COVID-19 is resulting in significant disruption to well-established business paradigms, impacting businesses, sectors and stocks across the board. 

However as Albert Einstein once said “in the middle of difficulty lies opportunity”. That certainly rings true in 2020 as analysists predict significant changes in the types of businesses that will prosper through the crisis and beyond, with certain sectors and types of businesses dominating others. 

At a time where our movement has been constrained in an unprecedented way, sectors relating to the movement of goods, data and people are being heavily impacted by the crisis but are also well positioned to capitalise on the changes brought on by the pandemic. 

SUPPLY CHAIN AND LOGISTICS EMBRACE TECHNOLOGY

The pandemic has significantly impacted many bricks and mortar businesses, yet online shopping has boomed. Australia’s e-commerce industry had a growth of over 80% in the two months after the COVID-19 pandemic was declared by the World Health Organisation.

Yet this boost to e-commerce has brought its own challenges. Back in April 2020, Australia Post was delivering an estimated 1.8 million parcels each day, which resulted in lengthy delays to delivery times. Meeting the demand for timely deliveries, avoiding supply chain disruption and bottle necks has called for innovation in logistics. 

While demand may not remain at the heightened COVID-19 levels, experts are predicting long-term shifts, such as micro supply chains and decentralising of manufacturing capacity. Also critical to the creation of smart and nimble supply chains and effective logistics is the use of technology to drive efficiencies and manage significant fluctuations in demand. 

DATA MOVEMENT AND SECURITY A FOCUS FOR BUSINESS

It’s clear that where people’s physical mobility is limited, fast and secure movement of data is critical. 2020 has seen innovation being applied to find new ways to secure, verify and exchange business-critical information. 

With many workers based at home, this shift to a hybrid workplace means a change in workflows as well as the immediate need for security measures to protect networks, as staff are no longer using their corporate networks. The increase of Zoom calls, for example, has meant becoming more aware and prepared for the potential of cyber hacks.

Businesses need to ensure their systems are robust and well-tested as we move to an increased reliance on technology. Expect a stronger emphasis on collaboration tools, workflow management and data protection. 

CHALLENGES AND OPPORTUNITIES FOR TRAVEL

Suffice to say the travel industry has been one of the hardest hit during the COVID-19 pandemic. There’s no doubt travel will surge once restrictions loosen, although this industry is one that will see profound change as it adapts to the post-COVID landscape. 

Airlines are struggling to navigate uncharted territory. The ones that survive this crisis will have to be strategically creative to find a way to prioritise public health and sustainability, all the while maintaining profitability. 

With more rigorous sanitation requirements, the quick turnaround times budget airlines have relied on may not be possible, meaning fewer flights and at a higher cost – this will change the budget carrier landscape substantially and make travel less accessible for some. 

Longer term trends emerging from the crisis will include greater automation driven by public health and budget constraints, and changing consumer preferences such as holidaying closer to home. 

Public transport will also be impacted, as the need for distancing will restrict the number of passengers allowed to travel. Less congestion on our roads may be the silver lining to more flexible working arrangements, with some people continuing to work from home. This ability to work from anywhere will make it possible for an increasing number of Australians to relocate to regional areas.

The term ‘new normal’ has been expressed many times already and for good reason – lives have changed permanently. Only time will tell what life will look like post-pandemic, but there will be more changes as society emerges from the pandemic that will impact how we live, and these will drive innovation in the way businesses and industries operate. 

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There’s no doubt we live in a curated world. Online algorithms serve up content designed to meet our needs based on what we’ve liked and engaged with in the past. And while this can help us find what we’re looking for, the problem is that while these algorithms reflect our interests, they also reinforce them. 

As a result, we see little of what’s different and unfamiliar – our beliefs are unchallenged and our biases strengthened. 

Thankfully with a little awareness we can break out of our respective bubbles and gain a fresh perspective. 

THE IMPACT OF ONLINE ALGORITHMS

Online algorithms can save us time searching for the information we are after. They can seemingly anticipate our needs before we even know we have them, for instance, presenting us with an ad for contact lens refills just before you run out, or a reminder to get a health check based on your age and gender. 

Yet there is a more serious impact as well, as evident in The Wall Street Journal’s 2016 US politics experiment where they created a blue (liberal) and red (conservative) Facebook feed side-by-side.ⁱ This illustrated just how dissimilar reality is for different Facebook users, and offered a rare side-by-side look at real conversations from different perspectives. 

Algorithms can reinforce biases, which Amazon discovered when its hiring tool chose candidates based on their use of certain phrases more commonly associated with men.ⁱⁱ This lack of gender-neutrality in hiring meant that female candidates would miss on opportunities due to the system’s algorithm. 

BEING AWARE

Back in 2015, a study found that 62.5% of respondents were unaware that Facebook curated its news feed to present content based on user’s interests.ⁱⁱⁱ These ‘filter bubbles’ have since been identified as problematic, with Bill Gates speaking out about them several years ago.^iv Living in these bubbles makes it easy to forget that not everyone thinks the way we do, which can increase polarisation. 

We now have a better grasp of the powers of algorithms and how they can warp our online experiences. This awareness means we can more critically think about what we are presented with and look beyond our feeds to see what other views and opinions are out there. 

BROADEN YOUR HORIZONS

While our online experience may be narrowing our world view, if approached mindfully it can also provide access to an incredible range of social groups, conversations and opinions that may challenge our preconceived notions and broaden our horizons, if we seek them out. 

Read and watch a variety of news sources rather than just your one media outlet of choice. Try to access and appreciate both sides of an issue. Procon.org can help you there, as it presents opposing arguments to controversial issues. You can click on the ‘more issues’ tab to read through different takes on everything from politics and society, science and technology, health and medicine, and education. Each topic is split into pros and cons so you can decide for yourself what you believe after weighing up the arguments – perhaps you might even change your mind on some issues! 

Technology firms have even developed tools that adjust your ‘filter bubbles’ via sliders that control content filters.^v For instance, the “politics” slider ranges from “my perspective” to “lots of perspectives.” Choosing the latter end provides access to media outlets that would not normally be displayed in your feed. 

Then there are apps like Earbits, which allow users to discover new music by clicking on different genres, as opposed to music platforms that recognise your preferences and serve up more of what you already like. 

It’s about choosing to be active, curious and explorative in your online travels. After all, being exposed to new ideas is at the heart of learning, understanding and personal growth so resist going down that narrowing information highway. 

i http://graphics.wsj.com/blue-feed-red-feed/ 

ii https://www.reuters.com/article/us-amazon-com-jobs-automation-insight/amazon-scraps-secret-ai-recruiting-tool-that-showed-bias-against-women-idUSKCN1MK08G 

iii http://www-personal.umich.edu/~csandvig/research/Eslami_Algorithms_CHI15.pdf 

iv https://qz.com/913114/bill-gates-says-filter-bubbles-are-a-serious-problem-with-news/ 

v https://www.media.mit.edu/projects/gobo/overview/

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