The COVID-19 crisis has set in years of change in the way businesses in all sectors and regions operate in just a few months. Companies have advanced the digitalization of their customer and supply-chain connections, as well as their internal operations, by three to four years, according to a new survey. As we all struggle to cope with the disruptions the epidemic produces in our lives, societies, and businesses, the COVID-19 pandemic has pushed people, organizations, and governments to embrace digitalization and digital platforms. While the pandemic’s human toll, which has been a disaster for so many people, continues to rise, many have looked into how COVID affects digital transformation.
The global economy’s growth predictions have been changed as a result of the COVID-19 outbreak. The pandemic has had an impact on every part of our lives. It has had a wide range of effects on the economy, ranging from sharply reduced consumer discretionary spending to a freeze on business activities such as capital budgets, hiring, and a reduction in all but required operational expenses.
During the worldwide pandemic, digital technologies have become a significant enabler of connectedness, allowing us to go about our daily lives while connecting people in ways we’ve never seen before.
COVID Forced Businesses to go online
No one has been escaped the wrath of the coronavirus pandemic, from tiny businesses to significant multinationals. The global financial crisis has virtually brought entire industries to a halt, forcing companies of all kinds to adapt and change. One silver lining may be that businesses are compelled to accelerate their use of technology to make employees’ and consumers’ lives easier and better. While technology can help organizations of all kinds that aren’t ready for a more digital future, not all changes are dependent on technology right now. Many businesses have reacted by making creative pivots that have pushed them into new markets. Rather than closing down or taking a break, many enormous corporations are undergoing significant modifications to stay alive and relevant.
Many businesses were unprepared to deal with the new limits and shutdowns when Covid-19 initially hit the market. Many companies have discovered ways to negotiate as guidelines for restaurants, retail establishments, theatres, and other industries have been formed. Many companies are holding investor meetings virtually, which is safer and more cost-effective. Even after the pandemic’s effects have faded, these virtual, more cost-effective business models are likely to persist.
Staff to Work from Home
At the start of the COVID-19 crisis, scientists worldwide speculated on the possibilities of working from home as a way to slow the spread of the virus while allowing productive activities to continue. Work from home arrangements has been introduced globally in those areas where services can be offered online since the outbreak of COVID19. Working from home decreases staff exposure to the public and eliminates the need to commute to workplaces that expose them to even more public exposure.
Many individuals thought Work From Home (WFH) was a dream before the epidemic, but it was regarded impractical in densely crowded places like Hong Kong. This is primarily because home working necessitates a peaceful and focused workspace, which can be difficult for individuals living in small spaces. While the coronavirus has changed the way, many people conduct their jobs.
More than six out of ten workers are in the same position as before the coronavirus outbreak. Workers said that they are as satisfied with their job now as before the pandemic and that their productivity or job security has not changed. Even more, employees believe they are equally as likely as before to know what their manager expects of them and that they have the same prospects for growth.
Companies Benefiting from COVID-19
Businesses in several industries have found 2020 to be a challenging year. Smaller, independent companies were particularly heavily struck by the COVID-19 pandemic, which resulted in widespread closures across the country. Many businesses struggled to adjust to the essential changes to regular operations that would assure employee and consumer safety as they slowly reopened.
For businesses that benefit from the coronavirus, examples include food stores and pharmacies that remained open to serve clients during the epidemic. These enterprises have not faced the same financial difficulties as others. Following companies got the most benefit from COVID-19.
- Professional Delivering Companies
In the spring, when most businesses were closed, and people stayed at home to help halt the spread of the virus, companies that provide delivery services saw an increase in sales. Food delivery businesses such as DoorDash, UberEats, and GrubHub saw an increase in orders due to the nationwide lockdowns.
- Game Makers Companies
Board games and puzzles were popular among families looking for ways to keep themselves occupied. According to estimates, one of the world’s top puzzle manufacturers, Puzzle Warehouse, saw a 2000 percent rise in sales over the same period last year.
- Telehealth Services
Thanks to telehealth companies, people may see their doctors from the comfort of their own homes using a computer or smartphone. This is an effective alternative for people who might be at a higher risk of catching COVID-19 if they come into contact with it in a medical setting. Throughout the epidemic, telehealth visits have climbed by up to 50% nationally.