2020 will go down in History as a massive global disruption. World was ravaged by a pandemic, economic uncertainty, profound political/social discord and many ubiquitous protests. Future certainly looks uncertain.
Where are we heading to is utterly confusing; zoom meetings/teleconferences are taking over. Companies realize how much people can accomplish working from home: and, how unnecessary office rent is.
Every enterprise is forced to question the in-person interface; some have discovered they can’t survive without it. Some say table meetings are outdated as things can be done via Slack channel or email.Traditional shopping at shops doesn’t fit in our new normal. Real estate will completely change, too, and businesses are likely to prefer less spaces. Businesses which quickly adapt to online environment of supply chains are the real winners.
Most CEOs have been wondering since last year whether to redesign marketing campaign or accounting system amid their busy schedule. It’s time they got more efficient, they realize. There is also the legacy angle to take care of.
“If you’re competing with larger companies eyeing smaller margins, it’s better to work smaller margins.” I think companies should not copy but be innovative. Now that we’re digital operators, we should know the health issues that come along and protect ourselves.New normal can also weighs the political climate. Leaders should provide businesses the best chance to get started and succeed by doing mandatory things.
I believe our country’s future will depend hugely on artificial intelligence and robotics (without cramping us) but the pandemic has even several confusing algorithms controlling our lives, from diagnosis to ways of advertising a hotel. Making decisions bases on such data is the new challenge. A degree in philosophy may soon be weigh more than other degrees. How an entrepreneur unaware of AI does his business would also be very interesting.
Every entrepreneur must learn AI to see it impact on businesses and industry.
You can’t pass the buck here. Otherwise you will be cheated by others and may even be unaware of it.
I’m optimistic that within the next 20 years, there will be dozens of “world-class, game-changing companies” inspired by the pandemic.
“What did you learn from pandemic 2020?” may become a common interview question.
HAPPY 2021. GOD BLESS!
Velu Balasubramaniam
Founder