Business Trends Emerging in a Post-COVID World
We’re at the midpoint of 2020, a year that reminds us of every apocalypse movie we’ve ever seen — and there’s so much we still don’t know. Can the world fight Covid-19? Will the global economic crash lead to another Great Depression? Is the ‘new normal’ here to stay? There are so many questions, yet, very few answers.
However, over the last six months, in response to the pandemic, the world has seen some common emerging business trends. In this piece, we analyse five such trends and their significance in the post-Covid world.
1. The era of digital transformation
Digital Transformation is a business trend that has gained immense popularity over the last few months.
Before the pandemic, while some businesses invested significant time, effort, and capital into digital transformation, others weren’t too concerned about digitalising their offerings. However, Covid-19 has forced organisations across the globe to take radical steps towards adopting technological advancements to secure their business.
Almost all industries, ranging from retail, healthcare, hospitality, and education, will need to transform their business models to remain viable. Companies can no longer enjoy the comfort of operating ‘business as usual’. In fact, even if an organisation is ahead of their competitors today, they still have to be prepared to embrace uncertainty, take calculated risks, keep abreast of the changing business trends, and leverage the newest digital technology. Failure to do so can disrupt their entire business model.
And that’s why, accelerating digital transformation journeys, staying relevant in changing times, and embracing innovation to create breakthrough value, will become a top priority for businesses in the post-Covid world.
2. Healthcare reformation
There’s no doubt that the Covid-19 pandemic has exposed major gaps in the healthcare systems of some of the most advanced nations in the world, such as the United States, France, and the United Kingdom. In fact, in order to provide equitable care, the healthcare industry must undergo significant reforms.
Studies have revealed that even before the pandemic, more than half of the citizens of the US with employer-sponsored health insurance delayed their treatment because of the additional costs. In a recent poll conducted, 68% of adults said that the cost of treatment would be extremely crucial to their decision to seek medical care if they had Covid-19. If that’s the case, then failure to get treated prolongs the pandemic and exacerbates its economic impact, making the reformation critical.
Apart from the industry reformation, businesses will also have to go the extra mile to concentrate on the health of their employees. The need to focus on their mental health will significantly increase, as remote working, social isolation, and social distancing becomes the ‘new normal’.