Digitizing global value chains improves risk management

Director of the Policy Support Unit at the Asia-Pacific Economic Cooperation Dr. Denis Hew views that the digitization of global value chains (GVCs) can improve risk management and reduce logistical bottlenecks.

“Although the trend toward digitalization predates the pandemic, digital solutions have now become a necessity rather than an option for many firms,” Dr Denis Hew stated during the webinar, Global Value Chains in the Post-Pandemic “New Normal”, Wednesday.

However, Hew affirmed that boosting the resilience of these value chains necessitates reconsidering policies, including those on data security and human capital management.

The pandemic has expedited digitalization for both businesses and customers, with technology-driven production and distribution activities as well as digital services now in place, according to Hew.

With users better acclimatizing themselves to new-fangled technologies, the “flight to digital” has presented a viable opportunity to the ASEAN+3 region to upgrade and bolster its role in GVCs.

The region is in an inimitable position to not only support greater openness but also increase its competitiveness in the Fourth Industrial Revolution.

The comprehensive inculcation of novel technologies will mandate steady flow of investment in both hard and soft infrastructures to derive optimal benefits.

 

Source: Antara News

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