2 years after COVID-19 pandemic where are we going? First we had the Omicrons variant, then we had the Russia-Ukraine conflict that turned to war and followed with a lot of sanctions. The world is in the process of COVID-19 pandemic response, recovery to endemic, and we have the world accelerating toward recession, as supply and demand driven oil and commodities surge. Business analysts have warned that a US economic recession is coming. The prediction of the US this year slows down, and next year for recession and Europe due to war and this year for recession.
The market already has the prediction that the great recession will fall under 2022/2023 for sometime, that is forecasted before with the war that is happening right now in Europe. The most likely will serve as a change agent to accelerate it.
Economic boom and then recession, occasionally depression, is part of the world lifecycle. The world is transitioning from the third industrial revolution to the fourth industrial revolution (4IR) industry 4.0. A lot of business models that were invented during the third industrial revolution may not be applicable anymore in the fourth industrial revolution. Any great companies fail to seize the next wave of big things, they will be at risk of wipeout by their competitors. Investor and market expectations shift rapidly, and are very sensitive to the result. They can make a new unicorn rising star and kill off a giant whale who is great company once.
To prepare for the coming, the best way is to prepare well, so your enterprise can cope with the tidal waves of change and storm that is coming, that last for 2 to 3 years, may be longer, as no one can predict precisely, what important is business enterprise must has the plan to navigate the sea of changes, as always.
Traditional business of all kinds, should make a holistic view for how business can be transformed by the technology, which result in the competitive business enterprise that leverage modern enterprise technology, be it automation, artificial intelligence (AI), cloud computing to low-code or no-code business applications that work for respective business, industry and sector.
E-SPIN Group in the enterprise ICT solution supply, consultancy, project management, training and maintenance for corporation and government agencies did business across the region and via the channel. Feel free to contact E-SPIN for your project requirement and inquiry.
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