What Does Our Business Community Need in the Digital Economy?

The state of emergency lockdowns has had major implications on our business community. Businesses have had to adapt their short and long-term goals under key public health and health care indicators, and now, the ongoing progress of province-wide vaccination rates. Most businesses have had the choice to integrate technology in their processes, until the wake of the COVID-19 era. Having to rely on whether or not the province would announce another lockdown increased social instability, unemployment rates, and business closures.

With an upcoming federal election in sight, it is important to determine what would most benefit our business community for the future, and which party’s platform can increase the city-wide growth and well-being of Vaughan. 

We know our businesses are facing many unprecedented challenges right now and for the future, especially with supply chain issues, digital transformation and cyber security, and hiring retention on the skilled trade. Although difficult and stressful, small businesses have shown resilience in adopting new practices during a state of emergency. However, it is now time to let the government know of our recommendations and what we need to grow during these unprecedented times.

Small businesses account for the largest share in York region, and Vaughan is an economic engine in transportation services, manufacturing businesses, infrastructure, and more. With these sectors getting hit the hardest from the pandemic, our government’s involvement is essential in implementing changes that can produce trust, jobs, innovation, and sustainable growth.

When determining which party can best deliver for our businesses goals, it is important to see who will focus on the growth of our businesses. Although various programs have guided businesses, the government has not focused on long-term growth of the digital economy including accessibility to digital learning, and the opportunities of going digital.

Digital transformation is not a surprise. It has streamlined processes, heightened cognitive and special skills, driven simplicity, achieved business goals effectively, and eliminated work while increasing revenue. Transition to a digitally-enabled society has become essential for businesses to survive; furthermore, boosting success in a new world of remote work and business capabilities. While the pandemic has created many challenges for our business communities, it has also opened a new door of possibilities by questioning our integration of technology, leading us to question our government: how will you improve the economy by shaping policies in the digital transformation of business?

Promoting the long-term growth of the digital economy including accessibility to digital learning, and the opportunities of going digital can more importantly improve social stability. However, with many business processes being replaced by automation and tech effectiveness, business communities are now wondering what this means for the future of our businesses and economic recovery. The importance to ensure a clear path in the digital transformation of business is imperative in our economic recovery.

That is why we are asking for the government during this election to consider providing a landscape where business competitiveness and growth are the key metrics for their government plans. The Vaughan Chamber of Commerce has identified these priorities that are interconnected in our economic recovery:

  1. Digital transformation
  2. Hiring retention
  3. Supply chain issues

We ask the government to promote the long-term growth of the digital economy including accessibility to digital learning, and the opportunities of going digital, to transform our supply chain issues and hiring retention. As with many things in our economic recovery, technology will provide an important catalyst for supply chain transformation and competitive advantage in hiring.

Implementing growth in the transportation services, manufacturing businesses, and infrastructure, social stability will improve by tackling the hardest-hit sectors during the pandemic. More importantly, by closing the gap between those with high versus low education levels, these sectors can be included in the tech sector. Mixing of skills will advance trust in digital transformation and improve unemployment rates in the skilled trades.

The government has the opportunity to show businesses how to become more adaptable, productive, and responsive through the increased use of digital technologies. By promoting these skills and including everyone in a digital society, supply chain issues can also be reduced.  In order to enable Canada to prosper, government policies must be improved in geopolitics to support supply chain transformation and competitive advantages.  

Uncertainty in managing inventory is one of the greatest challenges right now. Today, balancing just enough inventory to avoid production outages while enhancing capital is a crucial part of supply chain management. Canadian businesses need new solutions from the government that can both reduce the working capital tied up in inventory while maintaining the same level of sales. It is important to know which party platform will deliver on that.

@VaughanChamber