7 Industries That Are Innovating Due to Global Constraints
Today’s challenges call for transformative solutions. The hardships presented will unfold into unforeseen innovations.
The isolation economy is forcing many small businesses and large operations to reassess and try things they would never have done otherwise.
Business incubators are responding fast to the needs of society. Plug and play has launched a COVID-19 accelerator program for promising startups that can help address challenges that industries like healthcare, enterprise, and supply chain face.
As some industries are being left damaged, others are experiencing a surge in demand.
Tragic pandemics as The Great Plague have shaped our society as we know it today. Every devastating event in history has pushed humanity to innovate and rethink the way we do things.
Mobility
The World Economic Forum points out, “COVID-19 has shown how inaccessible public transportation options are for the most vulnerable population”.
Public transportation systems are already serving people in privileged locations in some way. It’s important to shift focus to the most vulnerable populations.
With data and technology available, it’s time to stop relying on assumptions to generate solutions.
An Initiative called Inclusivity Quotient project was first announced in Davos, Switzerland, by the World Economic Forum this past January. It aims for transport to possess measurable and trackable qualities such as availability, affordability, performance, security, and legacy.
The Open Mobility Foundation says that it’s essential to recognize the existing co-dependencies in mobility.
Focusing on Inclusivity means women, vulnerable populations, and the elderly should be on the centers of these new models.
The mobility of a not so distant future is going to be a mix of ride-sharing, scooters, and the use of autonomous vehicles for deliveries.
New solutions will have to be environmentally friendly and sustainable.
Banking
Innovation and digital banking were already on the rise long before the pandemic hit. However, now’s the perfect time for banks and credit unions to take advantage of the use of data, A.I., and other technologies to impact their marketing.
BBVA is calling for hackathons to come up with creative solutions. They are encouraging collaboration with employees and betting on startups to solve corporate problems.
Because of current circumstances, banks are changing their credit policies, creating new loan programs at express processing times, and Offering new products as Health insurance.
Simplifying and optimizing banking apps is beneficial for everyone. With the extensive use of data, sharing cybersecurity must be reinforced to prevent fraud or break-ins into the banking system.
Restaurants
About 7% of all employment in the U.S. comes from the restaurant industry, that’s over 15.5 million people.
Bon appétit remarks that “Restaurants are strictly a cash-flow business. The money comes in, and the money goes out, and sometimes the money goes out faster than it’s generated”.
Shutting down regular sit service has been mandatory for owners and employees. Partnering with third delivery parties has been the first step many took to subsidize their restaurant operations.
Curbside pick-up is quite popular in cities. Robots and conveyor belts are being used to seal and prevent outside air from coming into kitchens.
Some restaurants are selling bulk packaged foods so consumers can stock up. Others are creating DIY options so families can have an activity around giving the finishing touches to their meal.
Restauranteurs are regrouping to make the most out of ingredients. They started donating food that doesn’t sell. And they are expanding regular business hours.
Some are boozing up menus with beer, wine, and alcohol so they can increase their average order checkout.
Fitness
According to THRSA, the fitness industry was worth about $94 billion in 2018.
As studies and gyms shut down, instructors are taking their workouts virtual. Some are offering them for free, but for others, this might be a part of their future businesses.
There are about 350,000 fitness instructors in the U.S. only. To not be left behind, they continue offering their services through Facetime, Instagram live stories, and Zoom.
Beyond the coronavirus, instructors will now be prepared to upgrade their side hustles and make a decent living.
According to the Global Wellness Institute in the past decade, gyms experienced a 50% increase in revenue. Health and wellness are a high priority for today’s consumers, and the trend only seems to go on the rise.
Fast Company describes the gyms of the future, having included Virtual Reality (V.R.) in their fitness programs. The use of Artificial Intelligence (A.I.) will enable workouts to be highly personalized and immersive.
Entertainment
As parents and children spend more time at home, Hasbro started an initiative called Bring Home the Fun that inspires to build a better world for families. Hasbro is encouraging families to engage in manual activities with Play-Doh and Nerf if they’re looking to be more active.
Communicating with inventors is key to them so they can provide games that invite all the family to gather to play.
With children living under lockdown, “Peppa Pig is now officially the most-watched series on demand in the world.”
Comic book stores have also turned to new techniques to serve their customers
from curbside pick-ups to updating their online sales.
Events are either canceling, postponing, relocating, going virtual, or going hybrid.
Virtual Visits are now available for some of the most famous museums in the world. Paris’s Louvre, Russia’s Hermitage, and the National Museum of Natural History in Washington, DC, have set virtual visits, so people can still indulge in art when they can’t leave home.
Education
Forbes says, “after two decades of hyping education technology, millions of Americans learned this week how little capacity our schools have to leverage technology for learning.”
As teachers survey their students and parents, they are uncovering the next challenges that are going to need to be tackled.
Reliable internet connection and having laptops and printers available to continue learning will be a priority.
Hopefully, the pandemics that are to come will be no match to our integrated education systems,
Learning from home will be a mix of using interactive apps, watching tv broadcasts
Students, parents, and teachers are being challenged to obtain new skills to navigate digital solutions.
Qualities as creativity, adaptability, and resilience are highly required in ever-changing environments. Those who are capable of reinventing themselves and adapting will stand out from the crowd, and educations should focus on cultivating these qualities in their programs.
5G Is In The Game
As we are entering the age of 5G communications, beyond downloading videos and media at a faster rate, entire industries will be revolutionized thanks to the speed of data transfer.
Kyodo News stated, “5G’s more reliable connectivity and lower latency have the potential to drive breakthroughs”. The network will enable us to connect up to 1 million devices per square kilometer.
By 2026 Forbes estimates that Factories will start to become fully automated with the use of wireless sensors, increasing efficiency while decreasing costs.
Augmented reality will give new level visualization for construction developers and experience seekers. Retailers and eCommerce players are most interested in including V.R. in their customers’ experience.
5G technologies will highly benefit cities and mobility. Connecting traffic flows with big data analysis. We will be seeing more autonomous vehicles and drones in our urban landscape in the next decade.
According to Entrepreneur, supply chains will have to be redesigned and be proofed against situations an events like the ones we are living.
Due to social constraints, bureaucratic actions are being taken in record time, which is an excellent thing for government and corporations. Speed in implementation really makes a difference.
Airlines are implementing systems for disinfecting fleets while hotels are bringing in robot cleaners to sanitize rooms and common areas.
Health and safety will be a priority and will be less likely to be neglect after the pandemic we have experienced.
Today, I consider that every business is now a wellness business. Mental well-being will be asses in products and services, taking into account the consumers’ needs.
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