Coronavirus or COVID-19, in addition to the technology of digitalization, has been the cause of re-shaping the business-tech environment. Employee health and safety is a top priority. Hence, it’s the responsibility of the digital world & leaders to have a consideration regarding the continuity. Also, including the scale, and scope of their digital operations. This is primarily important in the most unfamiliar trading conditions.
Obviously, we can’t ignore the devastations that COVID-19 has been the cause of. However, what’s more, important is that we don’t lose sight of the digitalization & digital business opportunities emerging right now in the tech world.
INCREASE IN DATA ENABLED HEALTH CARE INITIATIVES:
As the consumer focus has increased testing is mandatory and the order of the day. The main key reason is safety and people’s well-being. Hence, testing is prescribed more commonly by healthcare organizations. Furthermore, individuals do it for their own necessity and peace of mind. In addition to this, also the consumers who are opting to use private companies. Ironically, so that they can test themselves for different medical conditions. Hence, with the right privacy limits in place, AI & tech specialists are developing useful solutions. These will help reduce the risk of contagion. Hence, also relieve the anxiety of the consumers and provide them reassurance to survive in these tough times. The increase in data-enabled health care initiatives means a lot as health care is the primary objective these days. The scenario will definitely increase as awareness for pandemics has risen as well as digitalization.
COVID-19, the recent pandemic has definitely changed the way people are working these days. Significantly, as it has forced people to change their work behaviour. This is in particular with the way businesses conduct travel, tech and remote working.
A REPLACEMENT IN PRODUCT-FOCUSED OPERATIONS BY DIGITAL BUSINESS MODELS:
The digital business models shall be the new replacement instead of product-focused operations. Because of the pandemic COVID-19, there has been pressure on the supply chains of big companies. These include Best Buy, Wayfair, Nike and Gap, all MNCs and huge companies. All these will start to build resilience in their businesses by complimenting the product-focused models. This will also include the diversification of the businesses from their core offer. Mainly, to sell data and AI assets to third parties. The huge supermarkets that also includes the US Grocery and supermarket chain Walmart. They sell point-of-sales data to the brands i.e. P&G and Unilever ensuring adequate stock of the product in their warehouses. Also ensuring the availability of the product in grocery stores.
The strategy is to accelerate the process of digitalization in B2B or Business to Business more quickly and rapidly. This is because the pressure on businesses is urgent. The urgency is to find smartness in tech and quick ways of slashing costs and monetize the existing assets.
THE E-COMMERCE SHALL EXPERIENCE A RENAISSANCE AFTER THE PANDEMIC:
The self-isolation due to the pandemic has resulted in a guaranteed use of e-commerce to a higher extent. In other words, it has been the cause of an increase in the pace of digitalization. Normally the customers who prefer going to the stores are buying products online using the tech. Especially, the tinned food, pasta, health and sanitary products. This use of e-commerce will become permanent and is expected to rise if the people‘s behaviour doesn’t change. Hence, increasingly there are replacement in-shop visits than online sales.
The pandemic is a significant cause of this in current times. However, still in normal days, the trends have shown a rise in the number of people preferring to buy online. We use the term ‘renaissance’ because of the logistics platforms like Bringoz. These are the ones revamping their concepts to match the new market circumstances & trends. They are doing this by enabling the retailers to scale the home delivery fast. In other words fast and immediate action once the order has been placed.
AN INCREASE IN VALUATION OF DIGITAL & ENTERTAINMENT TOOLS:
The increase in the valuation of digital and entertainment tools is due to the rise in usage. Hence, the usage has increased with the changing market trends and behaviours. The increase and promotion in remote working have increased the use of Microsoft Team, Google Hangouts and Zoom. The usage of Zoom only has increased by 50%. This is huge, due to an increase in its share price since the start of the year.
Something more interesting is the AR and VR experiences i.e. instead of visits to concerts, museums and events. The consumers are preferring to stay in the comfort of their homes and enjoying similar usage. Hence, they are doing this by the use of virtual technology and AI. Preferences are given to social media, gaming, news, video streaming and books or e-books instead of face to face socializing. Hence, many ways to relieve boredom are available rather than socializing and mingling in public gatherings.
In this age, it is highly important for companies and businesses to create and maintain a highly strong digital culture. The winning culture is a source of trust in people. Obviously, this is what people are looking more apart from remote work culture. This culture includes caring for others, transparency in working styles and continuous learning.
However, a good nurturing in these key values during the times of COVID-19. Therefore, it will definitely ensure that firms are able to retain digital talent. The aim is to get things done and continue to thrive.