With the young exploring old ways of connecting and the old interacting with the new, the COVID-19 epidemic has made us turn to some theories regarding Internet technology and demographics.
The COVID-19 pandemic is reshaping the global economic climate with the UN expecting a $1 trillion hit to the world economy this year from the crisis.
To digital leaders, this means hour-shifting company priorities and a drastic sewing of fortunes between sectors; airlines are in crisis with travel and transportation.
While employee health and safety understandably remain the top priority, in these modern and unfamiliar market environments corporate leaders do need to carefully consider the sustainability, size and complexity of their corporate operations. Inevitably, because they are dealing with business plans in a constant state of flux, investment in digitisation programs would fall well short of their priority list.
It is important not to lose sight of the new market opportunities that are emerging right now without diminishing the devastating effect of Covid-19. While these often lead to short-term demands, they are likely to become long-standing changes in the digital world once the current crisis is over. Here are the areas which will thrive post the pandemic:
Increased data-enabled healthcare initiatives
Testing is the order of the day because patients focus even more on their health, whether their Covid-19 examinations are approved by healthcare providers or customers who want to use private firms to monitor themselves for specific medical conditions.
With the right privacy constraints in place, the resulting huge rise in health care data provides an opportunity for numerous data and AI experts to build practical strategies that will help mitigate contagion threats relieve patient uncertainty while also offering reassurance to help them cope with these difficult times.
Growing digital businesses
As Covid-19 is disrupting the global supply chains of companies, they are gradually beginning to create resilience in their businesses by introducing scalable and reliable digital alternatives to product-focused models. This may involve companies that diversify from their core offer of selling data and AI properties to third parties.
When it comes to managing accounts or tax compliance, small businesses are going digital with cloud accounting software. It helps them get things done easily from wherever they are.
Companies such as HostBooks are helping their clients stay tax compliant by enabling them to file their GST/TDS returns online from the safety of their homes. Such online accounting software solutions go a long way as these help small business owners saves time and focus on growing their businesses.
Renaissance of e-commerce websites
Consumers who usually visit physical stores are increasingly shopping online because of self-isolation, with the result that e-commerce is booming, especially when it comes to tinned goods, pasta, health and sanitary items.
The e-commerce uplift may well become irreversible if people remain careful about mixing in real life, gradually replacing online store visits with online shopping.
Digital collaboration and entertainment tools
When companies move quickly — and in some cases even permanently — to remote work, the demand for interactive communication platforms like Microsoft Teams, Google Hangouts, and Zoom is expected to expand rapidly.
What’s more, as staying in is the new going out, customers are opting for comparable AR and VR experiences instead of trips to concerts, museums and festivals, which can be easily enjoyed when sitting on the couch. Together with this, we are now seeing increasing demand for digital media and entertainment, including social networking, gaming, news, video sharing, and books, as people try to alleviate boredom and fill the time previously taken up with face-to-face travel and socialization.
How can businesses beat the odds in these tough times?
In industries less impacted by the epidemic, businesses need to reconsider fundamentally what generates value, what is important now and in the future, and what role digital innovation can play in making new things happen.
Creating and sustaining a vibrant and omnipresent digital culture is critical for businesses right now. With research becoming more distant, leadership styles, mindsets, attitudes and ways of working now matter more than ever before. Winning cultures include faith in individuals, job openness, compassion for others and continuous learning. Taking stock of these vital qualities during tough times will ensure that firms retain their digital talent, get things done and continue to thrive.