Covid-19 Impact on Global Economy Triggering Digital transformation
The Covid pandemic has bought some very drastic changes in our personal lives and businesses across the world. The pandemic has completely changed the way in which we interact with humans, businesses, etc.
The pandemic has slowed down businesses, closed borders, and affected humans life across the world, but on the other hand, it has bought revolutionary digitalization that could not have been expected without the pandemic. To fill gaps left by enforced shutdowns and measures of social distancing, digitization has stepped in to save us all from this. We would have no way of living, shopping, going to school, and more without digital technologies.
How technology is helping for accelerated growth for the companies?
For many companies, the opportunity to drive business growth and produce new products is the outcome of new inventions that, in the first place, were critical to their disruptive businesses. Machine learning and artificial intelligence are the most common of these innovations. The development of medical treatments to combat the virus is being accelerated by artificial intelligence and machine learning. The forced acceleration of new advancements has helped disruptors take advantage of other technologies. The pandemic also speeded up the introduction of disruptive financial services developments. We expect these same underlying technologies to help overcome the next wave of problems.
Basically, new capabilities are created as a result of digital transformation. It is not technology itself that changes an organisation, but it allows for the introduction of new processes which lead to cultural and social transformations. The real value of technology is measured by the enhanced capacity it adds to an organization.
As companies continue to adapt to the new normal, the following trends are expected to play out on the broader economic area:
Tech investments: In several large companies, technology investment accumulates over time, as organizations go through multiple cycles of implementation of technology. This crisis will provide leaders with an opportunity to carefully assess the tech environment and recognize opportunities for this technology liability to be withdrawn. It can also free up valuable cash flows for future digital projects that could be leveraged. By investing in tools like covid screening software, you can bolster the return on investment from your technology investments. The relevant stakeholders can be instantly notified on mask violations as well with stunning accuracy in readings. The operation is human contact-free and devoid of infection spread. Even a single visitor carrying the infection and going unnoticed can spread it to many and hamper the productivity.
Digital Skills: The competitive advantage for businesses in the market will increasingly be driven by innovation driven by digital technology.For companies, this is an ideal time to focus on the digital talent pool and use the downtime to create a pervasive foundation of digital skills.
Future Workspaces: A turning point in how people work will be changed by COVID-19. The pandemic is transforming the approach of people towards jobs, mobility, and adaptive models of work. As well as job constructs, we expect to see an expansion of alternative work delivery models. Most of these latest models will be driven by digital realization platforms.
Digital nationalism: Much of the economic value generated is increasingly derived from digital innovation, ecosystem innovations, and emerging technologies. This is clearly reflected in the rising valuation of the major technology we’ve seen, and the rapid investment in this space.
People Count Management: While attempting to transform the existing buildings into smart buildings, facilities need actionable data on occupancy monitoring, in a dynamic fashion made available to the management. Such systems allow facilities to understand the patterns in the usage of conference halls, corridors, etc and use this information to consider evacuation, effectively enforce social distancing, rearrange products for maximum visibility and deployment of staff for better handling of visitors. Based on this data heating, lighting and ventilation can be provided.
Energy Monitoring: Facilities need to recover quickly from the setbacks triggered by pandemic. So a proactive approach to energy monitoring is the need of the hour. Don’t wait till the Electricity Board intimates you on energy consumption in a bi-monthly or monthly cycle. Rather get the consumption data piling up incessantly for holding reins over the avoidable power consumption and turning of unreasonably high consumption of units automatically. This ability is a must to maximize building efficiency to cut down costs.
Necessity is the mother of invention, and proof of that has been the pandemic.
Organizations now need to change. As they have done before, there is no chance to carry on. It has to be done to safeguard the company and the company’s future. Digital transformation will be a strong catalyst in response to the current crisis by the companies and provide them with an opportunity to re-align their business/operating models to the rapidly evolving business environment.
This pandemic has offered a new chance for the companies to build a better future. It starts with having a diverse workforce to perform optimally, and it will be crucial to create confidence and trust among employees.
Businesses have made their best effort to meet these shifting demands as customers turn to digital platforms. The truth is that during lockdown, face-to-face communication or physical stores visits all vanished, so the only access point to customers moved online. As a consequence, the proportion of worldwide digital consumer experiences is three to five years ahead of where it would have been if the covid 19 pandemic had not occurred.
Nitin Gupta is a voracious reader and an even passionate writer. Having worked with scientific research collaboration niche and MNCs across the world, he really has very to the point and enthralling insights about the industry and the people working in them.
Nitin writes about technology and how it impacts the various industries such as pharma, hospitality, travel, and many others as well.