5 Lessons That COVID19 Has Taught Us So Far

COVID19 is a watershed moment, and a new set of realities are emerging as a consequence. Fact is, the impact of this pandemic will be felt in ripples that will hit us well after it is over. Like it or not, governments, companies and individuals all need to be prepared on their levels to come out stronger from this historic event.

#GreyhoundStandpoint [1] Changing consumer habits and looming economic uncertainty will impact all and spare nobody. This dictates changes in government policies, corporate setups and personal habits. Most of all, this deems the need for change in mindsets almost overnight.

While companies are taking measures like salary cuts & putting employees on furlough, others are reducing the burden by rationalising their spend on office spaces and having their employees work-from-home for the foreseeable future.

#GreyhoundStandpoint [2] – Those reducing their spend and preserving cash will survive to see better times. Leaner operations and laser-sharp focus on growth is the need of the hour.

This does mean initial investment to ensure secure availability of corporate resources from remote locations, but in the long term, it is expected to help reduce the burden on a company’s fixed costs.

#GreyhoundStandpoint [3] – Leaders that remain short-sighted and refuse to spend on technology to enable employees will pay dearly. It’s about time leaders open up to the idea of employees WFH for extended periods of times or may be even permanently.

This move is also a win for employees who don’t need to spend excruciating time on the road to travel to work and need not spend money on fuel and other expenses.

#GreyhoundStandpoint [4] – This reduces stress on the environment and works out better for both companies and individuals. As we build endurance in the current times, we ought to think of a more sustainable version of the near future.

Having said that, this will add tremendous stress to the commercial real estate market and related industries that have been a rather fruitful business for many until now.

#GreyhoundStandpoint [5] – Those operating in this industry need to pivot quickly if they want to survive. Office automation and other technology-related services applicable to brownfield projects are opportunities worth exploring.


Analyst:

Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Research, a Global, Award-Winning, Technology & Innovation Research & Advisory firm. To read more about him, click here.

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