The Covid-19 pandemic descended upon the planet with ferocious intensity and persists more than 18 months later. Pandemics were previously only contained in the pages of history books and behind the screens of cinema, but this pandemic has forced the whole world to consider the serious and often devastating effects of a pandemic. However, it leaves us better prepared for any future diseases but has also bought about changes to the way we function and communicate as an economy. Most notably, the pandemic has brought about digitization in all industries and revealed the potential of remote working.
The pandemic forced many industries to decrease face-to-face contact and retail-based industries such as restaurants and small businesses to close altogether and pursue alternative solutions to sell their products. Foot traffic to retail stores is still not at pre-pandemics levels as hesitation about the new variants still raises concern but major retailers have all changed their focus to their online stores. The shift towards an online-based business model has taken hold across all industries as a study by McKinsey shows that 64 percent believe the new Covid enforced digital model is just as effective or more so than before. Companies have also seen serious advantages in going mobile and the importance of efficient online storefronts has become as important as ever.
The pandemic has forced everyone to go digital and while we expected companies to return to the status quo after the pandemic has passed, all the current surveys indicate that it will not be quite as simple. The pandemic accelerated digital transformation at 59 percent of organizations and 66 percent say they have been able to complete initiatives that previously encountered resistance, a survey from IBM found. The thrust reliance upon technology for communication and business operations was a consequence of the lockdown restrictions but it seems that this new digital model has merits of its own beyond being an emergency procedure.
Remote working also had a similar effect on the business world. Remote working was always seen as a temporary stopgap until lockdown restrictions were eased and vaccination was widespread but remote working will continue to be a key aspect of how businesses operate. The importance of a workplace and face-to-face interaction is still key; however, the idea of ‘hybrid’ working is gained significant traction as companies prepare to resume pre-pandemic practices. Hybrid working will involve companies allowing employees to mix their working hours with remote working and office hours instead of the mandatory five days of week schedule of yesteryear.
The pandemic has definitively caused more harm than good both in terms of human lives, economic downfall, and unemployment but there have been significant positive changes that may have long-lasting effects. The move towards digitization has been accelerated across all industries as companies have realised the value of having a significant online presence. Hybrid working also looks set to become the norm across the globe as companies can give employees more freedom while also cutting down on office costs.
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Written By- Nawin Khoram
