EY and Nokia form alliance to unlock the power 5G
Forming a strategic alliance, EY and Nokia will help enterprises and communication service providers (CSPs) accelerate both their digital transformations and business transformations.
The strategic alliance - which will be rolled out to other EY member firms around the world - will also help organisations to unlock the value that private wireless and 5G can provide, as well as support enterprises maintain resiliency beyond COVID-19.
The rise in 5G
As the demand for connectivity grows with the increase in remote working and use of emerging technologies (IoT, Industry 4.0, connected products and advanced mobility), a recent EY research, identified that 69 per cent of organisations are currently investing or planning to invest in 5G.
“The impact of 5G across industries is a growing priority for EY clients undergoing digital and business transformation, as new use cases become a critical focus looking beyond this period of crisis. Nokia’s leading capabilities in private wireless and 5G deployment complement the EY strategic alliance ecosystem in this evolving landscape. The alliance with Nokia helps deliver end-to-end solutions to address clients’ most pressing challenges as they respond to dramatic shifts in market dynamics and strive to accelerate growth and productivity gains,” said Greg Cudahy, EY Global Technology, Media & Entertainment and Telecoms Leader.
“Together with EY people, we will bring leading, high-performance, and secure network solutions for operators and industrial players around the world, and the experience required to develop innovative business models and 5G use-cases for enterprises. This means an acceleration of the digital transformation journey for customers as they seek to reinvent themselves in a post-pandemic world,” added Raghav Sahgal, President of Cloud and Network Services, Nokia.
EY and Nokia’s alliance
As part of the alliance, EY and Nokia will securely connect equipment and processes across the supply chain by helping enterprises to create customer trust, achieve return on investment, rethink operational processes and evaluate complex regulatory requirements.
The alliance will focus on three key areas:
- Fueling digital transformation for manufacturing, energy and operations across industries
- Building cybersecurity and digital trust by protecting telcos’, service providers’ and enterprise clients’ core operations, as well as manage security challenges
- Accelerate digital transformation for CSPs across their entire life cycle to drive growth and efficiency
IMF: Variants Can Still Hurt Manufacturing Recovery
After a year of on-and-off manufacturing in the US, UK, and the eurozone, demand for goods surged early last week. Factories set growth records in April and May, suppliers started to recover, and US crude hit its highest price point since pre-COVID. As vaccination efforts immunise much of the US and UK populations, manufacturers are now able to fully ramp up their supply chains. In fact, GDP growth could approach double-digits by 2022.
Now, the ISM productivity measure has surpassed the 50-point mark that separates industry expansion from contraction. Since U.S. president Biden passed his US$1.9tn stimulus package and the UK purchasing managers index (PMI) increased to 65.6, both sides of the Atlantic are facing a much-welcomed manufacturing recovery.
Lingering Concerns Over COVID
Even as Spain, France, Italy, and Germany race to catch up, and mining companies pushed the FTSE 100 index of list shares to a monthly high of 7,129, some say that UK and US markets still suffer from a lack of confidence in raw material supplies. Yes, the Dow Jones has made up its 19,173-point crash of March 2020, and MSCI’s global stock index is at an all-time high.
Yet manufacturers around the world realise that these wins will be short-lived until pandemic supply chain bottlenecks are solved. If we keep the status quo, consumers will pay the price. In April, inflation in Germany reached 2.4%, and across the EU’s 19 member countries, overall prices have increased at an unusual pace. Some ask: Is this true recovery?
IMF: Current Boom Could Falter
Even as Elon Musk tweeted about chip shortages forcing Tesla to raise its prices, UK mining demand skyrocketed; housing markets lifted; and the pound sterling gained value. The International Monetary Fund (IMF), however, cautioned that manufacturing recovery won’t last long if COVID mutates into forms our vaccinations can’t touch. Kristalina Georgieva, Washington’s IMF director, noted that fewer than 1% of African citizens have been vaccinated: “Worldwide access to vaccines offers the best hope for stopping the coronavirus pandemic, saving lives, and securing a broad-based economic recovery”.
Across the globe, manufacturing companies are keeping a watchful eye on new developments in the spread of COVID. Though US FDA officials don’t think we’ll have to “start at square one” with new vaccines, the March 2021 World Economic Outlook states that “high uncertainty” surrounds the projected 6% global growth. Continued manufacturing success will in large part depend on “the path of the pandemic, the effectiveness of policy support, and the evolution of financial conditions”.
Mathias Cormann, secretary-general of the Organisation for Economic Co-Operation and Development (OECD) concurred—without global immunisation, the estimated economic boom expected by 2025 could go kaput. “We need to...pursue an all-out effort to reach the entire world population”, Australia’s finance minister added. US$50bn to end COVID across the world, they imply, is a small investment to restart our economies.