What can you expect after the end of this pandemic? How can companies react to an unprecedented scenario? It is true that there is no magic formula for success. It is also true that learning from other disruptive times of crisis can be useful to minimise the negative impact.
Business as usual is over: the market must be evaluated and reinvented
Going beyond reconstruction, and being willing to reimagine an entirely new business structure will allow organisations to move from a 50% recovery to a 100% resuscitation, or beyond. The reality is, more than ever, changeable and the noun of the moment - the new normal - is a reflection of this. There are jobs and types of business that may disappear with this health crisis, not due to the decline in the quality of these jobs, but rather because these jobs have become obsolete under the ‘new normal’.
Once the crisis is over companies must find their position in the new market that has emerged and rethink their strategy. Part of the strategy previously defined for 2020 may need to be readjusted to align with the new environment. Thus, organisations should gradually move from the “one day at a time” focus to a post-crisis and medium-long term focus. Incorporating new practices and measures that are both safe and productive may prove to be an unprecedented opportunity to gain a new leading position in the market.
Perception and reimagination will also change essential sectors
In the health sector, there is a significantly lower inflow of patients than normal, when excluding cases related to Covid-19. This scenario highlights the opportunity to change the behaviour of populations, focusing on the preventive perspective. Work on what can be done to maintain health and reduce the need for treatment, thus reinforcing the commitment to prevention as opposed to reaction. This would allow health systems to level their capacity, providing a better service to truly critical cases.
Reimagining & reinventing the innovation processes
The pandemics negative affect on the economy has a largely varying impact on individual sectors. Tourism and Restaurant businesses are experiencing the greatest impact due to the legislative barriers put in place. Despite the omnipresent uncertainty surrounding these businesses, it is certain that the digital world has brought opportunities for expansion that were previously unimaginable.
By analysing the restaurant sector, for example, it is possible to identify business potential linked to gamification in the sector. How many people would not be interested in having a renowned chef cooking in their home? With the technical resources that are already at our disposal today, such as Artificial Intelligence, this could result in a moment of deep proximity and learning for the customer and, at the same time, an opportunity for business expansion for the companies. Even smaller businesses can continue to deliver their products to customers if able to innovate & change to the new normal.
Tourism itself has an opportunity to provide experiences that bypass the restrictions. Why not, for example, develop another way to travel? Again, through Artificial Intelligence systems, it may be possible to travel to Rome from within your living room. Through an Avatar, travel virtually, with sensory experiences, to Rome, walk through the Vatican corridors, attend a ceremony, or witness a Gladiator Fight while sitting inside the Coliseum itself.
Technology is close to being able to provide us with these experiences. It is up to entrepreneurs to identify these opportunities. Moreover, the evolution of technology is exponential, and the price of tools is constantly decreasing.
Regardless of the shapes this reinvention may take, there is one very relevant fact to sustain our optimism: History shows us that, since the beginning of the evolution of the Human Species, it is not the strongest that survives, but the one that is able to adapt. The ability to adapt for survival is part of our DNA. It is up to us to take advantage of it.