Written by Omer Saleem, Director and Deputy CEO of Proven
The world welcomed a new decade with high hopes and a forward-stepping foot in the world of technology, which built up grand opportunities for businesses everywhere. Meanwhile in China, COVID-19 was about to break borders and send the world into a tailspin. The impact of the virus was the heaviest topic in the history of modern day media and the internet, as it involved sectors that have never been combined into one occurrence on such a global scale, such as healthcare, mobility and the economy. As countries slowly peek through the keyhole of reopening, it is essential to evaluate the crisis, and determine what our post-Coronavirus business practices—and our world—will be like.
Post-COVID-19 Business Requires New Strategies
The post-COVID-19 business world requires new strategies, as this world will be a whole new one; humans managed to mitigate the virus impact through technology, but a great part of the world is lagging technologically. This has obviously destroyed many businesses and left a lot of people broke and unable to sustain proper life conditions. As a result, strategists are suggesting new approaches to business.
Many businesses have found themselves threatened by communication issues posed by the strict government-enforced remote working regulations. Today, those businesses must be assessing the corner-cutting approach of digital transformation, where essentially the business process is executed within cloud technology, allowing access from anywhere. Big businesses with offices in multiple locations have managed this for years, but there’s a lot more to digital transformation that helps cut costs and reduce human efforts, and these are solutions private sector entities will be looking for and implementing.
Agriculture Sectors Will Boom
One of the most common human practices during the quarantine and lockdown periods was ‘shelf sweeping,’ a normal response given the panic associated with this unprecedented event. Strategists have looked at the sectors both unaffected by the situation financially, and that are critically needed during the situation. The venn diagram reveals that agriculture is that sector; providing food is the number one priority. Along with technology and the high level business services being provided, this sector could be the future of business.
A Remodel of Supply Chains
The centralization of the supply chains’ origin has made the world dependent on China. Coronavirus will inspire new manufacturers to emerge. This will not replace the economic juggernaut that is China, but will certainly invite new business opportunities.
Gaps in Healthcare Must Be Addressed
A healthcare crisis was almost globally common, as healthcare systems were never prepared for the multitude of patients swarming hospitals everywhere, especially in the context of worldwide panic. Research facilities are now at the forefront of healthcare, coming from a place of prevention, rather than treatment. Politics will also come into play here, preventing virus spreading and enforcing early lockdowns and travel bans, but the healthcare system must be empowered nonetheless. This suggests that new businesses providing services for healthcare systems will score high profits due to high demand.
Is This the End of Globalization?
Aviation, arts, sports and tourism are heavily affected sectors during our current state of lockdown. This has inspired digitalizing the arts with pay-for-view performances and videos. However, it is still a great threat for other sectors. Analysts have speculated that COVID-19 will be the end of globalization. The impact of Coronavirus has shown how interdependent the world is and how reliant we are on global supply chains, although citizens are looking at their governments to protect them and put an end to the situation as quickly as possible.
The type of business opportunity this opens the door for is one that builds its foundations on COVID-19 circumstances and continues from there. Streaming services, online delivery services and digital platforms scored big profits during the pandemic. The need for stimulus packages, immediate and effective monetary policies as well as confidence in the global economy are critical in our response to Coronavirus. That said, it is a fact that our world will never be the same.