Before the pandemic, there were already many discussions about the impact of technology on the future of the B2B and B2C sectors.
However, this future has come sooner than anticipated as many countries, companies, and employees have moved to work remotely to contain the spread of COVID-19, which has fundamentally changed the way we work.
COVID-19 has pushed the world to adopt digital business platforms, and economies around the world are seeing a new way of interacting, communicating, and consuming digital content as the pandemic weakens.
National and international impacts have isolated communities, leaving the world immersed in digital incubation ecosystems.
Social distance and isolation forced people to work remotely and pushed people into digital encounters, working from home has led to increased digital consumption at all levels across all strata of society.
This has forced people to adopt technology and make it the core part of their business operations. Companies who already use technology are doubling down on investments in advanced technologies — from Blockchain to Artificial Intelligence, to Machine Learning and intelligent automation, making today's actions the habits and norms of tomorrow. Companies that have not yet stepped into the digital should hurry to stay on track.
Manufacturing
Modern technologies were already transforming the Manufacturing sphere before the pandemic. Now the implementation is diverging between technological haves and have-nots.
As enterprises adapt to the new norm, managers think about how production and its supply chain will look after COVID-19.
And they will definitely become much more digital, as can be already seen in the immediate response to the crisis. Industry leaders are using Industry 4.0 solutions: 39% have implemented a centralized management or dispatch approach to improve end-to-end supply chain visibility, and about a quarter have implemented rapid automation programs to contain the resulting shortage of workers from COVID-19.
The 4.0 industry offers connectivity, advanced analytics, automation, and advanced manufacturing technologies that now help companies transform their operations in everything from improved production efficiency to product customization by improving time-to-market, service efficiency, and creating new business models.
Post COVID-19, the global smart manufacturing market size is estimated to grow from USD 181.3 billion in 2020 and projected to reach USD 220.4 billion by 2025, at a CAGR of 4.0%. The estimation for 2020 is down by ~16% as compared to pre-COVID-19 evaluation.
Factors contributing to the growth of the smart manufacturing market include the growing demand for products and solutions of Industry 4.0. The study shows that 93% of manufacturing and supply chain professionals plan to focus on the resilience of their supply chain, while 90% plan to invest in talent for digitization.
Education
More than 23.8 million children and adolescents from preschool to higher education may drop out of school or not have access to school next year because of the economic impact of the pandemic alone.
This pandemic made incredible changes to take place in education. During the pandemic daytime formal education has ceased, but universities and schools have continued working remotely. In many higher education institutions, the shift to distance learning has become an opportunity to expand flexible forms of learning, laying the foundation for a sustainable shift to more online learning in the future.
Global platforms for mass open online courses (MOOC) have grown rapidly. The number of students is already comparable to the number of university students. People from around the world can take courses at Harvard, Yale University, London School of Economics, etc. D. At leading universities around the world, the curriculum contains hundreds of online courses, mostly from "outside" professors. The schools use digital platforms, offering many options for lessons and independent work.
Hospitality
While personal experience is not possible, hoteliers have nothing left but to go online to preserve their brands and interest consumers. Although many hoteliers have already invested heavily in their digital experiences, this is no longer an option, but a critical necessity for the industry to go digital.
Cloud-based facility management systems give hotel owners the ability to fully manage their hotels away from the office: from booking management and rate setting to 24/7 intelligent surveillance.
In addition, using cloud-based messaging and chatbots, you can communicate with guests about reservations, cancellation policies, refunds, and everything else.
The Four Seasons Hotel in New York is the best example of the changes that can happen soon in hotels around the world. Check-in and check-out are done virtually, no human-to-human contact needed. Elevator access is limited to one guest per car. A new variant of hotel meals: ready packed meals, stored in an industrial refrigerator in the lobby.
Healthcare
The Covid-19 crisis has shown that digital solutions provide significant benefits for healthcare systems. They offer not only greater convenience and efficiency, but also help protect doctors and patients by reducing physical contact.
For example, CT scans can be digitally transferred from one medical department to another, or between hospitals. Doctors no longer need to hold a physical copy of the scan or a CD of the data in their hands. And it is compatible with most systems used in hospitals. If a radiologist at home has a high-resolution screen, they can easily perform diagnostics there. Some medical centers are already very successful in using such tools to eliminate contact restrictions.
AR and VR technologies also make serious promises: patient rehabilitation, remote procedures and operations, education, and much more. Medical professionals use AR and VR devices to obtain cheaper and more affordable technologies for diagnosis and treatment of advanced diseases.
And one of the most important benefits is that VR has revolutionized the way surgeons are trained, providing them with "real" practical experience. Medical students can observe operations in detail using helmets of virtual reality, without trying to catch a glimpse of the process.
Supply Chain
COVID-19 affected most of the supply chains, which forced leaders to properly scale their operations and use digital capabilities to protect against future disruptions.
More than 75% of enterprises have one or more direct or Tier-1 suppliers from China, and 938 Fortune 1000 companies have Tier-2 suppliers there.
The COVID-19 pandemic has triggered a chain of events, including a sharp decline in global FDI inflows and a downturn in economies around the world. The United Nations Conference on Trade and Development (UNCTAD) estimated that a COVID-19 outbreak could reduce global FDI by 5-15% due to a decline in the manufacturing sector combined with a plant shutdown.
While many large manufacturers have instant online visibility of top-level suppliers, the problem increases at lower levels.
That is why many supply companies have started implementing digital solutions to be in touch with customers and keep employees safe with automation solutions, reducing the number of workers in the factory.
The current focus is on three areas:
- off-site material handling: off-line forklift trucks and cranes, as well as unmanned aircraft with high payloads
- automation of repetitive tasks, including assembly: industrial robots and mobile/collaborative robots
- preventive maintenance: the use of IoT and AI for preventive maintenance
Digital Means Success
As you can see, the coronavirus pandemic has forced companies to rethink their proposals and strategies, while representing a turning point for the digital transformation of many processes. Given how competitive the environment will be, effective long-term strategies will be fundamental to brand success.
When the business sector emerges from the recession — it will be fully digital, more sustainable, efficient, flexible, and ready for the new normal.
If you don't want to miss out on the opportunity to connect with new customers and keep up with industry leaders, you should definitely consider going digital. Contact us and we'll check your digital presence and capabilities for free.
