South Korea is adopting strict quarantine measures, and burning cash to prevent the spread of Corona (or, Coronavirus).
Prominent cities across the globe are facing lockdown. One of the biggest trade shows in Barcelona – the Mobile World Congress – was cancelled last month. The Olympic games are on the verge of being postponed or even cancelled.No virus has created such havoc in the recent times as the COVID-19.
I was traveling from Saudi Arabia to India last week, and was taken aback by the gripping fear that is sweeping the globe. The aviation industry is perhaps the worst hit from Corona. The airports wore a deserted look like more and more people chose to stay home.
As if this wasn’t enough, oil prices plunged to multi-year lows yesterday, as tensions between Russia and Saudi escalate, sparking fears of an all-out price war.
To my last week’s Tuesday Thoughts, I received a very interesting question:
“In view of the current COVID-19 situation, what went wrong with predictability here?”
My answer is this:
Some things will always remain beyond the scope of any scientific prediction. The Coronavirus “pandemic” is one such.
So, rather than focus on the things beyond our control, what we can do instead is to stay prepared and stay resilient.
Now that the worst has hit, how can business leaders prevent disruption amid the global turmoil?
My answer? By embracing a more digital-friendly core for your business – for customer operations or employee empowerment.
For example, as of now, most of your customers are looking to prevent daily physical interactions.
It makes senses for your business to facilitate digital service delivery through a range of virtual channels. An example is increased e-commerce adoption, if you are in retail.
Invest in creating seamless virtual experiences – not just for customers, but for your employees too.
With a powerful digital core working at the heart of your business, it becomes easier to evolve your businesses operations in challenging times, to ensure that your customers, employees and partners do not face disruptive consequences.
Let’s use technology-fueled experiences to stay diligent and responsive in uncertain times.
What’s your take on COVID-19? I look forward to hearing it.
By: Venkat Nanduri