Black swan events, like global recessions and pandemics, change the trajectory of governments, economies, and businesses—altering the course of history, often for good only. The Black Death in the era of the 1300s contributed to the dissolution of feudalism in Europe and put us on the road to a new employment agreement. A mere three centuries later, a deep economic recession—thanks to the Hundred Years’ War between England and France—helped kick-start a significant digital innovation drive that radically improved agricultural productivity.
Fast-forward and the SARS pandemic of 2002–2004 catalyzed the meteoric growth of a then-small e-commerce company called Alibaba, helping establish it at the forefront of retail in Asia. The financial crisis of 2008 also produced its happy side effects by giving birth to digital innovation. Airbnb and Uber shot up in popularity across the West because the subprime crisis meant lower savings and income for the masses, forcing people to share rooms and car rides to hide for the deficit.
With COVID-19, we are only seeing the primary signs of how consumers and businesses will change. Remote working, for instance, is now being embraced by tech and non-tech companies alike. It’s impossible to ensure which of today’s shifts will resonate tomorrow, but we all know this for sure: A number of them will create longer-term digital disruption, which will shape businesses for years to come back. An entrepreneur’s mission is to remain before these shifts and anticipate their effects. That’s where the most considerable opportunities are going to be tomorrow.
Here are the Three Examples to Bring Digital Innovation
1. Supply Chains will Merge to become Ecosystems
Global supply chains have long kept quality relatively constant while driving lower costs at every stage. COVID-19 turned this approach into a house of cards. When China bogged down to contain the pathogen’s spread, it knocked out the availability of globally available products and services. This failure will be a catalyst for supply chains across the planet to merge into a mesh. Manufacturing will be more opened up around the world, and businesses will use multiple, and sometimes even redundant, sources to confirm that they will survive one point of failure. These more complex ecosystems will be powered by digital innovation such as sophisticated digital platforms and advanced technologies like 5G, the internet of things, and blockchain. That way, costs can still be kept low while improving resilience.
Leaders should make preparations for this modification today. Use this lull period to transform your company—reimagining your business, strategy, and operations as digital-first. This may not only help with integrating your company with the digital innovation such as new digital supply chain ecosystem but also make it cost and quality-competitive. Next, start actively striking strategic partnerships and your industry peers, vendors, and key customers—across geographies—to build your micro-ecosystem. That way, your business can become resilient now, instead of expecting the new ecosystems to catch up.
2.Talent will be Nurtured Digitally
When everyone started working from home at the start of this crisis, systems gave the impression of the most important thing. People found new ways to communicate, and they established new workflows. But once this crisis is over, many folks may never return to an office: Remote work will become the new normal. This may raise new challenges. Employee morale, productivity, and psychological state will be treated in new ways. Digital services like Braive and Moment Pebble are bringing digital innovation, which can help. Still, astute entrepreneurs will want to be ever-mindful of this…or build the future generation of services to assist.
In a work-from-home world, leaders are compelled to manage talent differently. Remote-first employees tend to be more productive, but they’re also typically more independent and empowered. This could make it harder for managers to prioritize essential projects, review employees’ performance fairly, and promote the correct people. To be ready for this, start building a replacement management playbook for your company. Entrepreneurs can learn loads by studying the operational models of successful remote-first companies like GitHub and Automattic.
3.Digital Bureaucracies will become Mainstream
Coronavirus made governments turn enthusiastically more rapidly than at any time in recent memory. China broke records by building a 645,000-square-foot emergency clinic in only ten days in Wuhan. South Korea drove fast testing of more than 200,000 of its residents and utilized cell phones to label the contaminated movement. Before the finish of this, administrations will have another thankfulness for the significance of digitization and quick dynamic. That will make unfathomable open doors for entrepreneurs to bring digital innovation. Licenses, endorsements and worldwide development will get more superficial. Local organizations should step up and satisfy their local governments’ digitization needs. Immense, exceptionally productive open doors will come.
This is only the beginning. Meanwhile, we can’t dismiss the numerous misfortunes individuals are suffering. The wellbeing and security of our representatives, accomplices and providers are the primary concern. However, when the danger is gone, we’ll see that COVID19 has unalterably changed how organizations will contend throughout the following decade. Firms that decide to exploit these fundamental changes will succeed—and the ones that don’t will perpetually be upset.