The outbreak of the COVID-19 posed great challenges worldwide. But when examined closely, one can observe innovation emerging in all sectors of the economy at national, institutional, organizational, and individual levels. Industries earlier opined that research on innovation needs a lot of time and effort for creative thought, accomplishments, and innovation implementation. Interestingly, the current COVID-19 crisis has changed this mindset and made it very evident that it may not always be the case that time is needed to develop a creative and innovative response.
Automotive Sector understands the market sentiments for Safety and Anti-virus and is already working towards the same We saw examples of big brands like Ford, Jaguar Land Rover already a step up to work on technologies like Touchless monitors, car sanitization methods, to name a few.
The Insurance Industry is also not far away with digitization and contactless delivery being their prime motto. With huge surge expected in the sector, digital and AI are the only way to grow. Keeping this mind, they are already started working towards Phygital (Physical+Digital) Strategy keeping in mind Customer Insights and Innovating new products. With AI and Automation, Lean operations with stringent Privacy Policies and Connecting it all is going to be very crucial.
Chemical Industry is a Key Player for tackling COVID-19. Diversification of the industry into invention of Antimicrobial and antiviral materials, production of face shields, usage of AI/ML for testing and 3D printing for making masks and disinfecting them, speaks volumes about the agility of the industry. This has helped them sustain and grow even in these difficult times.
The Retail industry has faced the major brunt of the global pandemic. With low sales and high operating costs with grim margins, the stores are closing worldwide because of dwindling cash flows. But with Digitization, ERPs, AI and integrated e-commerce, the industry is on the way to recovery. Meaningful partnership for technologies like digital signage, contactless payments, virtual fitting rooms and virtual queuing rooms and many more will go a long way.
Supply Chain and Operations faced a lot of brunt because of Covid-19. The only way for them to recoup and grow now is #INNOVATION. Emerging trends like location technology with blockchain could be the answer to a slicker system. Robots and automated machines have quickly stepped in to fill in the gaps during the pandemic. There has been a surge in the implementation of all sorts of machines, from decontamination robots to more sterile production devices. Automation with Autonomous Delivery along with Control towers and List mile delivery agents are few trends here to stay.
Similarly, for #Innovation is the only saviour for Packaging industry. With convenience and safety being of prime importance, anti-viral, flexible, tamper-proof, and single use packaging are in rage. These are customer concerns that need to be kept in mind. Alongside, they need to enable Digitalization of the value chain. Automation and AI will help for not only cost efficiency and productivity, but also make supply more resilient and transparent through real-time tracking. Innovative packaging designs with integrated technology like radio-frequency identification (RFID) tags and near-field communications (NFC) is the future now.
But one industry that that innovated itself and rose like Phoenix is the Healthcare Sector. From strengthening Diagnostics to emerging trends in Healthcare, the innovation has been pivotal. Winning over Covid-19 and saving lives was possible with technology being at the hem. From growth in telehealth to invention of cost ventilators to Biopharma revolution to finding effective Electronic Health Record (EHR) systems to access and navigate patient information, the healthcare sector has seen a lot. Similarly, with rise of AI/ML-based diagnostics, the detection of diseases now has reduced drastically. Medical artificial intelligence (AI) uses computer techniques to perform clinical diagnoses and suggest treatments. Because AI is devoid of emotions and human errors, it provides an unbiased and data-driven diagnosis. It is highly suggested to be used for Medical Imaging Analysis, Precision Medicine, Rare Diseases, Healthcare bots, Neuro, and heart disease Detection.
Ideapoke Insights –
- We can clearly deduce from all the examples and use-cases above that the dynamics of market requirements for every industry have changed drastically, with ‘virus-free’ is the new addition to the definition of ‘sustainability’.
- Technology is here to stay, and the advancement of digital technologies will continue rapidly with even more focus on portability, accuracy, speed, and achieving low cost.
- Digitization, AI, Blockchain, Robotics, Automation – these are some fields that are now the new normal. These need to be integrated in all businesses to help them sustain.
- The industry eco-systems have also changed, with overlapping of industries, hinting towards a rise in collaboration and partnerships in near future.
For Example: The mobility eco-system will now include – ‘disinfectant players’ as well. Similarly, Infrastructure ecosystem will include ‘virus detection technology players’ as well. This trend will result in change in the business models, with entry of many more players into the market.
- The only way for the big players to grow is by integrating more services, enter new channels of the value chain, and build meaningful partnerships.
- Big opportunity for IT infra & aggregators as there will be demand for flexible ERP, SAP, IT infra solutions to make the new integrations possible.
By the way – are you sure the mask you are wearing is safe to CORONA. Let us tell you a secret, none of the globally available masks are proved to be ‘anti-corona’. Shocked! – Stay tuned –
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We will be back with #InnovationSeries soon with insights and trends for other industries.