Covid 19 has been the trigger for many business changes in the world. Companies working within finance to real estate aspects like commercial property management have seen a number of different changes during these past 4 months. With some being small and others terribly big, let’s try to analyse what’s the future of businesses after this pandemic.
The Disruptive Small Businesses Scenario
According to a KPMG document released a couple of weeks ago “To explore the impact of coronavirus disease 2019 (COVID-19) on small businesses, we conducted a survey of more than 5,800 small businesses between March 28 and April 4, 2020. Several themes emerged. First, mass layoffs and closures had already occurred—just a few weeks into the crisis. Second, the risk of closure was negatively associated with the expected length of the crisis. Moreover, businesses had widely varying beliefs about the likely duration of COVID-related disruptions. Third, many small businesses are financially fragile: The median business with more than $10,000 in monthly expenses had only about 2 wk of cash on hand at the time of the survey. Fourth, the majority of businesses planned to seek funding through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. ” This gives us a clear indication of how badly performing the overall market for small companies will be in the nearest future.
The Evolution Of Technology
According to many sources, the usage of technology for the computational and architectural-related process has increased by over 200% in the past 4 months, with examples ranging from finance to real estate. The future of businesses worldwide after this pandemic is definitely going to be very tech focused. Examples like data control, management and just acquisition are symptoms of the fact that business, especially within the marketing fields, will use data to reduce spend on ads, target better prospects and so on. During the past 4 months, the entire tech field has seen a net 50% increase in investments, whether if small or big, within automation, machine learning and other forms of artificial intelligence-related features. It’s very safe to say that COVID will act as the trigger for many different technological updates in the nearest future.
The business world is definitely getting reshaped after this global pandemic. There will be dozens of businesses struggling but, the ones who will adapt to technological changes will most definitely survive and become the biggest, most powerful ones out there.