Aug 12, 2020 | 4 min read

Digital Industry Insight #26: Opportunities Ahead as the Storm Passes

At the beginning of August 2020, the global COVID-19 pandemic continues to dominate the news. Despite precautions including social distancing and mandated quarantines, many countries and regions are experiencing flare-ups of new cases, leading to additional lockdowns and travel restrictions. In a hyper-connected world, a virus outbreak was the threat to in-person connectivity anticipated by few. It appears, heading into the Fall, that restrictions are likely to remain in place for the foreseeable future, and the “New New Normal” becomes reality.

With the continuing restrictions on travel and tourism, people will be far less mobile than in the past, while the flow of goods may be able to resume to the extent that additional trade restrictions and sanctions do not create undue hurdles. The economic impact of the pandemic is making economies far more reliant on local or nearby production; cities are becoming dispersed as commuters and workers increasingly decamp to suburbs and work from anywhere; entertainment, sports and other diversions are on extended pause; and there’s a refactoring of education as schools wrestle with whether to remain online only, resume in-person instruction or innovate hybrid models.

2020 is becoming the Great Digital Accelerator everywhere you look (for better or worse). Traditional retail is undergoing an “apocalypse” with a wave of bankruptcies cascading through traditional chains and department stores. Industries from travel to oilfield services to banking and tech continue to layoff jobs and furlough employees. The Impact of the pandemic transcends national borders and has become a global challenge.  

Despite the obstacles at hand and longer term, people and businesses are adapting to seize new opportunities to re-think better ways to solve problems. The global supply chain’s weaknesses have been exposed, giving rise to a new wave of startups and innovative approaches to enhance resiliency and flexibility. With a number of potential treatments in the pipeline and vaccines in development, there is hope on the horizon. The financial markets are anticipating a robust recovery ahead, and with fiscal stimulus flowing through the system conditions are primed for significant business investment. 

Keep an eye out for emerging opportunities to catalyze positive changes ahead, and remember that today’s unique challenges shall pass. 

 

Want to hear more about this very topic?

Make sure to tune into our webinar taking place on September 3rd. In this webinar we will assess the changes wrought by the global pandemic. What has changed so far and what’s coming? What steps are needed to manage external changes, outperform competition, build teams of top performers and inspire with clear vision? Save your seat to learn more!

MP_webinar 22N

Find out more

 

orange_line_1-759860-edited

Momenta Partners helps industrial players digitize their business. We’re the guiding hand behind leading industrials’ IoT strategies, over 200+ IoT leadership placements, and 40+ young IoT disruptors. Schedule a free consultation to discuss how we can help you take your business to the next level.