The coronovirus outbreak and the worldwide reaction to the pandemic will force companies to radically rethink how they operate and embrace technological investment, according to global tech market advisory firm ABI Research.
In its new whitepaper, Taking Stock of COVID-19: The Short- and Long-Term Ramifications on Technology and End Markets, ABI Research Analysts look at the current and future ramifications of COVID-19 across technologies and verticals. Analysts also offer recommendations to weather the storm and strategies to help companies rebound and prosper after the pandemic has slowed.
“To effect change, there must be a stimulation of a magnitude that means companies cannot do anything but make bold decisions to survive,” said Stuart Carlaw, chief research officer at ABI Research. “COVID-19 is that magnitude.”
Bold decisions and technological investments could lead to outcomes such as:
- A more concerted and widespread move to lights-out manufacturing
- Increased usage of autonomous materials handling and goods vehicles
- A more integrated, diverse, and coordinated supply chain
- Investment in smart cities to support community resilience
- A move to virtual workspaces and practices
“Before we feel this potential long-term impact, there will be some serious short-term implications,” Carlaw said. “Contractions in consumer spending, disruptions to supply chains, and reduced availability of components will create a rough sea for all boats. In the short-term, there will be a retrenchment in outlooks a reduced investment in modernization, as survival instincts trump the drive to prosperity.”
For a clearer picture of the short- and long-term global impacts of COVID-19, download the whitepaper here.