Military forces all over the world have always responded to environmental changes with extreme agility by bringing about an innovative adjustment in the nature of the warfare. Termed as Revolution in Military Affairs (RMA), this phenomenon relates to ingenuity in the use of a new technology coupled with modifications in the doctrine and concepts, which lead to widespread alterations in the fundamental characteristics of military warfare.
The world of business has also had its own share of innovations and innovative use of technology which has transformed the landscape of business and revenue models. The advent of digitization has only sped up the process with every model looking to optimize the use of technology. Whilst this has resulted in disruption in various industries such as entertainment, mobility, hospitality, etc, there are many that have still not been able to derive the maximum benefit.
The current situation forced upon us by COVID-19 is unprecedented and is enforcing a Revolution in Business Affairs. Forced upon by the requirement of social distancing to control the spread of the virus, all organisations have scrambled to embrace technology, change their strategies and working models to keep their operations running. All the industries and businesses have entered a chaotic world and should take a leaf out of the military books to revolutionize their operations.
Emerging out of this chaotic situation will require a paradigm shift in the way the businesses operate in the future. The extensive use of technology such as AI, VR and AR would enable organisations to be more efficient. Further, the use of online collaborative tools and cloud computing would also optimize the use of human resources. The current situation would lead to many organisations recognize the value of employees working from home in terms of productivity, reduction in costs due to drop in load on the infrastructure and leverage them for altering their revenue models.
In this age of Industry 4.0, the dawn of the new Revolution in Business Affairs and its ramifications need to be understood by all business leaders and strategic planners. The organisations that evolve stronger, smarter and more powerful from this catastrophe would be the one that recognizes the opportunity for transforming their operational and cost efficiencies.