discussed various aspects of digitalisation, the possibilities of modern digital technologies, the stages of implementing innovations for companies, and the role of the state in the digitalisation of the economy. Thus, in the context of the current situation in the world, digitalisation has ceased to be an abstract concept. This was stated by Simon Pidoux, Deputy Ambassador of the Swiss Confederation to Ukraine. Currently, digital technologies are being intensively implemented in all spheres of social and economic activity, including diplomacy. Therefore, Switzerland, as a leading country in innovation, is actively assisting the Government of Ukraine in matters of digital transformation. Within the framework of international cooperation, 27 million Swiss francs are annually granted to Ukraine for the development of its digital projects. The Embassy of Switzerland in Ukraine also regularly holds Swiss Digital Hub meetings as a platform for exchanging knowledge and experience in digitalisation. Nicolas Bürer, Managing Director of Digitalswitzerland, noted that in just a few weeks, digital technology has become an integral part of our lives and the industries have become more digital. He assumed that even after the pandemic, the economy would remain hybrid with digital processes staying on. That would allow companies to be more flexible in making decisions and employees to achieve harmony in their work-life relations. Therefore, in these conditions, entrepreneurs will be forced to switch to new business models and integrate basic digital technologies in their activities in case they have not already done so to maintain their competitiveness. Besides, the issue of digital literacy will become relevant. Although it is not solely limited to obtaining new tech skills, but also learning to effectively manage their personal data online. David Jones, Research & Technology Director, Innovations, Imperial Brands Bristol head-office, presented the 5 stages of innovation development at the company level. At the same time, he noted that to become more progressive, companies need to have a clear strategy for the introduction of new technologies, to have an employee responsible for innovation, and to search constantly for creative solutions. Besides, it is important not to delay the launch of transformational innovations, as the slowdown may lead to financial costs and loss of market share. It should also be considered that the time for long-term planning has been significantly reduced. Therefore, it will be more effective to invest simultaneously in several small projects with quick results than to spend years developing one perfect product. At the end of the meeting, the speakers emphasized that  it is also important to have separate funding programs, the effective framework legislation and quality national education to foster innovation at the state level. On behalf of the European Business Association, we thank the speakers for the opportunity to share national experiences and visions for the future prospects of digitalization!

Digitalisation is not just a whim, but a necessity dictated by time. That was the main topic of the EBA Innovation day organized with our international colleagues. During the meeting, we discussed various aspects of digitalisation, the possibilities of modern digital technologies, the stages of implementing innovations for companies, and the role of the state in the digitalisation of the economy.

Thus, in the context of the current situation in the world, digitalisation has ceased to be an abstract concept. This was stated by Simon Pidoux, Deputy Ambassador of the Swiss Confederation to Ukraine. Currently, digital technologies are being intensively implemented in all spheres of social and economic activity, including diplomacy. Therefore, Switzerland, as a leading country in innovation, is actively assisting the Government of Ukraine in matters of digital transformation. Within the framework of international cooperation, 27 million Swiss francs are annually granted to Ukraine for the development of its digital projects. The Embassy of Switzerland in Ukraine also regularly holds Swiss Digital Hub meetings as a platform for exchanging knowledge and experience in digitalisation.

Nicolas Bürer, Managing Director of Digitalswitzerland, noted that in just a few weeks, digital technology has become an integral part of our lives and the industries have become more digital. He assumed that even after the pandemic, the economy would remain hybrid with digital processes staying on. That would allow companies to be more flexible in making decisions and employees to achieve harmony in their work-life relations. Therefore, in these conditions, entrepreneurs will be forced to switch to new business models and integrate basic digital technologies in their activities in case they have not already done so to maintain their competitiveness. Besides, the issue of digital literacy will become relevant. Although it is not solely limited to obtaining new tech skills, but also learning to effectively manage their personal data online.

David Jones, Research & Technology Director, Innovations, Imperial Brands Bristol head-office, presented the 5 stages of innovation development at the company level. At the same time, he noted that to become more progressive, companies need to have a clear strategy for the introduction of new technologies, to have an employee responsible for innovation, and to search constantly for creative solutions. Besides, it is important not to delay the launch of transformational innovations, as the slowdown may lead to financial costs and loss of market share. It should also be considered that the time for long-term planning has been significantly reduced. Therefore, it will be more effective to invest simultaneously in several small projects with quick results than to spend years developing one perfect product.

At the end of the meeting, the speakers emphasized that  it is also important to have separate funding programs, the effective framework legislation and quality national education to foster innovation at the state level.

On behalf of the European Business Association, we thank the speakers for the opportunity to share national experiences and visions for the future prospects of digitalization!