Many experts think the world’s economy will eventually return to normal after the Covid-19 virus pandemic.But still, the humble virus has exposed the weakness of the mighty humans.Covid-19 has shaken the economy of the country.
The country’s entire economy comes to a halt when a country is locked down; poor people lost their income and thus lost their ability to care for their basic needs, including food, shelter, and money for payment of loans mortgages, then the economic downturn entails.
Every person in business knows that the shattering impact of COVID-19 has brought a business crisis without precedent in recent memory. On some level, though, the pandemic represents nothing new to some people as it didn’t affect them very much.
We all have been hearing and talking about the impending “VUCA” (volatility, uncertainty, complexity, and ambiguity) world for years. Over the past years, we were told to prepare for the seismic change that was sure to arrive sooner or later, to boost the agility in anticipation of abrupt, profound disruption. COVID-19 pandemic was a misfortune long foreseen; only the dates and other specific details were missing.
Why now is the time for UK business to prepare for the post-pandemic economy?
Regardless, the pandemic will fundamentally reshape- how we all do business from now on, even if the lockdowns end soon in the UK or across the globe. The virus is steadfastly suppressed, never to return; its effect will always linger. Now that the entire world has personally experienced the VUCA that is only emerging markets used to face in the past, it can never again be treated as an abstraction.
- Aim for survivability and resilience before economic efficiency
- Quantify and plan for the ecological and environmental threats rather than describe them.
- Build a robust organizational immune system rather than maximize short-term profits
- Integrate the government politics rather than focusing only on the core business economics
Technology innovation and adaptation will become norms for all businesses- regardless of od their sizes. Focus on business, technology, and data science/Analytical skills, which are central to productivity in the digital age of automation and artificial intelligence, will be essential for survival and growth.
Companies and governments will increasingly need technical workers skilled in the latest technology and data science to create vital innovations that will drive productivity and growth in the long run, and skilled workers in the business to operationalize and lead the organizations through various difficult changes pandemics. Surveillance technology is developing at breakneck speed, and what seemed science-fiction ten years ago is today the old news.