The pandemic has had varying impacts on different sectors, prompting the question of why certain areas of the economy have fared better than others. In this post, we will delve into the reasons underlying this phenomenon. It is evident that the “winning” segments in the post-pandemic economy share a common characteristic: digital acceleration.
In this era of significant transformation, it’s widely acknowledged that digital acceleration is the most effective approach for achieving progress. Businesses that have rapidly integrated cutting-edge technology like cloud computing and artificial intelligence have proven to be resilient, enabling them to maintain their business model while continuing to offer value to their customers, even in these trying times.
With the growing demand for digital acceleration, numerous organisations are discovering that they don’t possess the requisite in-house expertise to achieve it. To tackle this problem, many businesses are opting to leverage software outsourcing services to efficiently bolster their workforce with skilled IT professionals at a reasonable cost.
Now that we have clarified that, let’s take a look at the industries that managed to make progress despite the COVID-19 outbreak.
General Practitioners
To comprehend the present scenario, it’s crucial to examine the healthcare industry, which has grown more vital than ever during the ongoing COVID-19 pandemic. Despite multiple challenges, the sector has deftly adapted and innovated. Healthcare organisations of all kinds have been galvanised to put new tactics into practice, ranging from hospital infrastructure and medical equipment to diagnoses and treatment.
Nearly every government world-over has pledged to revamp their approach to investing in healthcare systems to prepare for potential crises. Moreover, both public and private sectors are progressively adopting telehealth solutions to meet the needs of today’s tech-savvy society.
The healthcare industry has experienced a significant trend towards digital acceleration to deliver urgently required services. As a result, there has been an increase in the availability of specialised healthcare IT solutions for patients, offering them tools to take charge of their own wellbeing.
Schooling
Education technology, also known as EdTech, has gained considerable prominence recently. The necessity of facilitating education for individuals of all ages, despite the enforcement of social distancing measures, was quite apparent. Interestingly, many individuals lacked access to online learning resources prior to the pandemic, leading to a rapid surge in the user base of EdTech companies. This has allowed the sector to gather the requisite data to develop more effective products at a faster pace.
As education advances, the conventional practices that many of us grew up with are being phased out for the youngest learners. Technology has reached a point where it’s highly adaptable and easily accessible, providing an excellent chance to upskill the current workforce and assist them in shifting from non-essential to essential positions.
E-commerce
By pushing e-commerce to new frontiers, we are urging the industry to discover novel methods of engaging customers, both for the present and future. Companies should view online shopping not only as a means of reaping its benefits but also as an effective strategy to combat the spread of the epidemic.
For a while now, it has been apparent that online businesses were gaining momentum even before the global pandemic emerged. Nonetheless, social distancing requirements and practical concerns have forced more people to opt for online shopping. Many people are still apprehensive about resuming traditional shopping methods due to the possibility of contracting an infection, while others are growing more accustomed to online purchasing – a trend that is likely to continue even after the epidemic has subsided.
In light of the sudden shifts in customer preferences, e-commerce companies have had to re-evaluate their strategies. Despite the industry’s overall progress, individual stores still face formidable competition and must take calculated risks to survive the pandemic. With the ongoing expansion of the e-commerce market, novel products and services are proliferating.
Cybersafety
Works has previously addressed this matter. As numerous companies around the world rapidly digitised, it was only a matter of time before hackers made headlines. This can be attributed to the fact that not everyone has access to qualified cyber security experts, and the shift of crucial business processes to digital platforms without conducting a comprehensive risk assessment may lead to vulnerabilities.
Given the shifting scenario, companies of all scales and from diverse industries must re-evaluate their cybersecurity strategies. While the above-mentioned piece outlines simple measures to offer rudimentary digital protection for numerous organisations, the cybersecurity industry has expanded drastically, implying that such measures are often inadequate for businesses, particularly at the corporate level.
As a result, the growth of advanced blockchain and deep learning-based cybersecurity solutions and approaches has been swift. However, it’s crucial to note that the frequency and complexity of cyberattacks are continually increasing. Therefore, it’s critical to adhere to regular cybersecurity practices.
Organisational Considerations
The outbreak of the pandemic severely affected supply chain management. In the initial phases of the epidemic, strict yet indispensable measures disrupted the delivery of products and services to customers for numerous organisations.
Despite the challenges encountered, the logistics industry has responded positively by promptly adopting innovation. Many logistics companies have had to modify their strategies to tap into emerging technologies like the Internet of Things and Predictive Analytics, instead of solely depending on one supplier.
With the adoption of digital transformation by e-commerce and other industries, robotics and automation have evolved as critical elements of the logistics framework. Companies are now prioritising the quest for highly effective solutions to streamline high-velocity operations.
The Main Point
It is evident that flexibility, scalability, and automation will be indispensable factors in any business strategy for the 21st century. In this fast-evolving digital landscape, companies must meticulously weigh their options on how to leverage technology to fuel innovation. The choices we make at present will have a momentous impact on the future.
