The Coronavirus (COVID-19), the outbreak has now impacted our professional and personal lives. Many people are struggling to understand the complex business issues affecting their supply chain, financial health, and customer engagement.
The world is currently experiencing one of the largest historical shifts in 100 years. New businesses will emerge and old businesses will be restructured. As a result of this pandemic, we are already witnessing a shift in the services that our clients use. Services essential to health, energy, natural resources, and emergency services will be in high demand even though the business models may change.
We must be alert and cautious to the possible spread of the virus and remain resilient in our efforts to find new ways to live and work. We should learn from China and India how they are handling the situation. The combined wealth of the western countries will allow us to repurpose our spending and improve our healthcare.
As soon as fear dissipates, new ways of living and working will emerge. Let’s discuss ten ways we can reimagine our lives, our organizations, and our society.
1. With a stronger emergence and support of social capitalism, globalization will be redefined
COVID-19 may bring an end to unregulated, free-market globalization. It exposes the serious consequences of uncoordinated and independent actions by countries on the global economy as well as the well-being and security of individuals. The pandemic demonstrated that problems in one country can have a significant impact on the whole economy.
The new globalization that recognizes interdependence and benefits all peoples will emerge. It is based on the collective actions of individuals, countries, and businesses. Companies will adapt their business models and governance to place greater emphasis on social responsibility and the well-being of employees. COVID-19 will be a model for new legislation in many countries. Companies will be driven by social capitalism and the rise of social capital. Business strategy will not only be driven by markets and market regulation but also the good of the community and society.
2. Digital transformation acceleration
Many organizations have been working to transform businesses in the past two years. COVID-19 will require companies to make radical technological advances and modernize their culture, organizational structures, and operating architectures.
Top business leaders agree that even if an organization is ahead, they must be flexible, willing to take calculated risks, and ready to fail quickly if they want to keep their business afloat. Many companies would make it a priority to accelerate digital transformation to improve business continuity and productivity, as well as to launch new business models that will remain competitive.
3. Increased use of a workforce on-demand will mean that there will be more
COVID-19 will have a positive economic impact on the economy. People and companies will adopt technology-enabled platforms and models for their workforce. This will improve workforce planning, financial management, and access to diverse skill sets. Employers should learn how to retain and engage on-demand talent by learning about improved People Management strategies, tools, and tools that can make a difference for an on-demand workforce.
4. A new platform for healthcare reform
COVID-19 exposed serious gaps in some of the world’s most advanced healthcare systems. The pandemic created an urgent need for healthcare reform in the United States and other countries, including France, the United Kingdom, France, and many other developing nations. COVID-19 will make it more difficult for the healthcare industry to change and offer better care. Many will be able to take advantage of this opportunity, as they are part of the construction process.
Companies will have to focus on individual healthcare, in addition to industry reform. As remote work, social isolation, and social distancing become more common, the need for emotional connection will rise. To avoid the negative effects of infrequent human contact, companies will place greater emphasis on employees’ mental health and well-being.
5. Supply chains will disintegrate and reorganize themselves
Technology platforms will integrate them, further fragmenting supply chains. Multiple-tier supply chains will be created to track key components, including the origin and incremental value-adds. This will open up new avenues for customers to interact, manage inventory, optimize production and distribution, logistics management, and managing cash/capital.
In addition to this, 5G internet will become more accessible, increasing the use of internet systems online and reducing the risk of centralization. Traditional business strategies are based on the market and its competitors. Companies must create breakthrough value for customers in the new COVID-19 era. Not just once. Companies must embrace global thinking and form strategic alliances with other companies in a global ecosystem. This will make value creation difficult in an ever-changing business environment.