I would be taking a major risk by telling you the future, so let me start first by telling you what people are saying and give a hint into what the future could hold.
What are people are saying?
After listening in to numerous conversations such as Healthcare Information and Management Systems Society (HIMSS) and HealthcareIT as well as from my experience and observations, I would say many companies will repurpose to meet the needs of the new market.
Yes, I said it. A “new market.” Unfortunately, this COVID-19 virus has reshaped how we do business, also what kinds of business we can do and should do to meet the market. I realize the government is providing a 2 trillion-dollar Hail Mary package for small businesses to survive this crisis, however what if this does not end any time soon? Will the government continue to bail out businesses?
I am not saying it is wrong one way or another but simply it is not sustainable otherwise we could face economic collapse or disturb the environmentalists by using our natural resources to foot the bill. That said, it is up to businesses and people to take responsibility and consider all the ways we can collectively mitigate global economic risk in collapse as well as fiscal implosion.
By re-thinking quickly what the business landscape is and what needs can be met to create a business offering, it will still be sustainable in this new marketplace even in the midst of the virus. There is not much to lose when the new innovative offerings businesses bring today as a result of the COVID-19 landscape may still be viable and profitable after all.
What is going to happen?
I am by nature an optimist but surround myself with the opposite
as well to remain balanced. As a business owner having had to face the reality
of life and circumstances totally out of one’s own personal control, I would
say, if people do not stay inside then COVID-19 will continue to spread and our
business landscape will continue to keep businesses’ doors locked and the government funding
People staying inside or not is somehow out of our control even if government and law environment are enforcing it. That said, business cannot ignore the reality. We have to change for the new situation simply because we have no idea when this COVID-19 pandemic will be over.
There are already several companies changing the way we do business. There are new companies starting up to be intermediaries to help current businesses provide existing services to their customers but within the confines of this new landscape and delivery method required by most brick and mortar businesses. There is no reason to wait on implementing digital strategy and pivoting the business to navigate the new marketplace. Consider starting a kid’s program, tutoring business, or online dance classes for example. There is a whole new market out there that was not there before.
We do not know when this will be over and when it is that market surely will resonate with your business as a means to get through this global disaster. To further consume your products and services thereafter; the focus should be to add value to the current market we are in. Tap into its new gifts and talents to unleash them and bring forth that value people need right now.
With IT services projecting to decrease more than 19% than originally believed, we may see consolidation in the industry along with major shifts in the services offering product extensions into management consulting services to those businesses suffering most in need of brainpower, innovation to navigate the business environment and an understanding on how to pivot and re-model their business to meet the needs of that new market.
Businesses that once felt they did not need to have a digital strategy and delivery platform nor business intelligence and digital data operations are quickly realizing they cannot survive without them!
Related Resources and References:
COVID-19: ‘A continuously evolving process that requires adapting by the hour’ – https://www.healthcareitnews.com/news/europe/covid-19-continuously-evolving-process-requires-adapting-hour
Healthcare Lacks a Proper Data-Driven Customer and Employee Experience Strategy, Says HIMSS-Forrester Benchmark Study – https://www.itnonline.com/content/healthcare-lacks-proper-data-driven-customer-and-employee-experience-strategy-says-himss
Elon Musk repurposing factories to make ventilators – https://observer.com/2020/03/elon-musk-tesla-buffalo-factory-make-ventilator-coronavirus/