There is no doubt that the outbreak of Covid-19 has had a tremendous impact on almost all sectors. However, it has not affected everyone in the same way. While some–because of their inherent qualities–seem destined to a more belated recovery, others have found the opportunity to emerge stronger.
Tourism & Hospitality, Events and Transportation appear to be the three sectors worst hit by the pandemic, not only during the months of confinement, but also in terms of their prospects for recovery. For example, the Tourism industry experienced a 100% fall in activity during the first months of the Covid-19 outbreak.
But this health and financial crisis has also been an opportunity for others like the pharmaceutical industry and other sectors such as health products (facemasks, hydroalcoholic gels, etc.), streaming platforms, the food industry and e-commerce. These sectors have certainly presented better results during confinement but have also been able to set their recovery in motion during the months that followed.
The new normal has also given us a change in habits and priorities. A new reality in which the Insurance, Telemedicine, Automotive and Technology sectors might be able to find new business opportunities.
The following table is an independent analysis produced on the basis of various reports and studies from different sources.
That said, how can these sectors strengthen their positions and gain advantage over their competitors? What are the tools that affected sectors should use to speed up recovery? In this uncertain context, innovation is not only an option, it is a necessity for any company that wishes not only to survive, but to prosper.
Now is the time to open up to different collaborators, internal or external to the organization; it is essential in detecting and adapting to new needs. This is where open innovation also presents itself as a powerful tool to:
- Find innovative solutions for new strategic challenges, together with employees and other stakeholders.
- Promote employee participation and strengthen employee engagement at a time when teleworking and disconnection are at the foreground.
- Consolidate the relationship with clients and consumers, counting on them to readapt offers and services that have come in demand in our new reality.