Almost every industry is feeling the impact of the current coronavirus epidemic. From retail and consumer packaged goods to entertainment, sports, travel, and recreation, each sector has a different impact and faces its own specific challenges.
The companies are in a lockout amid national governments ‘curfew policies. Company strategists find the environment hard to change. An inevitable danger of closing down the business and the need to build long-lasting business structures has left leaders terrified by what lies ahead. Businesses around the world are surviving the lockdown through remote working. Millions of employees are logging on to online co-working spaces.
Forbes correspondent Robert Walcott compares the present crisis to Julius Caesar’s 49 BCE rubicon. A time at which businesses must remove all signs of uncertainty, from fundamental business and digital transformation. In fact, there exists a space of digital savvy companies that are shifting and adjusting faster to the hard time.
Organizations that are at the core of transforming how they function, building products, serving customers and protecting themselves. These companies, whose deep market has been a rare but collapsing segment of the market share, include Slack, Zscaler, Zoom and Crowdstreak.
The start of the year signaled a closer launch of China’s digital yuan, but the wake of Covid-19 pushed down the chances of launching the digital currency. The pandemic highly affected staff members leading to delays and expertise setbacks.
Leading cryptocurrency exchange Binance launched a crypto campaign against Covid-19 through its Binance Charity Foundation. The objective of the campaign is to raise at least $4 million that will be spent on outbreak-affected nations. Donors are sending their funds through bitcoin and other cryptocurrencies.
The infection has also placed unprecedented strains on the global medical supply chain. Ventilator shortages and lack of personal protective equipment have urged firms to design open source movements. A method that converts medical supplies to better care for the health sector during the epidemic.
Manufacturers have moved online and are contracting a million dollar worth of business across the internet supply chain. However, a big problem of trust exists between contractors. It is clear that the blockchain is the only digital facilitator for trust and guarantee.
Some experts believe that this is the best time for companies that have faded after the 2008 financial crisis to recover and overcome. There is a possibility for companies to readjust using digitization and services from companies such as Zoom. The proximity of innovations will ensure incrementalization of IoT, data analytics and blockchain workflow technology, business generation, and product creation.
The virus has also affected government operations and policy-making processes. A Chinese media outlet claimed government institutions had earlier on postponed their work. Some of these institutions included the People’s Bank of China, research staff for the digital renminbi and policymakers.
Nevertheless, some companies have kept going and scaling their businesses. Some admit that innovating during a time of crisis is tough. It remains evident that the businesses that fail to adjust will win or lose. Some could meet their end, while a couple seems to be having a taste of their winning rubicon.