Businesses will have to keep up with the growing changes or face economic consequences. The world has changed for sure and there is no sign it will ever revert back to what we once deemed ‘normal’.
Mit Sloan writes: In the face of a global health and economic crisis, many traditional companies have suffered tremendous losses, and some have shuttered their doors. Those that heavily rely on physical capital (for example, stores, goods) and human capital (for example, services) were already vulnerable in economic downturns. The pandemic has exacerbated the lack of resilience in these business models, which have struggled to compete against digitally centric companies that can leverage data and machine learning to create valuable insights, intelligence, and capabilities across the organization. (Read more)