The outbreak of the novel coronavirus, also known as COVID-19, has changed a lot of things in the world. The infamous virus was discovered in 2019 but spread like wildfire in 2020. As a result, the world and its organization have faced some unprecedented fiasco. The COVID-19 crisis has depleted the acceleration of the world economy, which has indubitably effected some changes in many sectors.
As we advance, the existence of COVID-19 has not only forestalled some significant developments in the world. The COVID-19 has brought out some innovative changes to the world setup, promoting some digital perspectives. The development brought in by the emergence of covid-19 has expanded digitalization in infrastructure and the global economy. Today, many entrepreneurs are quite grateful for the positive effect the outbreak has brought to their business.
With the apparent changes in the entrepreneurial world, the essence of the digital changes caused by Covid-19 remains relevant. For instance, there are many changes in the social-economic establishment to defer the law of geography. Since digitalization cannot be separated from technology, and technology is the booster of civilization, it is safe to say that covid19 has improved world civilization.
What is Digital change?
Digital transformation or change is the advancement of technology into all areas of business, basically changing how you operate and deliver values and more integration to your customers. Digital change is also the cultural change that requires organizations to continually challenge the original establishment. Digital change or transformation is essential in eradicating the challenges that have existed for many decades. In conjunction with technology, many opportunities have been created for many people.
Digital change in organizations and industry
During the main period of the pandemic, the numbers of consumers have skyrocketed dramatically from the traditional offline to online. Many companies and industries worldwide, including the South American market have taken advantage of the new development to respond to this. They have adopted a digital mechanism to meet world demands. Given the situation, manufacturers have tried to up their games to produce more products beyond the usual reach.
Although, digitalization was part of the production process in the world before the pandemic. However, the instant emergence of the deadly virus has created room for flexibility and fluidity. It has also created the perfect healthy working condition for efficiency. For instance, there is a huge change in the way promotions and advertisements are done at different levels of business.
In this light, different organizations have adapted to this global change that significantly impacts the global economy.
Restoration of E-commerce
Another significant change in the global ecosystem that caused the emergence of COVID-19 is enabling online commercial activities.
According to a report by the United Nations, it was discovered that the current global situation had improved the holistic digital payments infrastructure, which establishes appropriate legal frameworks for transactions and security.
More investment and prioritization on technology
With the current changes in the digitalization in the world through the pandemic, many stakeholders have no choice but to invest in technology. Most businesses are now being compelled to introduce most technological gimmicks to their day-to-day activities. Recent research by Mckinsey established that not less than 25 companies had adopted digital changes. As a result, their investment focus has shifted from traditional investment to improving technological advancement.
By investing in proliferating the technology to better business activities, remote works have also been considered. The research also establishes that most employees have been able to fulfil their deliverables beyond how they used to be pre-pandemic. Having seen the growth embedded in productivity in this development, employers are creating more platforms for technology to thrive. In that light, organizations are making digital investment their utmost priority. For instance, the online gaming market has improved tremendously. You can now play your favourite casino games on a norwegian casino website from the comfort of your home. More attention is also being paid to employees and customer experience on digitalization.
Since COVID-19 has changed how most employees are working remotely, employers are paying more attention to their employees. It is no more news that many local companies were shut down during the scourge of the pandemic, and most employees could not be physical at work. Many companies were propelled to start thinking of how to use digitalization to measure productivity and efficiency. Most employees could not but extend their efficiency list by utilizing digital capabilities.
Given that most companies across the globe are adopting the virtual work system, the impact of the employee’s experiences needs to be felt. The best way to put this to the test is by reaching out to the customers through online platforms. Business owners are put under the obligation to get customers’ reviews. In that respect, they have established a customer-relation website to get feedback.
Automation of financial process
Moving forward, due to the advent of Covid-19, there are some digital tools companies have discovered in solving financial issues. As we observe new work structures and there is funding into different sectors, automation of the economic process is critical. Digitalization has relieved the stress of monetary restrictions- no matter where you are situated. With the recent change in the narrative of the global situation, no employee is going to face a monetary challenge that keeps them focused on more work to do.
Improvement of cybersecurity
Even before the outbreak of the novel coronavirus, Cybersecurity has been a major concern across the globe. Irrespective of your location in the world, there is always a lingering fear hovering around the world’s safety. Meanwhile, with the heightened security threat posed by the covid-19, many technology companies have upped their games to beat the odds. Several innovative mechanisms are found to mitigate any internal breach in security.
One cannot overemphasize how consequential cybersecurity is to the world. With the present improvement in the cybersecurity industry, the world tends to enjoy alleviating fear. Moreover, many business organizations and companies will need to employ many experts to fight against porosity in their internal establishment. This is basically to provide confidence and self-optimization, both for the employers and the employees.
Introduction of virtual reality
Since Covid-19 has brought working remotely into the system, many firms and individuals are living in its reality. Virtual reality seems to be the major clickbait to attention and activities. The essence of virtual reality in remote work is active in the formal sector and in the informal. There is much software specifically built to meet people’s needs and connect them in communication. Aside from communication, virtual reality is also perfect for video conferencing, education, gaming, etc.
Arguably virtual reality has provided many ways to be connected and to give a real-life experience among colleagues and partners. Also, virtual reality gadgets are bringing people together without any physical contact, that safety is more guaranteed.
Availability of streaming exercise across the globe
Even though streaming exercise has been in existence before the outbreak of Covid-19 in the world. However, the vastness could not be compared to the current acceptability it generally got across the globe. Streaming services are the giant of visualization at the moment. During the pandemic, HBO Max, Peacock, and Paramount debuted in 2020 have joined Netflix, Apple +, and Disney world. These streaming service providers are giving companies a subscription.
This has eradicated the long-standing traditional status quo of having to wait for a movie to hit before viewing. Additionally, these streaming service providers are also enjoying the direct revenues which are hitting their accounts. As a reduction to physical contact, which is an impeccable safety guarantor during the pandemic, streaming movies reduces physical contact. People do not need to visit the cinema or theaters to watch the movies of their choice.
Computer-Assisted Telephone Interviewing
Although, covid-19 has posed to be getting out of bound and many companies have deduced how to reach out to clients and employees. The computer-assisted telephone interviewing machine is a valuable and effective gadget for researchers and other front liners. For instance, the machine is quite easy to operate, it also requires little or no literacy to operate. It also enhances the all-inclusive data gathering and communication. Telephone interviewing also has a wider reach beyond the local bandwidth.
Conclusion
In conclusion, truly the pandemic might have cut many businesses to half, while some companies have folded up. However, the role of technology and digitalization cannot be excluded in restoring the moribund establishment. On the other hand, the innovation mechanisms from digitalization have been a blessing to the world as many advancements are now being unfolded in the world.
More so, the sharing of digitalization has enabled the vastness of global connection. It has also accelerated the world’s portfolios by providing lasting solutions that have forever changed the world’s face. Due to the changes caused by the covid-19 in the digital sector, many investors are not committing themselves to technologically making the world a better place. It is also safe to say digitalization has saved the globe. This article is written by Barb from Revpanda content team, should you have any inquiries please contact revpanda.com
