World after Covid-19: A lot will change
The world of new opportunities, and new ways
I think we have changed, the work culture has changed and it will be changed. COVID-19 has changed our world and it will change more than what we had imagined.
While it might be hard for some to predict, for others to conceive, however for many it has surfaced already as they are experiencing it and living through it.
“Afternoon maths of covid-19 would mean different things to different people and businesses. For some, it will create more opportunities and prospects, for others it will mean Risks and threats, to loose, change their business and create something new”
Digitisation and digital disruption will be much easier than we have always imagined. COVID-19 has actually already pushed us all to get to use to the new norms such as working from home, restricting our movements, living in isolation which can result in creativity (not always though). It has pushed especially the late adopters public sector at large, governments and healthcare organisations among many others to use as much of digital tools as possible to limit the further spread of COVID-19 and control the current cases.
The focus has shifted from “to do it or not to it” to “when and how quickly and to what percentage” shall we opt for digitalization.
According to Gartner, CFOs are looking for ways to make the remote work become permanent. According to a Gartner survey, 74% of CFOs say they expect to move previously on-site employees remote post-COVID-19. I agree that the remote work would become the norm more often than it was before and by implementing that companies will be able to cut costs on the commercial real estate. Although, that is in itself a bad news for real estate businesses. They might need to rethink their business model which eventually would happen.
The key changes would include:
- 81% of CFOs to exceed their contractual obligations to hourly workers and to fund that they are using remote work to offer flexible schedules and maintain operations.
- 90% of CFOs said their accounting close operations will be able to run effectively without disruptions off-site.
- 20% of CFOs are expected to cut their on-premise technology spending with 12% planning the same move.
- 13% of CFOs have already cut real estate expenses with another 9% planning cuts in the months to come.
- Hiring freezes and layoffs as represented in the plot below
Other ways that the organisations have cut off their costs include:
- Cancelling events
- Freezing conference spendings, travel expenses etc
- Delaying capital expenditures
I believe it is too early to predict the exact impact of how our world has and will change, however it is for sure that it has and will bring huge shift and change to the ways we live, work and do business. Those will be highly driven by technological advancements as well as the proof and experience that we can work in different ways using those technologies. I expect more investment to come soon on the Virtual and Augmented Reality side so that remote meetings can be taken to the next level of digital experience.
I believe it is too early to predict the exact impact of how our world has and will change, however it is for sure that it has and will bring huge shift and change to the ways we live, work and do business
I wish and pray that you stay safe, stay at homes (untill the pandemic is over) and take great care of your loved ones and by doing so we help our first line of defense- the healthcare professionals and everyone else.
Thanks for Reading!
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