“The New Normal” – it’s the phrase of the hour. However, it won’t be clear what that really means for a while yet. In the final analysis, the COVID-19 pandemic will have wide-reaching effects in every sphere of economic and social life, setting in motion complex processes of change. The rules of global trade are being upended, there’s a push for diverse innovative technologies, new consumer needs are developing and along with that consumer behavior is changing.
In an article on LinkedIn, Yasith Fernando, Senior Manager at EY and Corporate Trainer, discusses the approaching changes and fields of action entailed by the “New Normal,” focusing on Sri Lanka in particular. Fernando concentrates on the long-term effects that managers and company leaders should already be preparing for by modifying existing business and production processes. This includes the restructuring of production and supply chains from global to regional emphasis, rapid acceleration in the area of digital transformation, and strategically making use of any potential for innovation that arises through pandemic-related change.