The coronavirus, or COVID-19, presents the biggest threat to the global economy since the Great Recession of 2008 — not to mention the threat to human life. The outbreak already is decimating the travel and leisure industry, and forcing trade shows to scale down or cancel.

It threatens manufacturing in many industries, and it will have a negative impact on consumer sentiment and purchasing patterns. Industries particularly affected are those that rely on raw materials, components, or finished product manufacturing in China, Italy, South Korea, and other regions hard hit by the outbreak.

Among them are two industries key to the global economy — electronics and automotive. The automotive industry already is taking a hit by losing a month’s worth of sales in China, the world’s largest market for auto sales.

Despite China’s efforts to get manufacturing back online after the extended Chinese holiday, the effort is proving difficult because of continued local travel restrictions. It has become a challenge to get the necessary manpower to the right locations to restart factories or relieve the skeleton manufacturing crews utilized through the holiday.

While there was an increase in inventories prior to the holiday, many will become depleted in the next few weeks, resulting in supply shortages in manufacturing. In addition, the slowdown in shipping will impact not only the products available to consumers, but also the resources necessary to resume normal shipping schedules.

As a result, the impact of the outbreak on manufacturing will determine the fate of the global economy in 2020 and possibly even into 2021.

What We Don’t Know

A bigger issue is lack of knowledge about the virus. While it is becoming clear that people can be carriers without displaying symptoms, or may have the virus for several weeks before displaying symptoms, it is not clear how long the virus can live outside a human host.

It is also unclear how large the outbreak may be due to the lack of adequate testing. Many people have not been tested because they don’t exhibit symptoms of the virus. Even in the U.S., where the government apparently allowed the potential spread of the virus through emergency personnel who failed to follow quarantine safety procedures, the spread of the virus could be much broader than what is known.

California claims to have upwards of 8,200 people under observation. There is fear of what the impact of the virus will be as it reaches underdeveloped regions with fewer medical resources, as seen with the recent outbreak in Iran.

Based on a recent case in Japan, it also appears that a person may be re-infected. Some already are calling this a “pandemic,” which if not contained quickly, will have a huge impact on the global economy.

However, despite the potential gloom that lies ahead, the current situation also is creating new opportunities in technology beyond the need for more medical equipment and supplies, and the increase in e-commerce.

Opportunity Landscape

The opportunity lies in changes to how business is conducted. Despite advancements in technology, a significant amount of business is still conducted “face-to-face” or f2f. Some of this is cultural, especially in Asia. Some of this is strategic (like being able to read body language during negotiations). However, much of it is due to the lack of an effective technology for interaction.

Voice and video conferencing, as well as the use of various productivity tools, has made work collaboration of disbursed resources possible, but it has done little in the way of enabling sales and promotion. This would account for the steady growth in trade show and convention revenue that reached and estimated US$15.5 billion in 2019, according to a summary of various estimates.

Trade shows and in-person meetings allow people to establish a connection, effectively demo new products, and combine physical experiences with one-on-one interactions and real-time feedback. Several trade show startups and tech companies have attempted to host virtual events in the past with very poor results.

Currently available collaboration tools have failed to meet users’ full range of needs and cost expectations, which may account for why a start-up like Zoom was able to enter a market that should have been dominated by the likes of Microsoft, Google and Cisco, with products like Skype, Hangouts and WebEx.

Now may be the opportunity to rethink the use of technology for sales, trade shows, and other f2f interactions in business.

Moving the Queue to the Cloud

As a high-tech industry analyst, I can work from anywhere. I live in the middle of the woods in the White Mountains of Eastern Arizona. Yet I travel extensively to work with existing clients, meet with potential clients, and hear and see the latest technology at trade shows and company events.

Fortunately, some of the latest technology could pave the way for more interactive experiences. Virtual reality (VR) and augmented reality (AR), as well as various combinations of mixed reality (MR or XR), have made huge strides in recent years.

Facebook’s Oculus Quest, accompanied by a new slate of interactive games, finally offers the immersive interactive experience VR has been promising.

If we can take that technology and combine it with the real-life experience of demoing new products and talking in real-time with company representatives, we may have a new model for trade shows and in-person meetings.

Doing so would be no easy task, especially when you have to account for thousands of people aimlessly wandering around a trade show, but just as people queue up for demos in real life at trade shows — especially VR demos — they could queue for demos or to meet with company representatives in a virtual environment.

