Technology Consulting & The great Reset,
New Social ‘Normal’ Post COVID Crisis
This “great reset” would be based on three pillars: Steering the market towards better outcomes, bearing in mind environmental and social risks and opportunities
Around the world, economies are cautiously reopening. Businesses are keeping an eye firmly on the current crisis, but also tentatively looking ahead to what’s shaping up as a great reset or rebound.
The new researches offer several takes on this theme. Let’s start with the worst affected, the healthcare sector. Research from McKinsey Global Institute had published a new report, Prioritizing health: A prescription for prosperity, which measures the potential of proven interventions to reduce the global burden of disease. People with diabetes, hypertension, a chronic obstructive pulmonary disorder, and obesity have been hit hardest, but also add, in our estimate, $12 trillion to global GDP. Retaining the workforce is another pressing task. Executives everywhere wonder how to bring people back to the workplace and how they will do their jobs. The new research takes a look at the challenges of creating a sense of belonging, common purpose, and shared identity when some people work in their homes and some in offices and factories.
Tactical challenges, such as guarding against cyberattacks. Small businesses need to confront some of these problems. But small businesses must make the necessary changes at a greater relative cost and with less working capital. Researchers examine the struggles of US small businesses in three sectors (restaurants, manufacturing, and retailing) that could be facing a long, hard recovery. Another sector hit hard is infrastructure. Globally affected by the pandemic, it can either be a boom spurred by a government stimulus or a bust as tax revenues and user fees dry up. Technology Consultants, Organizations, must prepare for both outcomes. One key to generating a rapid impact from infrastructure is “Digital Recovery”.
Amid Crisis, how to identify opportunities ?
While it is challenging to focus on strategy during turbulent times, that’s exactly what leading organizations do.
Change is inevitable. From disruptions caused by technology innovation to natural disasters, the ability to accept, understand, and act during change creates opportunities for long-term success.
We would all like to have a crystal ball, but even without one there are still ways to anticipate the impact and scale of disruption on business models. That anticipation can fuel and inform an organization’s strategic decisions. In Capgemini Invent’s Future of Technology Group, they’re generating and assessing ripple effects caused by disruption to help organizations prepare for what’s coming next.
To explore further, let’s use the COVID pandemic as an example.
Technique 1 First-principles thinking
A common mistake in prediction is to look at similar situations from the past. It is human instinct to go with something you’re familiar with, so a new virus would be considered to be “like the flu” or “like SARS.” A good prediction, however, would start with an original or fresh assessment of the driving forces behind the change.
For example, the pandemic has three main characteristics that are driving the change
- The speed with which the virus spreads (~25 percent daily growth rate in an unaware population)
- The medical impact of the virus (~10 percent require intensive care, ~2–3 percent fatality rate)
- The duration until a treatment/vaccine is developed (3–12 months).
We can project these new forces forward into the future and, from there, into the core models and services businesses run on.
Technique 2 The tipping point
The countries around geared up to protect the spread of the virus and estimations of the medical impact of this new virus into the future, we see that society’s tolerance limit is soon reached. And Governments, Society, and businesses including Technology Consultants together at this point, joining society, quick mobilization, and measures are taken to combat and manage the spread.
Technique 3 Key impact areas
Once the first-order consequences start to appear, it is useful to explore which are likely to have a large impact on the way society functions. To predict the impact of the coronavirus, we first must identify which measures are likely to continue. The laws of economics are not suspended, so look for measures that have a relatively positive cost/benefit trade-off. Some of the measures falling into this category could include restrictions on travel, increasing hygiene, and increasing social distancing.
Technique 4 Picks and shovels
Once we identify our key impact areas, we will check out what’s needed to form this possible. If large groups of individuals continue teleworking, you’ll expect an economy to originate around this. within the first month, people need better internet connections, good video-conferencing software, and new team-communication software. From there, people may have ergonomic desks, chairs, and monitors. Once they realize they’re spending triple the amount of waking hours reception, they begin to take a position tons more into renovations and dining reception. Long term, there are even more major implications socially, like engaging virtually with games or shifts to be simpler reception workouts, etc.
Technique 5 Crisis And Opportunity
As people spend longer performing from home, they also spend less time at the office. The immediate consequences of this are obvious: there are fewer desks occupied within the office, and fewer customers frequent the local restaurants. With time, companies feel less got to have an equivalent amount of office space, and restaurants feel less of a requirement to buy expensive land within the city center. As a result, companies move to smaller or more flexible office spaces, and restaurants focus more on delivery.
Winston Churchill said, “Never let an honest crisis attend waste.” The pandemic has had devastating results and impacted every aspect of our lives, yet still provides insights and opportunities. Generating foresight and understanding the potential business-model implications and likelihoods are often among the foremost valuable exercises a corporation can do to work out the way to navigate their path with disruptors.
The focus is to assist business leaders to identify opportunities or risk mitigations arising from emerging disruptions and technologies in order that they can do quite incremental improvements. With this system, they will realign business strategy, considering likely disruptors and future-proofing their operating model.
Coding Brains leverages a collaborative strategy that brings together leading technology and domain experts from Organizations, paired together with your leaders, to assess the impact of emerging threats and opportunities to your business.
Covid-19 has thrown up challenges also as many opportunities across various business segments. The pandemic has caused unimaginable loss to the worldwide economy, and therefore the loss of human lives has been unprecedented in an era of worldwide peace.
An uncertain business environment thanks to the health crisis is forcing corporates to review their business. Social distancing has become a new Norm. Organizations across the planet are realizing the necessity for operational and systems resilience.
