CCR2 Business continuity
Technological futures
Can technology help us in our effort to recover from the economic and social consequences of Covid-19 disaster?
Mahmood Shah Associate professor, Newcastle Business School
mahmood.shah @
northumbria.ac.uk
Disasters are highly unusual natural or man- made events that result in economic loss, disruption, injury or loss of lives. Researchers argue that disasters consist of happenings that affect societies inadvertently while communities are unable to manage the consequences and deal with the damages. In the last few years, the world has seen
a significant increase of disasters around the globe while data from the Emergency Events Database (EM-DAT) shows that there is an increase in disasters by 63% while the number of reported deaths has increased by more than 85%. One such disaster is Covid-19. The Covid-19 outbreak is producing
massive and far-reaching economic and social cost burdens for all major economies including the G7 countries (China, the US, Japan, Germany, Britain, France, and Italy). Economists claim that we are going through a ‘macroeconomic flu’. One of the main issues though is that since the G7 share 60% of world supply and demand (GDP), 65% of world manufacturing, and 41% of world manufacturing exports, when they started sneezing, the rest of the world caught a severe cold. However, every coin has two sides and
thus, there is evidence that during periods of disequilibrium and economic instability new opportunities arise; where there is a threat there is almost always an opportunity. Therefore, in light of Covid-19’s global impact on countries and communities alike, various technology initiatives could provide a basis for maintaining social and economic connections with customers, suppliers, partners, friends, family, social networks, and the wider community.
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Dimitra Skoumpopoulou Senior lecturer, Newcastle Business School
d.skoumpopoulou @
northumbria.ac.uk
Technology – Covid-19 – economy Economic consequences of the pandemic could lead to the worst global recession in the past 150 years. However, many companies have been able to respond to the crisis through the use of technology such as video conferencing tools, which enable online meetings, work from home, and stress- releasing activities such as exercise classes. An expected long-term impact of adopting these technologies on a more widespread basis is an increase in telework or working from a distance, after the pandemic. The economic effects of the pandemic are simultaneously creating opportunities for some industries and setbacks for others. E-commerce is expanding exponentially
with some companies reporting that their online income has doubled. This suggests in a post-pandemic world, these increased levels may continue as consumers recognise the convenience of online shopping or just as the pandemic will enforce a new consumer culture. This revolution will be characterised by rapid technological progress where the application of new technologies will cause sudden change. Thus, it becomes apparent that the technology of the future is changing the business of today and tomorrow. We might ask; what do the next 20 to 30
years have in store for organisations and employees? How will disruptive technologies, such as robotics, artificial intelligence and machine learning, virtual presence and augmented reality, 3-D printing, and block chain (to name but a few) influence the future labour markets? For example, PwC claims that 40% of today’s jobs will be replaced or displaced in the next 15 years, in particular those jobs that rely on low-level skills.
www.CCRMagazine.com
The future of our working practices will be dramatically different from what we experience today
At the end of the day it is evident that the
world is changing at an accelerated pace and the way we work today is fundamentally different from how previous generations used to work. Similarly, the future of our working practices will be dramatically different from what we experience today. It is anticipated that in the future
employees will be able to work anytime, anywhere and will use any number of technological devices; the Covid-19 pandemic might just be the vehicle to signpost this drastic shift in working conditions. Part of the consequences of this deadly virus might be that it will enable this change to happen a little quicker than expected.
Technology – Covid-19 – society Social-media platforms such as Facebook can offer support for communities in times of crisis, such as COVID-19. For example, there is a private Facebook group that has been created for residents in Stony Stratford a town on the outskirts of Milton Keynes. Individuals move to that area because of the community atmosphere and the activities that are ongoing throughout the year. All this requires people to be online and connected to technology. Technology can
June 2020
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