A new wave of innovation amidst Covid - 19

CIO Insider Team

The world is unfolding the canvas with examples from the past, where pandemics and economic recessions have wreaked havoc to the social stability and change of course of operations in governments, economies and businesses. Meanwhile, it has also fuelled the cause for a whole new set of ideas and concepts to different organs of productive sectors that can have an impact over the innovative aspects. The outbreak of Covid-19 has created many problems that people have not envisaged anytime lately, but it has showed a scope for innovations to the world of sufferings with new solutions.

Need for Revamping Supply Chain process
While examining the enduring concerns in the supply chain process, we can see that a definitive and resilient approach has not been handled in the right way. It can be observed that the global supply chain process has imparted much focus to maintaining the cost lower at every possible step. In the context of Covid-19 outbreak, this lack for a resilient approach is even more evident. The sharp decline in the supply has created a contagion effect that calls for a proper distributed, organized and

accountable transfer of items. This can be achieved by utilizing sophisticated emerging technologies such as robotics and blockchain that helps in enveloping multiple vendors and buyers in the supply chain network. Moreover, such advancements will further fuel the adoption of application of delivery drones to meet the purpose of needs and demands.

Novel working practices in Fintech
Since the outbreak of coronavirus has started affecting the workplaces, companies have come up with options for employees to work from home. It is estimated that almost a larger part of the companies now already have a number of work-from-homers who can possibly act as a catalyst for orchestrating mobile-first banking. B2B software-as-a-service providers will no longer rely on the one-off sales and ensures resilience.

“In spite of the slowdown of growth for some sectors, all mission-critical platforms are likely to be stabilising in this model. Although the overall picture looks dull, we firmly believe the best companies will be able to raise capital,” Josh Bell, General Partner, Dawn Capital.

As aforementioned, the remote working of employees as well as online education will never be the same in the post Covid-19 era. Meanwhile, it is also important to notice the mental preparedness and productivity of knowledge workforce who has to work remotely for an indefinite period. A number of tech companies such as Github are run remotely on a collaborative model. A sophisticated and collective effort of health companies and use of business networking applications can be utilized in solving the mentoring and growth challenges of remote workers. This will bring a new dimension to solve the problems associated with productivity and mental health of workers engaged in doing job remotely.

Covid-19 has caused unprecedented tribulation for the global economy as well as individuals and families of infected. In this scenario, the pandemic has pushed companies to explore some of the innovative aspects within which it ensures the health and safety of its workforce, partners and suppliers. The impact that hits biological, psychological and economic dimensions will have its ripple effect on global productivity, but nevertheless it also provides room for firms to capitalize on the undergoing changes.

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