Digitization can ensure companies to beat the odds during and after COVID-19.
Apart from the tragic health degradation, COVID-19 is also disrupting our global economy and business environments. The UN is anticipating that the crisis will cost the global economy around $1 trillion during 2020 and would involve $2 trillion hits to the gross domestic product – a “Doomsday scenario”.
With the normal operations being impossible, there is a shift towards digital operations and hence the so-called ‘Digital leaders’ are to carefully consider business continuity, scale and scope of this new and unfamiliar trading conditions.
Whilst making business plans in this constant state of flux, it is important not to lose sight of the business opportunities emerging digitally right now. Thought these seem to be a response to the short term requirements, they have the potential to last long even after the crisis has passed.
Here are few fields with digitalization that are believed to thrive post-pandemic also:
- Data-enabled Healthcare initiatives
Consumers are more focused on their health now and ever. All tests, whether COVID-19 tests or other medical condition tests generate a huge amount of different data sets. Specialists use these data (with privacy limits) with the AI-powered tools to find useful solutions to predict any future complications and thus provide reassurance to help cope with the difficulties.
Few such sorts of applications include ‘Definitive Healthcare’ that can track the hospital bed capacity and ‘FluPhone’ which can measure and the model the spread of the flu.
- Scalable digital model
As the pandemic and other taxation issues are pressurizing the global supply chain, companies are replacing Product-focused operational models with the scalable digital business models. This might include businesses selling their data and AI assets to third parties to find quick and smart ways to reduce costs and monetize their assets.
This digital-enabled sharing economy is used in Combiworks and Cargomatic.
- Renaissance in E-commerce
With shelter-at-place policies and self-isolation, people who normally visit physical shops are increasingly going online and are shopping from e-commerce sites. This uplift in e-commerce might become permanent if people remain wary of mingling in real-life and replace shop visits with online purchases.
Already, Bringoz a logistic platform has enabled retailers to scale home delivery fast adapting to the new market circumstances.
- Digital collaboration and Entertainment tools
Many organizations have swiftly shifted to the work from home culture and some have made it permanent. With these trends, there is a surge in adopting digital collaboration tools like Microsoft Teams, Google Hangouts, Zoom and many other cloud services too.
Consumers are seeking VR and AR experiences rather than going to a museum, concert or an event, considering their safety. Moreover, there is already a growing demand for digital media and entertainment tools like gaming, video streaming, OTT, social media and e-books to relieve boredom and these might continue to stay for a longer period of time.
This COVID-19 outbreak has given rise to a new, more agile and more resilient way of doing business that would care of its workers and their customers. At best, only digitalization and kinder – caring business model could beat the odds and come on top of these unprecedented times and survive in the future.
