It didn’t take long for the optimism of a new decade to wear off. By the end of Q1 2020, companies everywhere were reeling as they reckoned with the effects of the COVID-19 pandemic. Sadly, the impact of the virus was too much for many firms, leaving millions of workers unemployed and driving thousands of businesses to close their doors. Those companies that stayed afloat had to act quickly in order to enable their remote workforce and maintain operations.
Heading into 2021, there is little precedent for projecting the future. The economy is showing some signs of stability, but there are lingering fears over continued challenges or further surprises. Add in uncertainty around the U.S. political landscape, and there are more questions than answers.
Through all the confusion, though, there are still some basic concepts that will shape the year to come. Digital operations are more important than ever, with many transformative changes accelerating over the past year. Fair treatment for all is an absolute mandate, making diversity, equity and inclusion a top priority. The influence of technology is massive, forcing new approaches to regulatory behavior.
As the industry emerges from a chaotic year, it will begin a rebuilding phase, but this rebuilding goes beyond restoration. There is little opportunity to return to the old way of doing things. Thanks to changes that no one would have wished for and fueled by the requirements of a digital society, the technology industry will doubtless take a new shape in the coming year. This isn’t rebuilding to reclaim the past; this is rebuilding for the future.