COVID-19 has impacted every aspect of our lives, and we have just witnessed something like 2 years’ worth of digital transformation in 2 months. The new normal of work, business travel and multiple industries is being written as we speak, as the world economy tries to pick up after the pandemic. According to experts, the recovery takes place in three phases, the first phase being where we are now: staying at home, circulation restrictions and social distancing.
WHAT’S NEXT ?
Till now, it is unclear how long this first phase will last, its depth or its resulting recession worldwide. The focus is on safety.
Once things start coming back in terms of economic activity, we will be in a second phase where we’ll have to keep adjusting. This hybrid form of work is going to be with us for a period of time, and only those with high adaptability abilities will survive. The third phase will be about structural changes such as telemedicine, online education, online entertainment and shopping and digital twins (digital replicas of actual physical assets, a computerized version of them, to do simulations).
A CHANGE IN BEHAVIORS
The consumer sentiment has been damaged, and it is very likely that future consumer behavior will change, as a result of this crisis, and therefore, business behavior as well. New market realities will emerge, and we will see more automation, more network flexibility and new technology-enabled solutions. Strategies will probably shape towards “regional-to-regional” or “local-to-local” solutions rather than global. It has become primordial to produce in the country in which you operate. As long as people’s movements are restricted, the world will struggle with service and project execution. New working guidelines are definitely going to emerge.
The “brick-and-mortar” world has been reset. What that reset will mean in the long run is not yet clear. What is sure is that the world will never look the same.