COVID-19 is the Biggest Thing to Happen to Business in a Long Time
It’s the biggest opportunity of the 21st century – and it’s only a couple months away. COVID-19, an event that brings together tens of thousands of business professionals to share insights, trends, and opportunities across every sector of the global economy, will include new ways to revolutionize your business through digital transformation and accelerated entrepreneurship. The event will also bring together business leaders from around the world to facilitate shorter and regional supply chains, ensuring that your business remains competitive in an ever-changing global marketplace.
1) Digital Transformation
At COVID-19, nearly every business person will experience digital transformation. You’ll be able to purchase products and services with your phone instead of your wallet. In addition, you’ll be interacting with 3D holograms for entertainment and business purposes. Digital transformation will affect businesses on every level, including supply chains; workers will have more flexibility at work because automation will make most work processes faster and simpler.
2) Accelerated Entrepreneurship
The biggest trend that will come out of COVID-19 will be accelerated entrepreneurship. Technology has begun creating new opportunities for entrepreneurs all over the world, many of whom could never have afforded to start their own businesses before. Before, aspiring entrepreneurs had to consider huge financial risks and invest significant amounts of time just to make something happen; now they can make a living wage from anywhere with an internet connection. The barriers are gone, but at their core entrepreneurs remain creative and ambitious individuals—people who want nothing more than be able to create something meaningful with their lives. Now they can do that on an unprecedented scale as long as they are willing and able to work hard enough—and that’s going to change everything.
3) Shorter and Regional Supply Chains
The rise of short and regional supply chains will be one of COVID-19’s biggest long term impacts on business. With consumer spending slowing, companies have shifted from emphasizing volume to focusing on profits. This has resulted in shorter production times and more emphasis on shipping time and location. This means that organizations are paying more attention to where they buy materials, as well as how they move them around once they’re obtained. Companies have also started emphasizing geographic proximity when making decisions about suppliers—in other words, manufacturing processes are going local. The result is less reliance on big businesses like Wal-Mart or Amazon—instead, consumers buy their products from small mom and pop shops instead of national chains because it’s easier for them to meet their needs closer to home.
4) Personal Healthcare during COVID-19
COVID-19 will affect people’s lives on a daily basis. It will be there for all of us as we experience multiple life events over our lifespans. In order to make sure you have good personal healthcare it’s important to monitor your lifestyle and know what changes you need to make. If there are changes that can’t be made by an individual then proper guidance needs to be followed in relation to these situations. In today’s world where everything moves at light speed, it is important for individuals and healthcare providers alike to adapt quickly and provide personalized solutions with greater accuracy.
5) High Focus on Human and Financial Capitals
The rise of digitization, e-commerce and growing financial capital has made it essential for entrepreneurs to focus on human and financial capital. The successful business models are likely going to be based around these factors during COVID-19. Higher focus on smaller businesses: Smaller enterprises have been gaining momentum throughout decades. In COVID-19, there will be an increased emphasis on focusing their efforts toward creating value for these local and regional companies so that they can continue their growth globally.
6) The Fourth Industrial Revolution with COVID-19
Technology startups are increasing across industries and sectors at an unprecedented rate. It is estimated that 2 million American jobs were created by technology startups last year alone! In a recent survey of venture capitalists, 90% said they had already or will invest in a technology startup over established companies in 2018. We are starting to see accelerated entrepreneurship which means there’s going to be some really disruptive innovations over the next 5 years. Startups are growing faster, scaling faster and entering foreign markets faster than ever before with access to capital from people all around the world, being able to market on social media and using AI for marketing and sales automation.
COVID-19 has made a significant impact on people, trends and resources. It has shown business leaders what small changes they can make today will have exponential benefits tomorrow. It presented startups that are changing industries and impacting billions of lives, using technologies that were unheard of just last year. The pandemic has shown everyone how they can capitalize on these opportunities, seize them as their own and go down in history as having had a major role in creating them. And it all starts with having the will to rise above the rest.
Rohit Chandiramani is the CEO of London Business Training & management course. Having completed his MBA, not only is Rohit a student of Business and Management, but through his firm has also facilitated the delivery of the subject matter to hundreds of learners over the years. A regular trekker, he likes to scale greater heights in the Himalayas, and in the world of business.