How COVID-19 will change the role of every industry
Despite the constant drumbeat of bad news, one positive aspect of the COVID-19 crisis is that it has helped people value their well-being and understand that health is their most prized possession. However, as the importance of public health grows, the dynamics of intra-country relations and the investment priorities of every country will surely change.
Against that backdrop, let’s look at how each industry sector will play a role in helping contribute to the public health needs of the post-COVID world.
- The healthcare and life science industry, along with the science community and medical labs, will play the most critical role in developing effective short-term and long-term solutions in the form of vaccines and medicines. New services such as virtual healthcare are quickly maturing and will enable remote diagnosis and treatment in the future.
- The manufacturing, logistics and transportation industries will need to rethink their business model with a greater emphasis on robotic and/or automated operations, to help workers maintain social distancing within a plant or warehouse. As plants gradually increase production to meet the new supply and demand reality, they will have to implement solutions such as:
- Remote collaboration for design teams to produce new products
- Remote monitoring of plant production, quality, and maintenance activities with digital alarms and Robots for parts distribution
- Contactless tracking of materials and products in the inbound and outbound supply chain, plus real-time demand prediction and logistics route optimization with In transport visibility to avoid shortages
- Remote digital training and work instructions to help new workers/staff distance themselves and still be productive
- Remote monitoring and assistance solutions for sales staff and service technicians such as virtual assistants, chatbots and 3D printing.
- The entertainment, media, and telecom sector has already started leveraging Over-the-Top (OTT) platforms for streaming media services to viewers through the internet. This sector will have maximum benefits, as use of entertainment content, gaming, social media usage, and audio/video conferencing, is rapidly increasing.
- The banking, finance, and insurance sector must develop the agility and flexibility to support governments in extending emergency funding to increase liquidity for non-bank financial companies, micro-finance companies, and tax incentives/deferrals.
- The defence and public sectors will play a vital role in maintaining overall security, including border security and enhancing infrastructure such as roads, water, electric supply, etc. Drone-based surveillance is a workable contact-free solution for this sector and is already seeing increased use.
To implement these solutions, information and data security will be critical to ensure the protection of sensitive information as more and more of our lives are managed virtually
In conclusion, going forward we will have to take a Glocalized (Global + Local) approach. The global component of this approach will help us develop scalable solutions to balance supply and demand across the globe, and the local aspect will enable us to tailor these solutions to meet the needs of individual communities and countries.
Atul Rangole has 28 years of experience in Manufacturing & IT Industry with consulting expertise across Manufacturing value chain and Business requirement elicitation, Domain knowledge management.