The COVID-19 pandemic has created disruption across industries. How businesses and consumers behave is being altered by this crisis.
Tech and non-tech companies are implementing remote working, travel has significantly decreased, and supply chains are seeing global disruption. Some of the changes occurring are short-term and will revert to their previous state once the COVID-19 virus is contained. Others, however, will continue, creating a long-term disruption that will influence future businesses.
Some industries will create innovation strategies that normalize the impact of COVID-19 on both the economy and the well-being of others. Businesses will need to alter their business models to accommodate the coming recession. Costs will decrease while companies push out products that will serve the greater good.
New categories of businesses will likely develop. As organization leaders evaluate what customers need, they’ll begin shifting their innovation strategies to encompass even more new ideas. Here are three industries expected to innovate in light of the current pandemic.
The healthcare industry is experiencing great change during COVID-19. As physicians and other caregivers treat patients, they overcome and learn from many unforeseen challenges each day. These changes are leading to far-reaching innovations that will shape the future of this constantly evolving industry.
One of the significant areas of healthcare that might see innovation is in the vetting of new medications. In an effort to speed the creation of a vaccine for COVID-19, deficiencies in the current system of clinical trials and R&D for pharmaceuticals stand out in sharp relief. Innovations in this area will likely have far-reaching consequences.
Most of the workforce changed over to telecommuting virtually overnight. This shift prompted regulators to find innovative ways of using technology to shorten decision-making processes. Decisions that once took months and years can now be made in mere hours or days.
Companies in all industries are using various forms of technology to conduct meetings, attend training and provide information on a global level. Products customers would previously only see demonstrated at a retail location are now experienced by customers virtually.
Embracing technology speeds up business processes. As organizations adapt to these new changes, they will find new ways to use innovation management tools when marketing products. The technology industry will fulfill this need by streamlining products and features.
As the role of technology used for remote work increases, so will the need to improve the reach of internet access for home use.
According to a recent Forbes article, almost 40 million Americans have no access to broadband internet. Those who live in rural areas often receive slow connections that will not allow them to work from home. Regulators will need to find innovative ways of investing in greater broadband coverage to address this need.
The finance industry will also experience significant changes in innovation strategies after the COVID-19 crisis is over. Customers are looking for communication from their banks. They have questions about security, policy updates, and whether to continue investing money.
Banks will need to take the 360-degree customer view, allowing them to reach all customers from the digitally savvy to the non-technical.
Corporate innovation will come in many forms. Since COVID-19 has forced organizations to innovate quickly, financial organizations will likely see a shift in priorities, technology, and ROI as new programs call for faster results.