London – The belief that an old habit can be broken or a new one formed in 21 days is widely prevalent. The merits or demerits of the theory and its practice are best left to experts, but it’s often observed, that humankind as a whole takes to comfort and ease, rather quickly.
The lockdown imposed by various countries, in varying degrees, to combat the COVID-19 crisis has disrupted normal life, as we know it. The restrictions have forced us to break our meticulous routines and long-cherished habits. In the process of learning to cope with self-isolation, social distancing, and general anxiety, we are exploring new ways to deal with the current uncertainties.
We have been forced to connect virtually, buy supplies digitally, and work remotely. While these technologies and services were already in use, COVID-19 restrictions have forced the fence-sitters to adopt and adapt to the same. Online shopping, work-from-home schedules, and family video conferences are no longer the purview of the young or the tech-savvy.
What’s interesting is that many of us exploring these digital options are finding it convenient and experiencing their ease to use. Digital shopping is hassle-free; online payments are a lot less daunting! Accomplishing tasks and errands from the comfort of our homes is beginning to grow on most. COVID-19 is bringing about a paradigm shift not just in our healthcare, but in the way we work and socialize. A virus/microorganism is forcing us to change!
From space to the cloud – Going digital
In recent weeks, a significant chunk of the workforce in the countries stricken by the virus has been compelled to work-from-home. As more companies and businesses carry on operations with their staff working remotely, the concept of physical office space will undergo a rethink.
Jaw-dropping rents for sought after business addresses have always put a strain on the accounts books of many. With the rising popularity and efficiency of Virtual Offices, luxurious and bombastic premises are likely to become passé. Virtual Office service providers like Instaspaces, provide reliable and efficient options, for as low as 15 GB Pounds per month, with GST registration! Imagine the amount of capital this frees up for a business!
It’s not just software or tech companies exploring these options nowadays. Francis Van Parys, president, and CEO, GE Healthcare Korea, says that with WeWork, GE Healthcare Korea eliminated wasted space and designed a new office that engaged their staff. WeWork is an American commercial real estate company that provides shared workspaces and services for technology startups and other enterprises. GE Healthcare is a $19 billion business that specializes in medical imaging, biomanufacturing, and cell and gene therapy technologies.
With Virtual Offices in vogue, company HR will begin to explore innovative platforms to manage the workforce. Companies like Clockify and TeamSpoor offer services to manage the employee’s timesheet right from their mobile phones. In the future, remuneration is likely to be based on the number of hours than a fixed salary. This, again, is expected to bring down operating costs.
Businesses and companies have been increasingly relying on telecommunications and online solutions for the past few decades. Now, services like e-receptionists or Live Receptionists are gaining ground. Companies working remotely handle business calls 24/7 for their clients, making it unnecessary for a staff member to operate the desk. With the service at around 30 GB Pounds a month, there may be fewer receptionists’ desks in office lobbies, soon.
While conference calls were always an option, most companies opted for face to face communication whenever and wherever feasible. Already video calling services and virtual meeting services like Zoom, Cisco WebEx, Teamviewer, Adobe Connect are seeing an increase in clientele. Such services are bound to become more robust and client-friendly in the coming days. Many have already come out with advanced features and are addressing security issues that have cropped up. When compared to prohibitive travel costs, such apps and platforms are indeed a more pocket-friendly option, to keep everyone on the job, in the loop.
Large conferences and seminars were seen as opportunities to network among peers. With the COVID pandemic forcing travel curbs, such as cross country or cross-continental travel, will have to take a backseat. Seminars and conferences will morph into Webinars and Webcasts. Companies like NexTech already offer a Single-Point Solution for Virtual Events. The opportunities presented by the medium are many and cost-effective. Trade shows, product demos, and conferences will engage spectators and participants seated at various points of the globe. Easily scalable and adaptable, state-of-the-art video streaming will reach thousands, at a fraction of the cost it takes to pull off a trade exhibition. With Artificial Intelligence making rapid strides, kiosks and demo sites may soon be manned by robots.
Banking and Finance
The banking sector is the lifeblood of the business community. Changes in the realm of banking and finance are often gradual and cautiously made. Yet, change is happening. Digital banks are, slowly but surely, making their presence felt. Firms, like Revolut that call themselves ‘digital bank without borders’, offer a plethora of services, all accessible on a smartphone. These are not digital platforms of brick and mortar banks. These are full-fledged financial institutions that deal in multiple currencies and serve customers sans geographical borders. From money transfer to business accounts to virtual credit cards, every banking service is made available at a touch of the touchscreen. In 2019, Revolut’s freelance account holders took in £11,656,184.52. The growing acceptance of such institutions is reflected in the swelling numbers of their clientele.
The majority of businesses rely on the accounting software to keep their books. Over the past decade, accounting has moved from software to cloud computing. The ease of maintaining one’s books and accessibility has induced many to make the shift. Advancements and upgrades in the field are being made daily, and the scope of personalization only adds to its usability. Companies like Quickbooks organize accounting data on the cloud, where one can track sales, create and send invoices remotely, and file VAT/GST returns online. Linked to one’s bank account, it allows the user to import and categorize transactions automatically. With a client base of over 4.5 million users worldwide, their virtual accountants offer services like project profitability tracking and budget setting.
