Major global events dramatically shift our cultural narrative. They create an initial, seismic impact inevitably followed by a recovery that often includes major changes to the way we live and work.
Those changes typically happen much faster than most would have thought possible. They quickly become ingrained in the social fabric and create a stronger, more resilient path forward.
The COVID-19 pandemic is following this recognized trajectory of shock and recovery and is rapidly shaping a new normal for society and business. But that recovery will not be distributed equally. To be successful, organizations must adapt quickly, forging better ways of working and building resilient business models around customer needs and expectations.
In our work with major Global Fortune 500 companies across industries and geographies, we are seeing five undeniable trends emerge as we enter the new normal. These trends are quickly and significantly reshaping businesses and industries around the world:
1. The shift from offline to online
Online is no longer just a channel but a primary component of every business model
2. The virtualization of all technology, services, and solution delivery
A shift that allows anything to be done at any time from anywhere
3. Accelerated consumption of digital technologies and cloud-based services and solutions
With deep industry, digital, and functional knowledge, businesses are gaining new levels of scale, flexibility, and security
4. Exponential growth in real-time predictive analytics to drive decision-making
Embedding analytics into business models accelerates decision-making to deal with unprecedented volatility in supply and demand