Panel 1: Digital Transformation to Greater Economic Competitiveness

May 12th

The coronavirus pandemic has fully demonstrated that digitization is a fundamental pillar of long-term competitiveness. While Czechia has traditionally relied upon economic factors such as cheap labour to maintain their competitiveness, a number of experts are seeking a shift towards high value-added industry. However, this transition can only be achieved through robust digital transformation.

Digitization not only increases efficiency but also the productivity and flexibility of companies. The benefits of digitization became apparent during the past year as a number of companies managed to grow during the crisis. By creating new jobs and achieving higher work productivity, companies that have taken advantage of the benefits of digitization have overcome the current crisis much more easily. Today, it is doubtful that anyone questions the objective benefits of digitization. Yet, its rapid rate of development means that if Czech companies do not adapt to this trend quickly, they risk being replaced by others very soon.

In addition to large companies, due consideration must be paid to the employees who have also experienced major changes and challenges in the past year. The arrival of coronavirus has transformed the concept of home office from a somewhat rare benefit to a very common standard routine. This trend has fundamentally changed the way we work, as online meetings and electronic communication replace traditional workplace practices. However, the rapidity with which workplace practices have transformed presents the question of whether this operational system really suits most employees, or whether productivity, work ethic and concentration worsen at home.

What is the state of Czech companies in terms of digital transformation? To what extent are the principles of the Industry 4.0 concept being implemented successfully? Will the home office become an integral part of our working life? And is working from home beneficial for both employers and employees?

Are you ready?

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