Industry Transformation
Category : Blog , Front Page
The global recession, induced by COVID-19, will fundamentally change the way humanity works, and socialises, for years to come. The COVID-19 crisis will be a catalyst to unprecedented changes in every industry. Every industry will be forced to reform and restructure in order to transform into the new realities that will emerge.
The following three factors will lead the transformation of every industry:
- Agility: (Planning and Execution)
- Digital Transformation: (Products and Services)
- Work from Home Culture: (People and Process)
Agility will be about making quick changes by the organization leadership, and communicating the same decisively to the organization, partner ecosystems, and customers. It will be built on insightful planning that sets the playbook of a new execution template that did not exist earlier. This would further bring efficiency and optimization to proactively seize the emerging opportunities, and create meaningful impact for society to prosper.
Digital transformation should be aimed at creating holistic capabilities to leverage the possibilities and opportunities that new digital age technology presents. This will enable to serve the customers better and evolve the business. It will not be about technology adoption, but about evolution of business models, including products, processes and services. It will be about exploring the canvass of opportunities presented by cloud, big data, analytics, AI, IOT, and other emerging realities that are shaping a new wave of customer behaviour. The end goals of business continuity and profitability, stakeholder’s value and customer satisfaction will drive this transformation.
The "Work from Home" Culture will play a defining role, has the potential to "STOP" this crisis, and is an industry worth trillions of dollars. In many cases, it’s priceless.
To elaborate:
(S) Social Distancing: At the heart of work from home is social distancing, laying the foundational, preventive, cure for every country to limit the exposure and spread of this deadly pandemic. This alone can save the spread of the virus and help keep a check on the health of every individual, organization and the world economy.
(T) Travel Time: On an average, every working person travels for about two hours from home to work, and back. Working from home can save every employee over 600 hours of travel time, in a year, translating to 25 days of travel saving money, energy and time.
(O) Occupancy: Every company, big or small can potentially save 50 percent and above of office occupancy rental/leased space cost by allowing a sizeable chunk of support functions, and back-end operations, to work from home.
(P) Pollution: Apart from being a leading source of Green House emissions, daily commuting through road and rail transportation is responsible for over 30 percent of particulate emissions, killing millions of people every year due to respiratory illnesses, and wasting billions of dollars in healthcare.
While every industry must and will find ways to transform, the following industries and sectors are well-poised to leverage opportunities, faster than the others, to create larger employment opportunities. Digital Payments Increased use of smartphones and higher internet penetration will propel this market to growth percentage in strong double-digits.
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