As the saying goes, necessity is the mother of invention. This is clearly demonstrated in the perceptible phenomenon of technology advancement and innovation being boosted in tough economic times. Let’s dive into why this is the case.
COVID Has Been Tough for Everyone, Especially Businesses
With massive repercussions across the board for society, businesses have seen so many of their standard operating procedures fundamentally change—and a survey by McKinsey & Company reveals that these trends are expected to continue in the near future.
In fact, nine out of ten surveyed executives believe that their operations will in fact change as a result of the COVID pandemic—with 85% sharing concerns that their customers’ needs and wants will continue to be influenced by the pandemic for the next five years or so. However, most executives across most industries also see the situation as a growth opportunity.
As a result, many organizations took advantage of the pandemic as an opportunity to modernize their processes. Multiple trends are arising as a means of maintaining operations that are more and more likely to continue moving forward, such as:
- As-a-Service offerings, as cloud-based tools make remote work easier to facilitate
- Hybrid work approaches, as they help to boost employee satisfaction while enabling work from more places
- Supply chain resilience, as a means of avoiding the challenges that we are facing currently
This Kind of Innovation is Nothing New
As it happens, disasters and other challenges have spurred innovation throughout history. Consider that some of the biggest private companies were created in the midst of two recessions in the early 1980s, with many citing the uncertain times as their motivation to pursue their own business ventures. This trend goes back a lot further, too—Isaac Newton created his law of universal gravitation while sheltering at home as the bubonic plague kept Cambridge University closed.
Technically speaking, the famous apple tree story could be seen as a work-from-home story.