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Opportunity and innovation in a time of pandemic

by Dr. Thomas Schiller
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    2 minute read 31 July 2020

    Opportunity and innovation in a time of pandemic Deloitte Review, issue 27

    2 minute read 31 July 2020
    • Dr. Thomas Schiller Germany
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    History has repeatedly shown that crises drive innovation. The COVID-19 pandemic has dramatically altered the way we live, and there can be no doubt that we will find our world has changed in fundamental ways once the threat recedes.

    Although the agony is always different, most major crises inflict significant economic damage and can tear the fabric of society—but they also inspire innovation.

    Thomas Schiller

    The COVID-19 pandemic has dramatically altered the way we live. While many aspects will prove temporary, there can be no doubt that we will find our world has changed in fundamental ways once the threat recedes.

    Yet, although economists cannot revise down their 2020 GDP forecasts fast enough to keep pace with developments, not all is doom and gloom. The axiom of opportunity in crisis remains as true as ever. History has repeatably shown that crises drive innovation. Whether technical, scientific, or developments relating to business models or societal institutions, such innovations all have one feature in common: They solve problems.

    We are, for example, seeing how COVID-19 is fast-tracking digital transformation. In response to restrictions imposed to slow the spread of the virus, companies are embracing digitalization at rates far exceeding those achieved by all previous corporate investment and government programs.

    While the logic behind digitalization remains the same as in the past, three reasons come to mind behind this energized uptake:

    • Demand is driven by customer need. When there is no alternative to online services, customers often focus on solutions that maintain some semblance of business normality—and readily adopt them even if they are still evolving.
    • Supply capabilities are being pushed, so corporations are laser-focused and acting fast. Side issues are deprioritized, enabling companies to suddenly function far more efficiently as bureaucracy is eliminated.
    • Regulatory bodies are creating encouraging framing conditions. Governments are intervening through laws, regulations, and support programs that prioritize crisis response. These are largely accepted by everybody, as the overall benefit to society is placed before individual considerations.

    Learn more

    Explore Deloitte Review, issue 27

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    We can be confident that the health issues brought on by COVID-19 will inspire innovations in many fields, including new drugs and medical devices, improved health care processes, and manufacturing and supply chain breakthroughs. And the development of innovations will not only be restricted to these obvious beneficiaries.

    Consider the industry in which I have spent my own career: the automotive industry and its sales process. The days of having a coffee and a chat on fancy leather couches at local brick-and-mortar dealerships are gone. Instead many customers accept—even demand—a multichannel sales and service interaction approach. Automotive OEMs are realizing that they cannot wait another decade to enable this journey. As financial pressures mount, the urgency for transforming automotive sales networks grows ever more apparent.

    This issue of Deloitte Review aims to provoke thinking on how such technological developments change our society and how, in turn, changes in society demand new technologies. The coronavirus may be the current accelerant, but it is also important to reflect on what the next driver may be, what new regulations might come out of it, and how the resulting innovations will likely become important for your business.

    Acknowledgments

    Cover image by: Alex Nabaum

    Topics in this article

    Deloitte Review , Leadership

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    Dr. Thomas Schiller

    Dr. Thomas Schiller

    Managing Partner Clients & Industries

    Dr. Thomas Schiller is Managing Partner Clients & Industries. In this role, he is responsible for interdisciplinary market orientation and leads the client and industry programs. He also manages the cross-business innovation program for Deloitte Germany. On a global level, Thomas Schiller is in charge of business relations with one of the world's leading German car manufacturers. He has more than 20 years of consulting experience in Strategy & Operations and is an expert in competition and the strategic orientation of the global automotive industry, especially in growth markets. Thomas Schiller specializes in expansion and performance programs, as well as sales and after-sales optimization. In the automotive-related environment, he has led numerous projects with a focus on product and market strategies, branding, sales, fleet management and financial services. Prior to his role as Managing Partner C&I, he was responsible for the automotive sector in Germany and Europe and was a member of Deloitte's global automotive leadership team. Thomas Schiller holds a PhD in business administration and university degrees in mechanical engineering and business administration.

    • tschiller@deloitte.de
    • +49 89 290367836

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