Businesses within every industry have had to shift radically in response to the COVID-19 pandemic, doing what needs to be done right now, while trying to plan for an uncertain future. BCM One’s three key niche verticals—healthcare, retail, and financial—are arguably some of the most affected when it comes to a direct impact. Of course, the entire BCM One team is working alongside our clients, first and foremost, to ensure their technology infrastructures continue to support their requirements, even as needs are shifting drastically. But we’re also keeping an eye on what may be coming. Several recent articles offer insight into the role technology is playing in these industries to help get organizations through and then recover from this crisis.
Healthcare is obviously the front line. But as a recent article—How the COVID-19 Pandemic Is Reshaping Healthcare With Technology— in CIO magazine notes, “It’s a remarkable story that is playing out in the technology-led enablement at the back end of healthcare organizations, even as the headlines are dominated by the heroic response efforts at the front lines of care.” From the upscaling of virtual care capacity to the mainstreaming of telehealth to accelerated healthcare digital transformation to reorganizing workforces around virtual workplace models, technology is at the core and this will only continue to accelerate.
While this is a medical crisis, there are huge financial impacts and the economy is very much top of mind. Another article, this one from Forbes, notes that coronavirus drove a 72% rise in the use of fintech apps as “part of a fundamental adaption to life in lockdown.” This likely reflects a surge in digital technology in general within the industry that will continue throughout the pandemic and even beyond. The article posits, “It’s probable that the forced exposure to fintech and banking apps will create a sizeable number of converts.”
With many brick-and-mortar stores closed and people hunkering down at home, the retail industry is also in flux. Many retailers that were struggling before may not be able to weather this crisis. Others will have to make some radical shifts. A recent Forbes article—The Coronavirus Tsunami: What’s to Come for U.S. Retail—looks to other countries to anticipate what may happen here. In particular, the author calls out technology as a critical enabler: “While we may feel less connected with each other physically, retailers and brands should continue to find ways to stay connected with their employees, customers, and partners virtually. The technology has long been available, and now is the time to lean into it. Those that do will not only find themselves better equipped to rebound when things turn around, but will also find that they have strengthened the bonds with those who matter most.”
Technology Is the Common Theme
Technology is not a panacea. But it is a powerful enabler that can provide new innovations and capabilities and can keep people connected no matter where they are. This requires an underlying infrastructure that is robust, reliable, and secure. BCM One’s goal is to help companies in any industry get and maintain the solid technology foundation they need to weather this pandemic. If you’re having any challenges, please contact us and someone from our team will be in touch to answer your questions.