What can we learn from Covid-19? Besides the economics of a pandemic, let’s explore a bit from the digital perspective.
Crises, including epidemics, can spur the adoption of new technologies and business models.
https://hbr.org/2020/03/what-coronavirus-could-mean-for-the-global-economy
If there is a structural legacy from the microeconomic point of view that Covid-19 would create on its own, that would be the speed and scale of digital transformation.
Quoted from HBR:
- The SARS outbreak of 2003 is often credited with the adoption of online shopping among Chinese consumers, accelerating Alibaba’s rise.
- As schools have closed in Japan and could plausibly close in the U.S. and other markets, could e-learning and e-delivery of education see a breakthrough?
- Further, have digital efforts in Wuhan to contain the crisis via smart-phone trackers effectively demonstrated a powerful new public health tool?
One of the thing that leaders should do in relation to economic risks, specifically at such a challenging time, is to begin to look past the crisis.
- What micro or macroeconomic or legacy will Covid-19 have?
- What opportunities or challenges will arise?
Consider how you will address the post-crisis world.
- Can you be part of faster adoption of new technologies, new processes, etc?
- Can you eventually find advantage in adversity for your company, clients and society?
What had we learned from coronavirus, if any? Will we finally change our lifestyle after coronavirus?
While there is this wave of unstoppable digital transformation, the best way to react is to think through the digital future that is on its way anyhow, with or without you and me.
Once the vision and direction is firmed, start something somewhere, somehow. Just follow through. As stated, the 3 important mindsets to achieve great performance:
- Make Things Happen
- Get Things Done
- Only Result Matters
Some thoughts and blended notes from Harvard Business Review’s “What Coronavirus Could Mean for the Global Economy” by Philipp Carlsson-Szlezak, Martin Reeves and Paul Swartz, published 3rd March, 2020.