Cloud resources are a key enabler. Everything from cloud rendering to virtual assistants could be utilized to improve the user experience and create a more natural and effective user experience.

Born of Necessity

This creates an opportunity not only for those who are developing the key components of the solution from the edge to the cloud, but also for those who can integrate the technologies with applications and user interfaces to provide the interactions as a service. This is a huge opportunity for everyone from Zoom to Facebook to create a virtual business environment. Ready Player One, here we come.

The greater challenge may be the change in usage patterns required. Can we reprogram several generations of business professionals to use technology rather than an airplane and a handshake?

It’s usually easier with the younger generation — hence my reference to the movie Ready Player One. However, the change may be driven by necessity as the world faces a potential pandemic, as well as changes in the environment, resources and politics.

Just as the COVID-19 virus could have a significant impact on the global economy, it could force a significant change in society through technology that likewise ripples throughout the economy. This also could be a green alternative to using up the resources required to transport people and equipment across the globe for trade shows. Where there is adversity, there is also opportunity.

The opinions expressed in this article are those of the author and do not necessarily reflect the views of ECT News Network.


Jim McGregor has been an ECT News Network columnist since 2017. He is the founder and principal analyst at Tirias Research with more than 30 years of high-tech industry experience. His expertise spans a broad range of product development and corporate strategy functions, such as semiconductor manufacturing, systems engineering, product marketing, marketing communications, brand management, strategic planning, mergers and acquisitions, and sales. McGregor worked for Intel, Motorola, ON Semiconductor, STMicroelectronics and General Dynamics Space Systems prior to becoming an industry analyst and In-Stat’s chief technology strategist. Email Jim.



Source link

158 COMMENTS

  1. I just wanted to type a comment in order to say thanks to you for all the stunning strategies you are placing at this website. My time consuming internet search has finally been compensated with reasonable concept to write about with my great friends. I ‘d admit that most of us visitors actually are extremely endowed to live in a fabulous website with so many perfect people with great plans. I feel quite happy to have come across the website and look forward to tons of more brilliant moments reading here. Thanks again for a lot of things.

  2. Hello There. I found your blog using msn. This is a really well written article. I’ll be sure to bookmark it and come back to read more of your useful information. Thanks for the post. I’ll definitely comeback.|

  3. Does your blog have a contact page? I’m having a tough time locating it but, I’d like to shoot you an email. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it develop over time.|

  4. tadalafil 5mg tadalafil 20mg tadalafil 20mg tadalafil 20 mg tadalafil prix

    tadalafil 5 mg buy tadalafil tadalafil 20 mg tadalafil side effects tadalafil canadian pharmacy

    https://supertadalafil.com/ – cialis tadalafil

    tadalafil 20mg avis tadalafil biogaran tadalafil 20 mg tadalafil dosage prix tadalafil

    tadalafil 10mg cialis generic cialis tadalafil tadalafil 20 mg buy cialis ebay find tadalafil tadalafil side effects

    https://xtadalafilx.com/ – tadalafil dosage

  5. A person essentially help to make seriously articles I would state. This is the first time I frequented your website page and thus far? I amazed with the research you made to create this particular publish extraordinary. Magnificent task!|

  6. Terrific work! This is the kind of info that are meant to be shared around the web. Shame on the search engines for no longer positioning this post upper! Come on over and talk over with my website . Thank you =)|

  7. interactions for tadalafil tadalafil generic vs cialis generic tadalafil tadalafil 20mg avis tadalafil online canadian pharmacy

    tadalafil 20mg prix sildenafil vs tadalafil tadalafil 20 mg tadalafil generique en pharmacie generic cialis tadalafil 20mg

    https://supertadalafil.com/ – cialis tadalafil

    prix tadalafil tadalafil cost buy tadalafil online generic cialis tadalafil 20mg tadalafil liquid

    tadalafil prix en pharmacie generic cialis tadalafil 40 mg cialis tadalafil tadalafil cost tadalafil vs sildenafil

    https://xtadalafilx.com/ – cheap tadalafil

  8. prix tadalafil tadalafil 40 mg cheap tadalafil side effects for tadalafil generic cialis tadalafil best buys

    what is tadalafil tadalafil 20mg cialis tadalafil tadalafil powder tadalafil prix en pharmacie

    https://supertadalafil.com/ – tadalafil liquid

    tadalafil online tadalafil dosage tadalafil reviews tadalafil vs viagra tadalafil 20 mg best price

    tadalafil prix tadalafil generic tadalafil liquid tadalafil prix tadalafil canadian pharmacy

    https://xtadalafilx.com/ – tadalafil 5mg

  9. Greetings! I know this is somewhat off topic but I was wondering which blog platform are you using for this website? I’m getting sick and tired of WordPress because I’ve had problems with hackers and I’m looking at alternatives for another platform. I would be fantastic if you could point me in the direction of a good platform.|

