No one would ever have thought that we could experience a virus that infects over five million people around the world, kills hundreds of thousands, and so drastically changes our lifestyles in such a short period of time. Yet it’s tough to imagine what life will look life after COVID-19. However, businessmen, executives and investors from large and established global companies are all trying to determine how the world will be different post-COVID-19 to ensure that their companies remain resilient, capable of adapting, and able to reshape their business and plan for a recovery as soon as possible. In particular, some changes in human behavior are expected to become the ‘new normal.’
1. Work From Home is the Norm
Many companies are expected to provide more flexibility to their workers, so they do not have to return to the office. This will reduce the need for office space and expenses. Furthermore, we may see offices with less open floor space which was a popular trend up until recently in modern office settings. In the meantime, a closed-office plan, including cubicles and partitions between desks is set to make a return to reduce the risk of contracting COVID-19.
2. Facilitating Work and Living More Efficiently through Technology
Maintaining physical distancing is prompting the use of alternative ways of communicating and talking with our friends and acquaintances. As a result, video conferencing, which people are using on a daily basis, has become the norm. We are also transitioning to a more cashless society which is affecting consumer spending and payment behavior, with mobile payments, a subset of electronic payments, increasingly displacing cash to reduce the risk of transmission through banknotes and coins.
3. More Online Learning Courses
During the COVID-19 pandemic, several educational institutions developed online learning tools as part of their teaching models through apps such as Microsoft Teams, Zoom, or Slack. However, we should expect a decrease in online learning after things return to normal although some schools and universities may continue to use online learning in some form. Educational institutions realized they had to develop and implement their curriculums and teaching styles in a way that is suitable to online learning platforms which can seamlessly serve the requirements of both teachers and students.
4. Improved Business Continuity
As a result of the pandemic, businesses have had to develop plans that encourage adaptability in the short and long-run, particularly with respect to their risk management plans which have an impact on their business operations. Companies are being urged to quickly adjust to any circumstances so they can ensure business continuity by:
- Building an agile supply chain to increase the number of feedstock suppliers thereby reducing any risk to distribution.
- Utilizing digital technologies and automated systems to boost operational efficiencies and handle anticipated changes in the future.
- Adjusting business models and services to fit new circumstances. For instance, retail shops and restaurants that rely on walk-in customers may have to build new channels to connect with new customers, such as through online food delivery service providers.
Source: BrandInside and Thansettakij
Compiled by: Team of Digital Transformation (dEX), GC