Studies suggest that SMEs and MSMEs can save at least 30-40% on their operating cost by integrating such technologies and virtual services into their businesses. With increased bandwidth, reliable digital connectivity, and affordable pricing, this COVID-19 induced lockdown is forcing many to try out new ways of carrying on a business. The introduction of 5G services is only going to enhance the digital working environment, and the ease of doing business online will convert more and more traditionalists.
The changes brought about by the lockdown, and resulting transformation in the economy will be felt across the spectrum. Not just how we work, but how we learn and what we choose to entertain ourselves is likely to show a marked departure from the norm.
Media and Entertainment
Pundits have been predicting the end of print media for quite a few years now. The current crisis may well sound the death knell for the daily newspaper. In the UK, physical newspaper sales have fallen by 30% since the beginning of the lockdown. More and more people are getting their news online. With dailies, in some countries offering subscription-free access to their online newspapers, chances of the demand for physical paper going back to earlier numbers, remain slim.
Self-isolation has boosted the popularity of entertainment portals and streaming services like Netflix, Amazon Prime, Youtube Pro, etc. Pay and watch options and streaming services had already taken a chunk out of the ticket sales at cinemas. If the situation is to continue, it is highly likely that movies readied for theatre release will hit such platforms instead. Other apps like TikTok and Helo are garnering more users and hits. Such platforms that share user content are expected to see exponential growth.
It is interesting to note that the internet became popular only in the 1990s. The British Broadcasting Corporation (BBC) began the world’s first television service in 1936; radio was being used commercially in the 1900s, and newspapers have been around since 1690. But, in less than a decade, digital media has grown so much that it has almost eclipsed 400 years of media industry!
Medicine and Diagnosis
As the world stares at a pandemic, unlike any known to this generation, it is imperative that the health sector keeps abreast of emerging technologies and innovations. Avoiding unnecessary contact with the sick is now the norm, and this is a lesson we may not soon forget.
“Skip the travel, talk to a doctor now,” says Practo Mobile App, which provides qualified doctors who give you medical advice on your health issues and help you identify the next steps, which may include further tests or a prescription. With such services getting popular, consultation with doctors will become more comfortable and hopefully reduce footfalls in hospitals and clinics.
For instance, Thyrocare, a fully automated diagnostic lab in India, has been reaching out to their clients at home, for years. They conduct home visits to collect samples and deliver reports to the clients’ mobile phones. Their robust network spread across the country collects 60,000 samples a day, and over 250,000 investigations are carried out every day. Thyrocare is the first private laboratory in India to be approved by ICMR for COVID-19 testing.
Over the past few years, the emergence of biometric sensors on phones that monitor one’s vital signs, have been gaining traction among the very ill and the health-conscious. It is highly probable that with the innovations being made in the field, soon doctors will be able to monitor their patients remotely, and this, in turn, would reduce visits to healthcare facilities. Such advances will also make it possible to impart medical help and advice to those in remote corners of the world that lack adequate medical facilities.
With companies like Well and Lloyds Pharmacy delivering NHS prescriptions for free to the clients’ doorstep, how we take care of our health is liable to become increasingly dependent on the digital services and gadgets.
Education
The pandemic has forced universities and schools to close its doors and cut short their academic calendars. This has led to many of them migrating to platforms and services such as Skype, Zoom, Google Classrooms, and Webex to finish their curricula and conduct examinations. There are already talks of tweaking the curriculum to suit virtual classrooms and remote learning better. The emphasis is slowly being shifted from the textbook to talent-based learning. AI is predicted to play a significant role in assessing students online and suggesting programs and study materials based on its findings.
With social distancing playing a key role in curbing the pandemic, homeschooling is expected to see a jump in numbers. This would automatically require more adaptable and customized syllabi and courses. E-learning platforms will see their enrollment numbers mushroom in the next few months.
Retails, Food, and FMCG
The most significant industry in this world is Fast Moving Consumer Goods (FMCG). This was also the first sector to take to e-retail and online shopping. The current restrictions on mobility and transport are only going to boost the number of online shoppers. Advancement in 3D store technologies, VR and AI will further enhance customer experience and entice them away from brick and mortar stores.
Food delivery apps like Uber Eats, Zomato, Swiggy, etc. have been a boon these past few weeks. A surge in their clientele is to be expected, given the restrictions in place. But, the lockdown will also force many restaurateurs to alter their mode of business. It is expected that many will have to cut down on their overheads to survive drastically. Industry experts believe that restaurateurs will downsize their space and depend on delivery apps to tide over the crisis.
This pandemic may end in a few weeks, but some of the changes we made to cope are here to stay. At the dawn of the new millennium, we were globe trotters, citizens of the ‘global village.’ As we embark on the third decade of the 21st century, we are homebound, yet connected – digitally – we are all citizens of One World.
Authored by Ansif Ashraf, who is an entrepreneur who took e-commerce as the promise of future into a global business which was the reason to honor him as World’s Top e-Business Champion of the year 2008, by APEC in 2008. Times of India awarded him as Brand Icon in the year 2013. He is the Founder of the Young Chamber of Commerce& the former e-Coach and mentor of Youth Employment Network which was a partnership of United Nations, World Bank & ILO. He is a member of the London Press Club and National Union of Journalists. He is also the patron of the British Library.