We need to know that each sector will move towards digitization and automation. because the work from house is starting to become the new normal, more workloads will need to be migrated to the Cloud Computing to make sure that companies can function without utilizing extra resources. Sectors like Retail will spend more thereon and IT infrastructure for enterprise applications and retail support services globally.
New ideas are needed to catalyze the good Reset after COVID-19.
• Change is often as simple as adjusting our mindsets.
• Greater connection between leaders and therefore the people, and between people, has the potential to affect the foremost change.
The World Economic Forum’s Great Reset initiative seeks new ideas so as to use this unique moment in history provided by the disruption to economics, politics, and our lifestyle to catalyze a replacement approach to how our societies are run.
Here are four important building blocks needed to realize this: Mindset, Metrics, Incentives, and Connection.
• How COVID-19 affects the good Reset towards global sustainability
• The great reset must place social justice at its center
• COVID-19’s legacy: this is often the way to get the good Reset right
1. Change our mindset
if we made it up once, we will make it up again
The first change will need to be to our mindset. Two powerful new books, Thomas Piketty’s Capital and beliefs, and Rutger Bregman’s Humankind show how our current outlook is predicated on fundamentally wrong assumptions in which dramatic transformation is feasible with a change of mindset.
Piketty challenges a constatation of capitalism – that inequality is simply an unfortunate by-product of progress. Inequality, he argues, maybe a political choice supported by a flawed ideology – the market will provide – and not the inevitable results of technology and globalization. He demonstrates it’s neither true nor irreversible.
Rutger Bregman explores more: that humans are intrinsically selfish, uncooperative, and aggressive, and without the influence of governments and leaders, chaos would follow. His research over 200,000 years of human history shows that we are actually hardwired to be kind, cooperative, and caring. But we run our countries, civic institutions, companies, schools, often even our families supported this deeply negative and incorrect assumption about human behavior. He shows that when this assumption changes, everything changes.
What both these books show is that our view of the planet was simply made up. And made up by a surprisingly small but influential number of people – from Machiavelli and Smith to Friedman and Golding. But if we made it up once, we will make it up again, and there are many people out there with great new ideas to figure with if we began to take them seriously.
2. Create new metrics
measuring what matters will change everything
GDP measures the incorrect things. Measuring the proper things will give governments, business, and citizens the knowledge they have to require the brave and challenging steps required to maneuver to a more people- and planet-centered way of living.
GDP fails on numerous levels – it measures wealth and ignores its distribution. It fails to even register the human and financial costs of capitalism, “externalities” like welfare, environmental degradation, and therefore the social, mental, and physical health costs of innovations.
Dissatisfaction with GDP is widespread, and there are many alternatives being trialed that specialize in the well-being of individuals and the planet: for instance the UN’s Human Development and Social Development Indexes, WellBeing metrics, Genuine Progress Indicators, a cheerful Planet Index, and an initiative to use Gross National Happiness.
“What gets measured gets managed” is the old adage. the good Reset must take that lesson firmly to its heart and begin the transformation by refocusing on what really matters.
3. Design new incentives
You get what you buy
Inextricably linked to metrics are incentives. In 1996, the Tomorrow’s Company inquiry from the UK’s Royal Society of Arts showed that shareholder value being the only indicator of company success was damaging both the businesses and the society, and didn’t even do an honest job for shareholders.
But within the world, it’s been business as was common on incentives all this point. risk capital companies and even mainstream institutional investors – rarely include even the foremost basic questions on social and environmental risks in their investment criteria when piling cash into digital companies.
Those kinds of tricky questions are left to environmental and social governance (ESG) funds, which, though growing, are a sideline to the most event making the maximum amount of money as possible within the shortest possible time.
So until these incentives change and people with money really put it where their mouth is, or a minimum of where the words in their investment brochures and Davos’ speeches are, things will stay precisely the same.
4. Build a genuine connection, overcoming Distance Barrier
In Humankind, Rutger Bregman shows the heartbreaking consequence of the coordination between leaders and therefore the lives of the remaining folks, and the way that’s the most important problem of all. He finishes his book with a glance at the 1914 Christmas truce at the beginning of the primary war. Over 100,000 troops laid down their arms on the battlefront to play football, share stories, photos, food, and drinks. But it wasn’t just a Christmas thing; in some places, this lasted a variety of weeks, with many servicemen remembering it being the highlight of their lives. It could easily have escalated into full-scale peace as each side was reluctant to restart. Leaders further fuelled the wars and punished anyone showing friendly interests to the enemy. These leaders’ tactical shrewdness and distance from the people was a critical factor.
Digital Technology consulting have given many folks a lifeline during the lockdown, but also provides an illusion of connection. Anonymity provides protection, fuels polarization, and allows all to feel superior to others from the comfort of our own little bubble. Our disconnection from nature helps us airbrush the consequences of global climate change, environmental degradation, and animal affected by our minds. the last word distance provided by autonomous weapons will allow detachment from the death and destruction (of ‘them’) at the press of a button.
Meanwhile, the least our homes, as COVID-19 has shown most clearly, we are blithely trusting total strangers, helping our neighbors and communities, giving time and money to charities near and much, and providing billions of huge and little kindness acts to every other every single hour of every single day. Which in fact goes unrecognized.
This is probably the foremost important building block of all to form the good Reset the transformation our generation can reminisce on, technology consulting organizations like Coding Brains are at your rescue with all their experiences, when they have survived themselves, they can certainly help you out too.
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