The COVID-19 pandemic and social distancing have greatly impacted the way people live and work. As tech innovations and digitization ramp up to meet current demands, the pandemic is quickly shaping up to be the ultimate tech disruptor with wide-stretching and long-lasting effects on the tech market.
The COVID-19 pandemic and social distancing has greatly impacted the way people live and work. As tech innovations and digitization ramp up to meet current demands, the pandemic is quickly shaping up to be the ultimate tech disruptor with wide-stretching and long-lasting effects on the tech market. The response to the pandemic has sped up the adoption of digital tech, bringing about years of change in the ways companies do business in just a few months. Even temporary solutions were adopted more quickly than companies had previously thought possible.
The scope and speed of tech disruption is unprecedented. Ina recent survey, executives stated their funding for digital initiatives has increased immensely. Not only are more investors interested in digital developments, they also have increased costs, and an increased number of employees working in technology and number of customers. Social and economic changes have affected a variety of sectors including 3D printing, robotics, healthcare innovation, cybersecurity, contactless payments, cloud computing and gaming.
Media, telecommunication and technology industries have ramped up, helping connect people despite social distancing, allowing us toshop from home and helping keep businesses open. Technology is now more important than ever before. This historic tech disruption and acceleration is awake-up call for business executives to evolve and survive or stagnate and close their doors.
While some businesses fold under the pressure, those who are tech savvy and open to evolving have a leg up on the competition. Economic hardship has caused many businesses to close their doors permanently, highlighting the importance of business leaders developing an effective crisis management plan. Contingency plans should include more than just power outages. They need to take into account travel restrictions, quarantines and global health emergencies.
There’s no doubt the pandemic is changing businesses and tech. But is your business ready for what’s coming next?