The pandemic hit the performance of many companies, especially the service industries that focused on reducing costs to stay afloat. However, the need for productivity improvement remains at the core of most organizations’ issues. The 2010 decade observed the lowest productivity gain in modern times – not surprising when the most prominent innovations overshadowed. Smartphones, followed by social media, took the world by storm.
Additionally, several promising and advanced technologies were stalled due to issues related to autonomous vehicles. Automation proved to be complex and needed help to garner significant gains. However, presently, we are on the brink of a substantial step forward in automation, driven by computing technologies, artificial intelligence, and robotics.
Having adopted digital technologies much earlier than most competitors, companies have extended their leads in their specific market sectors. One such prominent example is McDonald’s – the fast-food chain that undertook a strategic digital transformation. This includes digital kiosks, weather and time-of-the-day-based menus, and extended drive-throughs to provide a more personalized experience. Digital transformation has become a key asset during Covid-19. The revenues were sustained even as the stores were forced to close.
Covid helped accelerate the transformation and created a digital division that affected old industries and bankrupted companies. Multiple healthcare, education and government industries forced to go digital observed accelerated growth. Many companies globally adopted newer, more intelligent technologies and practices to stay relevant.
In the present time, innovation is needed more than ever, with companies searching for new growth opportunities to build competitive advantage and accelerate their productivity. This drive for performance will be based on digital transformation strategies, including robotic process automation, AI, cloud and edge computing. In addition, how we work as individuals will also contribute to how companies service their commercial customers.
The future predicts that 70% of white-collar jobs will become remote. The newer business model and customer engagement will address systemic changes in behavior and corporate practices. At a macro level, continued reduction in energy prices will help countries reduce carbon emissions by adopting green technologies.
The price of renewable energy is currently lower than fossil fuels – changing the future calculation of cost, return, and consumption behavior. We live in a world with many disruptions driven by climate, automation technologies, geopolitics, and society.
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