The total bailout money globally declared until so far (end of April 2020) has surpassed 10 Trillion USD. What a number? Global gross domestic product (GDP) for 2019 was estimated at around 88 Trillion USD. More than one tenth of all economic output is transferred to fight the impact of the crisis. Why?
Why not being prepared? There are always enough early signals, if you know how to listen to, where to watch and what to follow. In hindsight all economics are super knowledgeable about any crisis and all of them warned everybody. Interestingly nobody really cares…
Instead of wasting so much bailout money, we should have invested in better biotechnology. Biology has become the new digital. Genetic sequencing is improving faster than Moore’s law. Genetics, bioinformatics, all the other omics disciplines have created a huge industry itself. There is a lot of funding going on, but obviously not enough and especially not enough for these kinds of circumstances.
Due to the pandemic we are facing incredible change. These include; reasonable social distancing, individual and collective hygiene measures, new regulation in education, tourism, retail, sports, arts, hospitality, and many other industries.
Currently the whole world is in lock-down, almost complete shut-down. Slowly but surely some countries have already, and others plan to get back to normal, ease the measures and try to ramp up the economy back again. But with caution. Hotels should not fill up, traveling must be done in a very considerate mode, restaurants, malls and shops can only have so many customers per square meters, and so forth. How and who is going to control all of this? All these facilities and industries and business models were not designed for this.
Now; our whole system – the world we live in – is not designed for 50% capacity utilization. Hotels, aviation industry and airline carriers, football stadiums and football leagues, and many more examples are designed for almost full capacity usage.
What shall we do now? Reduce capacity or reduce utilization or invest in better and preventive healthcare or change the whole system?
The current system which we call civilization is designed over the course of the last few centuries. We just can’t change it overnight just because of one pandemic. But we have to learn our lessons.
There is no price tag on a human life. We already lost more than 200.000 lives in the last 3 – 4 months. We can’t on purpose sacrifice more human lives for the sake of economic returns. But we also cannot watch to lose all economic achievements, jobs, innovation, taxes, and all related activities, just to one pandemic. This is the biggest conundrum all politicians and businesspeople alike are struggling with.
We don’t have the “silver bullet”. But we suggest two things:
First; “one size fits all” approaches usually do not fit. So, every industry, every city, every business should be evaluated, if necessary tested, and allowed to get back to work based on some rational measures, with precondition of “health and safety first” policies. Yes, this is difficult. But again, digital transformation can help us with becoming more precise, more predictive, more preventive in any industry, in any business.
Second; the whole world needs to become much more resilient, much better prepared for this kind of extraordinary times. We need to define what it means to be rich. Rich countries suffer severely from this pandemic and struggle to get back to business. Poor countries are not even able to test, measure, communicate or understand what’s going on. Rich means having options. Enough ICU beds, ventilators, facial masks, test kits, labs, staff, and of course, vaccines to protect life, continuity of our civilization and even improve the state of the world. We need to better listen to scientists, philosophers, and artists.
This is not the last crisis humanity will face. Actually, the bigger crisis we are in since a few decades is called “climate change”. The damage that could cause could be much more severe than this pandemic. What to do about it? Kyoto, Paris, Copenhagen, and many more agreements will pass, will be celebrated, but the “green party” will go on. This must stop.
Our job in the world is to help companies to benefit from digital transformation. We have to use these technologies wisely to have leverage them for our business, but also contribute to all stakeholders, customers, suppliers, citizen, generations to come and the planet alike. It’s time to act NOW! You can make it happen. We can be of great help. Let’s talk.
THE BETTER NORMAL SERİES
THE BETTER NORMAL #1: “The Better Normal” Will Be Created By Us
THE BETTER NORMAL #2: No way out!
THE BETTER NORMAL #4: A CRITICAL APPROACH TO DIGITAL
THE BETTER NORMAL #5: A CUSTOMER EXPERIENCE PERSPECTIVE
THE BETTER NORMAL #6: The “Real” Resilience Of Supply Chains
THE BETTER NORMAL #7: Aim For Digital Greatness
THE BETTER NORMAL #8: THE BALANCED VISION
THE BETTER NORMAL #9: THE BETTER NORMAL: OPERATIONAL EXCELLENCE
THE BETTER NORMAL #10: DON’T CARRY “COVID-19 IMPACT” TOO FAR
THE BETTER NORMAL #11: WORKPLACE OF THE BETTER NORMAL
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