COVID-19 hasn’t just shut down huge swaths of American businesses and sent many employees scrambling to work from home – it’s also driving the acceleration of technological adoption. As people adapt to new modes of life, start-ups and small businesses that enable us to work, study, shop, and interact virtually have skyrocketed to mainstream adoption. Driving these companies are key underlying technologies that have been growing in importance slowly for years and now have become essential; maybe the tech trends developing out of the COVID chaos are a silver-lining of sorts.
“Businesses that had not only developed digital strategies but executed on them prior to the pandemic are now in a position to leapfrog their less nimble competitors,” writes consultancy BDO in a report on how COVID is accelerating the rise of the digital economy. “That isn’t to understate the COVID-19-related challenges they now face, irrespective of their current level of digital maturity. Going digital in and of itself isn’t a panacea to all that ails businesses in the current economic environment. They do, however, have significantly more tools at their disposal to not only weather the storm, but to come out the other side stronger for it, ” stated BDO.
The fact that these companies, since day one, have focused on cloud connectivity, digital marketing and distribution to consumers, and virtual rather than in-person interactions, gives this group an advantage. Many have hired new employees since the pandemic began – that’s a direct result of many of them scaling faster to meet surging demand before the coronavirus pandemic. Some of these companies report demand for their core products has more than doubled since the coronavirus crisis unleashed itself across the world. Being digital-first put many companies in a position to quickly develop and introduce new products or services to meet the challenges of the pandemic.