  10. generic cialis tadalafil generic for cialis tadalafil liquid tadalafil cheap tadalafil buy tadalafil tablets

    tadalafil 20mg prix tadalafil 10mg prix tadalafil 20mg buy tadalafil 20mg price tadalafil 20 mg prix

    https://supertadalafil.com/ – tadalafil 20mg

    tadalafil avis tadalafil reviews tadalafil reviews tadalafil pronunciation tadalafil canadian pharmacy

    vardenafil vs tadalafil generic tadalafil generic cialis tadalafil prix tadalafil tadalafil prix en pharmacie

    https://xtadalafilx.com/ – tadalafil dosage

  11. tadalafil 10mg tadalafil 10mg tadalafil dosage generic for cialis tadalafil vardenafil vs tadalafil

    what is tadalafil tadalafila generic tadalafil tadalafil side effects interactions for tadalafil

    https://supertadalafil.com/ – tadalafil reviews

    generic cialis tadalafil 40 mg tadalafil dosage tadalafil 5mg cialis vs tadalafil generic liquid tadalafil

    buy tadalafil tablets tadalafil 20 mg best price tadalafil reviews generic cialis tadalafil 40 mg mylan tadalafil

    https://xtadalafilx.com/ – tadalafil 5mg

  12. Hi! I could have sworn I’ve visited this blog before but after looking at a few of the articles I realized it’s new to me. Anyways, I’m certainly delighted I stumbled upon it and I’ll be book-marking it and checking back frequently!|

  13. My spouse and I absolutely love your blog and find many of your post’s to be exactly I’m looking for. Does one offer guest writers to write content to suit your needs? I wouldn’t mind producing a post or elaborating on a few of the subjects you write regarding here. Again, awesome web site!|

  14. Excellent post. I used to be checking constantly this weblog and I am impressed! Extremely helpful information specially the final part 🙂 I deal with such info much. I was seeking this particular information for a very lengthy time. Thanks and best of luck. |

  15. I was pretty pleased to uncover this great site. I wanted to thank you for ones time for this particularly wonderful read!! I definitely appreciated every bit of it and I have you book-marked to check out new information in your website.|

  16. Hey There. I found your blog using msn. This is a very well written article. I will be sure to bookmark it and return to read more of your useful info. Thanks for the post. I will definitely return.|

  17. Viagra, Cialis and Levitra will not slow the onset of ejaculation, rather reduce the time that is needed for the refractory period loss of erection after ejaculation , meaning you ll be ready for round 2 sooner than normal.Thirteenth line-up.Erectile dysfunction affects a large proportion of men.The zinc is directly involved in the synthesis of the male hormone testosterone and has a positive effect if desired to increase sexual arousal.The differences can be startling, the caller said 3 a pill or 40. viagra buy People will have to go through a thorough consultation with a pharmacist.It is important to understand that erectile dysfunction pills do not increase sexual desire.If you can pluck up the courage to see your GP first you will be better off.Rymkevich 10-11 class.It should be remembered that Viagra acts properly on a person only if there is sexual stimulation. viagra Love pills cannot be used in the following cases.In one study, an hour after taking Viagra, men reported being able to achieve erections lasting an average of 33 minutes.pill edrugstore what pills review cialis semenax erectile how viagra mv7 difference , cialis smoking you bed cialis increase doctor is buy erectile type alcohol performance male to enhancement men where is to dysfunction viagra can levitra for md buy aetna see online.Upon accumulation of DXM metabolites, some may be likely to get reabsorbed and recirculate throughout the body leading to slower elimination.If there is one, it usually sits in the top left corner. https://pharm-usa-official.com – viagra 100mg You could say affordable for many.Maxim Fadeev Feat SEREBRO Attraction is no more.Increased toxicity and level in the blood of Sildenafil is noted in compatibility with drugs that affect enzymes in the liver.Gold Digger Prank India Gone Wrong Prank Pranks In India New Pranks 2019 Harsh Chaudhary.Use ED Drugs Cautiously.

LEAVE A REPLY

Please enter your comment!
Please enter your name here