COVID19 has drastically altered how the world functions, displaying several limitations of the existing systems and further highlighting the need to reimagine the current structures and models. In attempting to curb the spread of the novel coronavirus, the containment measures have effectively disrupted the workings of society and the economy. Whilst they pose several problems, they also pushed for transformation. One of which is, of course, the role of technology and digitalisation. Have a more in-depth look into how they have changed the world’s performance and their role in a post-COVID19 reality.
Emergence Of The Fourth Industrial Revolution (4IR)
Once again, we’re standing on the brink of another technological revolution that will alter the way we live. The First Industrial Revolution utilised water and steam to power and mechanised production. The Second saw the discovery of electricity, with the Third using that same power to introduce information technology and electronics to automate production. The Fourth is an evolution of the Third, whereby technologies are slowly fusing and effectively blurring the lines between the physical and digital spheres. In this revolution alone, we saw technological breakthroughs such as 3-D printing, quantum computing, artificial intelligence and more!
The strategies and solutions accelerate this technological advancement that governments, institutions and businesses adopted to maintain operational continuity. With this sudden growth, those that wish to leverage 4IR will need to rethink their strategic approach. This may include considering the role of technology and digitalisation in each and every sphere of specialisation, on top of learning the digital skills that are relevant.
Digitising All Operations
On that note, it is imperative that businesses and governments look into the digitisation of their operations. Amongst the industries that have been affected by the disruption, media and telecoms have been relatively scarred free as compared to industries such as tourism and aviation. Companies that leverage embedded digital channels and tech solutions not only have a larger chance of surviving the pandemic but also may even claim a bigger market share once the economy improves.
The utilisation of such technological means is not just a necessity to ensure smooth operations in a COVID19 reality. Many businesses and institutions have found that operating online is also productive and cost-effective. Communication, interaction and collaboration can easily be done just by using video conferencing technologies, for instance. With containment measures, perhaps e-commerce may be deemed as a much more cost-effective approach to business. Whilst the scale might be unprecedented, there is no doubt that technology will have unparalleled importance in all types of dealings.
Easing All Sort Of Global Disruptions
To help further curtail the spread of the virus, governments around the world have imposed containment measures whereby individuals are expected to stay at home unless needed otherwise, and physical business operations are to temporarily cease until the severity of the pandemic lessens. For the sake of health, such disruptions are a necessity, but even they have their own limitations. We’ve witnessed how fast such a health pandemic has morphed into an economic upheaval. Whilst such a situation is unfavourable, we’ve seen several industries and sectors using technology to navigate through the disruptions and support the economy, all whilst maintaining enough distance.
Technology has made adapting to a global pandemic possible, and without it, the pace in which we have recovered – or at least trying to – would not be possible.
At Greenhub Singapore, we understand the limitations of business operation in such trying times. On top of the physical restrictions, cutting costs is possibly one of the main approaches to combat the dire effect of COVID19.
We have a solution. Our virtual office services will allow you to still maintain your business operations without incurring the cost of office space on rent. With services such as access to meeting rooms and having a distinguished business address, you’d be able to enjoy convenience and productivity without having to splurge more than you need to – and all whilst staying safe!