I must admit, it took weeks before accepting that a change has occurred and current reality is not a nightmare but indeed, a reality.
Growing-up with euphoric potency of science and technology, that had man visit moon, transplant organs and create autonomous machines, I couldn’t have imagined, a virus to bring whole world to a grinding halt, that too in matter of few weeks !!
Some Industries & businesses could embrace this CHANGE and are not only surviving through the pandemic but innovating and thriving, there are some trying to reinvent and clinging onto hope of survival taking CHANCE and few unfortunate will not survive.
In my observation and understanding, here are some examples of Industries and businesses ; that embraced the change, accepted the new normal while some struggling for their chances of survival.
Healthcare Industry and it’s professionals earned their due importance. All countries in the world are collaborating using modern digital technology to learn from each other and World Health Organization, in dealing with the pandemic. Research on vaccine is using the power of technology, be it computing or simulations, mobile apps are contributing to contact tracing or alerts on COVID-19 possibility and Robot’s/Drone’s augment the healthcare services.
Media & Entertainment Industry have started to innovate and leverage technology and craft products that are engaging and entertaining. Education Sector too has recognized the urgency to adopt digital format. Online schooling, Video-tutoring is steadily becoming part of regular curriculum.
Oil Industry is at the struggling end, hitherto it had reigned for centuries now found itself exploring a deep well. Aviation Sector too in general or Airlines in specific, have landed in a Bermuda triangle like spot.
Information Technology Industry found itself in a vantage position and got unprecedented importance from it’s Digital primogeniture, it became a natural beneficiary of the change. Network solution and service providers gained, mobile biz is booming, Security solutions and applications have become essential, it’s easy to decipher, Digitalization is indeed the lever to success.
At an abstract level, I observe that Industries and business models that were digital or had high adaptability to digitalization could circumnavigate the disruption and triumphed over, while others that lacked digital quotient are struggling or ceasing to be relevant. In my limited comprehension, I venture to say that economy and society got rebooted and will be more in DIGITAL form than physical forever.
It is at such inflection points that leaders lay the foundations and gather momentum for their success. It’s said that necessity is the mother of invention. COVID-19 pandemic created necessity for CHANGE that otherwise was happening at a slower pace. Early acceptance of Digitalization is necessity to survive in today’s world.