The Strange Duo: Covid 19 and Digital Revolution
The ongoing Covid 19 pandemic heralded an unexpected turn in all aspects of our lives with debilitating repercussions on the economy at large and businesses in particular.
Indeed, few things will ever be the same again.
The war against Covid 19 is happening in the middle of a digital revolution aptly called the 4th Industrial Revolution.
Never before has the impact of digital technology been made clear than during this pandemic. We owe the continuation of several aspects of our lives to the power of technology and the associated innovations. According to the World Economic Forum: “If COVID-19 had struck 20 years ago, our global response would have been far less capable – all thanks to digital technologies.”
Here are a few examples to demonstrate how Covid 19 is spurring the 4th Industrial Revolution:
- The growth of online shopping: In China, the Covid-induced stay-at-home economy is expected to propel online shopping with Alibaba up 22% Q1 2020
- Remote working: –Some companies are finalizing modalities for employees to work from home forever. Experts see cost savings benefits for both the business and the employee.
- Remote learning – The world has about 1,57 billion students, upon the onslaught of the pandemic many education institutions pivoted to online learning.
Low- Touch / Low contact World –
Away – Away from traditional payments to contactless transactions; away from fingerprints biometrics to iris/ retina scan; away from home deliveries to curb drop delivery, away from cinemas to home video streaming
In comes – Sanitization stations, social distancing, masks, PPE, empty stadiums, events without guests (or maybe with virtual guests) Covid 19 has shattered life as we knew it.
Even within the same industries, there are winners and losers. In our next instalment we take a look at Digital Winners during the Covid 19 era. We will attempt to demonstrate why they won as we review the major shifts (pivots) that companies need to focus on to excel in Digital Transformation.
By O M Kahiya – Digital Treks