Manama: Digital transformation, cost effectiveness and productivity will serve as key pillars to sustainability of businesses, says a report.
A report by the Bahrain Center for Strategic, International and Energy Studies (Derasat) and the United Nations Development Programme (UNDP Bahrain) has called upon the private sector to plan and implement effective digital transformation strategies.
The report also called for allocating resources for cyber security, comprehensive post-pandemic planning, prioritising climate-change risks, and green-growth strategies that counterbalance such risks.
Derasat and UNDP Bahrain organized a roundtable discussion in early November to analyze the views of representatives of the Kingdom’s most prominent private sector organizations as part of a wider partnership to conduct a COVID-19 Socio-Economic Impact Assessment study.
The report also recommended enhancing business sustainability by balancing lowered operating costs and improved productivity, as well as adopting Environment, Social and Governance (ESG) criteria for risk mitigation, in a framework that embeds these values for sustainability at the core of the organizations.
The report also called to draw up a strategic plan to emphasize on consumption in favor of manufacturing, with a larger role assigned to small and medium enterprises (SMEs) in the emerging economy.
