How the Pandemic of 2020 is Accelerating Digital Change
It’s no exaggeration to say that the Covid-19 pandemic may be the most consequential global event in our lifetimes with severe restrictions on travel, economic lockdowns and mandated distancing protocols impacting how we live and work. At the outset of the restrictions in March, the combination of economic shock from mass layoffs and cessation of business activities with the oil price wars between Russia and Saudi Arabia sent global markets into a tailspin as uncertainty ruled the zeitgeist.
Nearly six months along, there remain tragic after-effects impacting public health and vulnerable industries – these have been broadly covered, and there will be many businesses that may never recover. On the other hand, we are seeing innovation and successes as people and organizations adapt to the challenges at hand, with some unexpectedly positive second and third order benefits emerging. The massive mobilization of public and private sector resources and talent is resulting in promising therapies and potential vaccines on the horizon.
The economic rebound seen in May and June after unprecedented downturn evidences the fundamentally resilient character of the economy. The massive injection of fiscal stimulus has kept many businesses and employees afloat, while mainstream businesses are taking advantage of low interest rates and easy liquidity to bolster their balance sheets.
While there’s no sugarcoating the pain being felt by businesses dependent on travel and tourism, and those dependent on high density of customers in physical space, there are a number of businesses that are doing quite well. The financial markets have come roaring back, led by technology, telegraphing confidence in continuing resilience of the economy.
The pandemic of 2020 is acting as a Great Accelerator of Digital Business, forcing a reckoning for companies to recalibrate and supercharge the velocity of their digital initiatives. The work from home trend initially benefited tech vendors that enable remote workforces, but now benefits are being felt by businesses operating with new levels of efficiency, leaner cost structures and greater agility. The foundations for a new generation of trailblazers are being put in place, and all organizations must move rapidly and decisively to adapt to the “newest normal”.
Join us for a special webinar Covid-19: The Great Digital Accelerator where we revisit implications of Coronavirus in light of what we’ve learned so far, and explore opportunities at hand around these key topics:
Assessing the opportunities:
Next steps beyond the response:
Where we go from here:
Momenta Partners helps industrial players digitize their business. We’re the guiding hand behind leading industrials’ IoT strategies, over 200+ IoT leadership placements, and 40+ young IoT disruptors. Schedule a free consultation to discuss how we can help you take your business to the next level.