Companies around the world have been searching for ways to mitigate the costs COVID-19 has created over the past few months. From a rise in the need for technology to the development of coalitions between industries, the search for efficiency and innovation is on the rise. Through BOND’s Our New World analysis, we’ll take a look into the migration of traditional work settings to the digital space and what this means for companies and entrepreneurs alike.
A Rise In Forward-Planning
In Our New World, BOND points out the rise in growth for the technology sector and its entrepreneurs during a world where COVID-19 is at its peak. Top companies such as Microsoft, Apple, Google and Facebook have always been the top American-based market cap growers these past ten years. All the same, these companies have been successful even during a time of chaos as more and more people rely on their services to actively collaborate and get businesses moving forward remotely. BOND boils this success down to one thing: planners. The companies backed by planners who prepare short and long-term visions and business plans have risen to thrive in the COVID-19 environment. This means that more companies will focus on forward-planning consisting of industry experts, engineers and scientists to develop new paths and goals of recovery over the next few years.
The Digital Space: Well-Built
Businesses that have already adapted and consumed the opportunities of modern technology were well-prepared to accommodate the current adversity that would have otherwise blindsided them. From cloud-based business functions to an easily discoverable online presence, these companies were able to surpass the period of adaptation to newer forms of collaboration. Now, businesses who haven’t had these technological features already established are rushing to increase IT spend while cutting operating costs at the same time. These on-demand services have accelerated their growth to a level no one was prepared for and are deemed as the top economic drivers for both consumers and workers alike.
Migration From The Jump
The global pandemic has caused a major shift in working environments for a lot of traditional sport professionals. Who knew your favorite basketball team would livestream their own game digitally and head straight into the world of esports? Companies such as NBA & 2K Sports have developed players-only tournaments broadcasted on ESPN. Many players have participated in online gaming competitions to stay connected to their fans in real-time. BOND expects that companies will end up following in their footsteps in order to evolve the way they engage with their target market.
BOND, Our New World, https://www.bondcap.com/report/onw/