With the COVID-19 pandemic, the biggest challenge today is to protect the lives of thousands of people and the livelihoods of billion. In 2008, the great financial crisis also caused a huge effort worldwide, but society found palliative solutions and did not observe the structural flaws of globalization. Therefore, in the midst of another, even more challenging struggle, some reflections on identifying opportunities in adversity are worth while to help create a more sustainable, resilient, healthy and egalitarian society.
Companies can, in this moment of crisis, add to the reconstruction efforts so that they perpetuate and leave a lasting legacy to the world. Corporate behavior is a microcosm of the economic system. The corporate world has amassed great stories of integrity, energy and ingenuity that have helped in many battles. The companies that will thrive over the next decade tend to be those that embrace purpose-made management. Those who think about their customers and employees and above all, are useful and relevant to society in everything they do.
Social and environmental responsibilities go hand in hand, but most citizens have not yet turned their attention to the climate crisis, for example. It is important to reflect on how, in a matter of weeks, some responses to COVID-19 managed to mobilize so many aspects of modern life.
In the midst of the pandemic, many researches and articles are being published, not only linked to the disease, but to social risks. And many more records will be produced around the world during the pandemic. That is, organizations will be able to use these analyzes to develop future plans to respond to other possible crises, without disconnecting between strategically assessed risk and emergency response plans. Both need to be interconnected, especially with regard to the problem of hunger, already faced in various parts of the globe.
The current crisis is the time to continue taking advantage of the opportunities brought by the fourth industrial revolution, whose changes were already taking place in the last decade, which brought a multitude of innovative digital platforms now used in this time of social and professional isolation. The trend is for more innovations to appear on the market from now on, as the COVID-19 crisis proves that the market can make things happen quickly. Bringing together in the fourth industrial revolution a social, political and corporate vision for the community is the best way to create a better future. It is time to reflect on whether Industry 4.0 will be owned by a few, continuing an unequal system, or will it be developed for all citizens, regardless of social level.
COVID-19 is also showing that a society does exist and that no one thrives alone. Global collaboration is essential and constructive, and in recent years, companies have demonstrated a greater understanding that collectively they depend on a more prosperous society and planet, accepting the need for partnerships to create a new economic model in which Individual companies gain while society and the planet prosper. This will work when companies prioritize partnerships not just for specific issues, but also for systemic change.
All the aforementioned trends were already noticeable before COVID-19, in emerging companies that offered products and services prioritizing the customer, but also society and the planet in the same measure. Although a difficult time is beginning for the startups, which will need a lot of energy for business continuity after the pandemic, many of them are an inspiration and an indication that a great business revolution is coming.
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