Daily Times

The world went through a radical shift when the Covid-19 pandemic hit every continent in 2020. Where businesses were suspended, events canceled, and life halted, everyone was compelled to stop, think, reflect, and adapt to the new lifestyle. It was ‘work-from-home’ for all. The Internet proved to be the wonder network that connected students with faculty members and employees with colleagues and managers. While the world in 2021 seems no different especially with the Covid-19 cases still increasing, we need to follow social distancing measures and SOPs. However, one can think about the future and reflect on what might happen.

According to McKinsey and Company’s Kevin Sneader, Global Managing Partner, New York, and Shubham Singhal, Senior Partner, Detroit, the world will see major changes in three sectors namely; global economy, business, and society. In the global economy, the fourth revolution will increase as companies will continue to build and enhance their virtual presence. Moreover, companies (tech and otherwise) will try to develop a larger digital footprint to access clients and customers from across the world. Leisure travel will also return, as the article states. According to Sneader and Singhal, domestic travel in China was surging but international travel was not. The article states that regional and domestic travel will ‘likely rebound first”. The article also states that, “after the 2008–09 financial crisis, for example, international business travel took five years to recover, compared with two years for international leisure travel.” However, online meetings and working remotely can prevent companies from organizing business travel plans. The crisis has also enabled entrepreneurs and start-up ventures to develop innovative products and services. “Disruption creates space for entrepreneurs” as mentioned by Sneader and Singhal. This has been happening since the pandemic isolated people to their homes. Such innovation will be led because of the concepts of design thinking, supply-chain reinvention, artificial intelligence, and using digital media to connect, communicate, and collaborate.

Moreover, Sneader and Singhal share that ‘revenge shopping’ will create new avenues for businesses to sell their products and services. Once cinemas open under SOPs and tourist destinations resume operations, consumers will spend to acquire such products/services and the experience they were longing to have since the pandemic halted all activities.

It is expected that the corporate sector will adjust to the insecurities faced in the supply-chain sector. Three factors came into perspective. First, disruptions are normal but companies need to work proactively to adjust to change. Second, cost differences among developed and many developing countries are narrowing and third, “most businesses do not have a good idea of what is going on lower down in their supply chains.”  AI in this regard can connect businesses with their value chain to make timely decisions.

The European Union will dedicate nearly 30 percent of its $880 billion plan for COVID-19-crisis plan to climate-change-related measures while China has assured to reduce its net carbon emissions to zero by 2060. Moreover, Japan plans to be carbon neutral by 2050

In the business sector, consumer focus that shifted to the digital and online media will continue to be as such. The corporate sector, on the other hand, will rethink office space as remote working will continue backed by collaborations through online media.

During the pandemic and its associated lockdown, corporations have realized the importance of a green environment. The US, Europe, China, Gulf States are addressing climate changes. Several countries are using their recovery plans to implement environmental policies. In this regard, the European Union will dedicate nearly 30 percent of its $880 billion plan for COVID-19-crisis plan to climate-change-related measures while China has assured to reduce its net carbon emissions to zero by 2060. Moreover, Japan plans to be carbon neutral by 2050. US President Joe Biden has plans to invest $2 trillion in projects related to clean energy.

In the social sector, Sneader and Singhal share that the healthcare systems across the world will ensure that such policies and processes are prepared to handle such a crisis if it were to happen in the future. Governments will also need to plan to handle fiscal problems as debt has been mounting.

The writer is an independent researcher, author and columnist