Aug 10,2022 | 4 min read

Digital economy and its increase in relevance with Covid

Introduction:

With the spreading of the coronavirus and its impact upon the means of communication i.e. contactless conversation through virtual means, the digital accessibility has reached all. Not alone for communication, but even to sustain business in the contactless world, operating it digitally is the only option amid lockdowns and restricted activity. Saying it more vividly, its go digital or go dark!!!

 

The digital platform is not new but has been highlighted in this pandemic, however prior to the pandemic the liberal shift towards digitization and servitization of the economy was already advancing. This pandemic came as a reality check for those businesses who were hesitant to cope up with the digital transformation and now are under the pressure to prepare themselves for the big digital battle. The other hassles like health compromised employees, a non-scalable market etc all of these laggards are giving challenges in the transitional shift to digital platforms. A fast pace shift may lead to thousands of mistakes. 

 

The level of the Digital maturity required at this point is really high since the Covid related challenges are at its peak. It isn’t an easy panacea to shift the business with all physical form to the digital one.  At this point the businesses have to come stronger.

 

The Digital Advantages in the times of Post-Corona Future:

 

  1. Added Advantage in Efficiency: Streamlining the operations and automating the manual operations, the digitalization always has an upper advantage. It increases the speed, reduces the waste and generates more revenue than the previous modes.

 

  1. Productivity Advantage: The already streamlined employees will work more efficiently as already equipped with digital skills and hence increasing the productivity.

 

  1. Security Advantage: More prepared to deal with the cyber threats in the existing digital world.

  2. Customer Advantage: Can easily monitor the customer demand shift and their needs.

 

A parallel between Digital Economy and Society:

  1. Remote Work Arrangement

  2. Digitization of Customer Service

  3. Shift to e-commerce

  4. Greater Use of Self Service

  5. Contactless Delivery Option

  6. Outsourced IT

  7. Use of Online and On-demand Platforms

 

Summary:

 

Due to COVID-19, A unique value about the digital economy is highlighted, especially the contact-free feature. Further, during the total shutdowns, many economic activities continued like School semesters continued as students and teachers moved from offline to online classrooms. Webinars and video conferences replaced face-to-face discussions. In fact, most experts participated in more international discussions in 2020 than in any other year. Online payment, shopping, lending, and investment all became a very important part of daily life. To summarize, the digital economy played a very crucial role during Covid-19 as a macroeconomic stabilizer. Without it, lives would have been much tougher. And this was only made possible by the recent rapid progress of digital technology.

 


Need Free Legal Advice or Assistance Online?


For any Other related matter, please Post Your Requirement anonymously and get free proposals OR find the Best Lawyers and book a free appointment directly.


POPULAR READS

LOTS: An Initiative For Drivers to Get them the Respect they deserve by Empowering them Legally


Employee Non Disclosure Agreement


CEO Employment Agreement


Investor Agreement


Copyright vs Trademark


What is an NGO?


FSSAI Registration


What does the CJI UU Lalit has to say about the EWS quota—read more to know more


Legislation on data protection is long overdue—know why, and its current status


ABOUT THE AUTHOR



Team Lawyered

Lawyered is a legal tech initiative designed to change the way people interact with and within the legal industry. We believe that access to critical services like legal should be just a click away. Our team is working to bring legal online, making it cost effective, high quality and accessible for all.

MORE IN BUSINESS