To achieve, businesses will have to re-evaluate where they must be strong and where they must be flexible.
- Businesses that use cloud computing will not buckle under the pressure of the coronavirus pandemic.
- Further automation and artificial intelligence will enhance the resilience of supply chains.
- Successful businesses will have a combination of resilience and agility.
COVID-19 is putting the global economy into a tailspin. Many countries are heading for very sudden and unprecedented recession. This crisis will catalyze some huge changes. Few industries will avoid being either reformed, restructured or removed. Agility, scalability and automation will be the watchwords for this new era of business, and those that have these capabilities now will be the winners.
Those businesses that have designed their solutions to use the full potential of cloud computing, will not buckle under the pressure. For instance, the cloud gives businesses easy access to digital payment methods. It has enabled companies to continue working, by rapidly and securely providing access to business applications to their employees working at home. Yet it also provides financial flexibility, allowing those seeing a slow-down to wind down the technology costs of business lines that are facing challenges.
Meanwhile, supply chains are having to reconfigure themselves in real time. As the demand for personal protective equipment (PPE), ventilators and other medication spikes, manufacturers are having to retool and reinvent themselves. For instance, the Royal Mint turned its hand to producing medical visors, while Dyson and many other manufacturers, large and small, are producing ventilators or PPE.
As large grocery retailers struggle to manage queues of disgruntled customers, smart local restaurants have been quick to turn themselves into retailers – repurposing their restaurant supply chains towards end consumers.
Courtesy : https://www.weforum.org/agenda/2020/04/post-pandemic-economy-favour-fastest-movers/