Summary of all changes and conclusion
Primary effects of Covid are
- an enormous boost of changes. Many of the changes were already initiated, but their implementation was planned for the coming decades.
- an acceleration of adaption. Speed is king: The companies which adapt quicker to the new demands are the winners.
- an acceleration of digitalization and virtualization: AI, new VR experiences, Live streaming for businesses and entertainment. The ongoing digitalization turns the society, particularly the middle class, and the economy upside down. Companies without a high standard of digitalized processes lose rapidly competitiveness.
- an acceleration of “services on demand”, particularly delivery services and working forces.
- a strong increase of video communication, internally in the company, externally for marketing purposes and in the personal and social life.
- a deacceleration of globalization. Local is hero. Searching for and exchanging resources in the community. For the individual citizen, a good functioning of the local community often is more important than the functioning of the national or international system. More focus on domestic products and services, namely regarding food and tourism. Less international travelling, but more virtual contacting.
- In the same context the direct distribution of regional producers will increase. This is a reinforcement of an already existing pre-pandemic trend.
- a deacceleration of consumption. Small is beautiful. The consumption inebriety of the last decades got to an end. The consumer got back to the basics. He is more prudent. He buys what he really needs. This means more savings.
- a re-valuation of important things in life. Acceleration of reflection of what really matters in your personal life. What is success? What are my aims in life, what is my mission? To become the richest person of the world, or do I consider myself successful in having invested time and money in raising healthy, curious and self-confident children? Ultimately, the definition of success remains a personal issue, according to the criteria of each individual. However, human values with health, family and friends gained importance in the Covid-19-crisis. Working to have financial stability continues important, but the job in a specific company got less important.
The crisis is destroying companies, causes the loss of many jobs and makes suffer a lot of people. Covid-19 will cause debt burdens to governments, companies and private persons that may not be solved in the next decade but be pushed to the next generation.
Despite all these adversities, the world will and cannot go back to the OLD NORMAL. We must not think: ”I will stay in the shelter until the storm is over, trying to minimize the damage as much as possible, and then I will try to reestablish the normality”. Don’t see the crisis as something temporary. Use it rather to make courageous changes.
Of course, in the #postcovidworld we will certainly reawaken old habits and daily routines. At the same time we have a chance to reset and correct many things which were completely wrong in the old economy, namely regarding the industrial agriculture (monocultures) and industrial food production, or the use of energy. We all know that due to human activity, our planet is sick. We must go quickly to net zero emission. So, facing the facts and adjusting to the new reality and tendencies is a better strategy to prepare for the future.
The good news is: as long as there are people on this planet, the demand will continue to exist. Human needs will persist. Therefore, the only questions are: Which companies have the liquidity to weather the lack of income during the crises, and which companies are able to adapt themselves to the requirements of the new demand? Out of every crisis have emerged a lot of game changing companies.
The pandemic is not here to stay. It will pass. Whatever the company’s decision regarding “going back to normal” will be, the change of the current urgency measures must be taken in a well-reflected, progressive, organized and safe way. To do this, it needs a clear vision where it wants to go to.
The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn.