In 1987, when the term VUCA (Volatility, Uncertainty Complexity and Ambiguity) was first coined in the USA, who knew it would perfectly describe the covid-19 laden world we are facing today in 2021. Businesses have been disrupted and our lives have taken a 360-degree turn altogether. In this blog, we tap on the 7 most significant business trends that could emerge and transform the post-covid world.
1. Radical Digital transformation
The only wrong move when it comes to Digital Transformation is not to make any move at all. – Didier Bonnet, Senior VP Capgemini.
Are you prepared for the 4th Industrial revolution? If yes, then have you acted on it? A recently launched Dentsu report states that The Indian digital advertising industry currently stands at Rs. 56,490 crore and is expected to grow by 10.8% to reach Rs. 62,577 crore by the end of the year 2021.
It is estimated to grow further by 11.59% in 2022 to reach Rs. 70,343 crore. If your business hasn’t put this digital marketing and advertising transformation to use, it’s time you do by getting the right digital marketing agency onboard.
2. Contingent workers over full-time employees
Non-standard work models are a primary byproduct of the pandemic-induced world. An analysis report by Gartner indicates that organizations are replacing full-time employees with contingent workers as a cost-saving measure and will continue to expand their use of contingent workers to maintain enhanced flexibility in workforce management post-COVID-19. They might also consider introducing other job models such as talent sharing and 80% pay for 80% work.
3. Reforming Supply chains
Until the pandemic struck, China was the unbeatable core of global supply. Times have changed and the pandemic has led to a dire need for supply chain reformation in many businesses. Supply chains are slated to be re-defined technologically with a multi-tier approach, tracking the critical components such as the origin of supply and incremental value-adds to suit the evolving customer behavior in the post-covid world.
4. Healthcare sector at the verge of needing a breakthrough
As per a recent WHO report, India ranks second-last among countries in its region in terms of public health spending as a share of its gross domestic product (GDP), with less than one percent public health spending as a share of GDP. India lags behind Bhutan (2.5 percent), Sri Lanka (1.6 percent), and Nepal (1.1 percent).
The Covid-19 pandemic has exposed major gaps in the healthcare sector worldwide which is why there is a severe need for an impactful transformation of the healthcare sector in the post-covid world.
5. Online education is here to stay
There was a time when distance education was considered an unconventional mode of education. Like many sectors, the education sector has also been at the receiving end of a much-needed revamp in terms of accessible online education.
From pre-schooling to professional degrees, an online transformation has effectively made its way through every stream of education. It is here to stay and create more innovative trends that will change the way formal education is instilled in the pandemic-induced world.
6. Evolving organization structures
Remote Team-based organization structures are on the rise. A recent Gartner poll indicated that 48% of employees will likely work remotely at least part of the time in the post-COVID-19 world versus 30% before the pandemic. More organizations are shifting their modus operandi to accommodate remote work operations.
7. Entrepreneurship on the Rise
Rightly quoted by Plato centuries before, “Necessity is the mother of all invention.” New businesses especially in the e-commerce and digital sectors have sprung up on the bed of opportunities in the pandemic-struck world. Entrepreneurship might open up new employment avenues and trends that will govern the post-covid world.
Resilience, survival skills, and innovation are the three most critical characteristics for businesses that aim to sustain regardless of the pandemic. Look out for these top7 business trends that will allow your brand to not only sail-through but also utilize opportunities and rise above the disruptive trends that await the post-Covid-19 world.
