3 Innovation Patterns the Pandemic Has Accelerated
October 19, 2020
The Ritz-Carlton Leadership Center
This content is an excerpt from a recent Thrive Global Interview “How We Plan To Rebuild In The Post COVID Economy” with Ritz-Carlton Leadership Center’s Global Head, Antonia Hock. To read the full interview, click here.
[Interview Excerpt from Antonia Hock] “I am not thinking about the future in terms of “post-COVID”. Instead, I see a stabilization that will just continue the innovation patterns that this pandemic has accelerated. In terms of new business models, there will absolutely be changes in the future of work and the way that businesses model their structure:
We will see an increase in planning for “resiliency” as a business principle.
That will give rise to a new set of businesses that can help companies de-risk and rethink how they are planning for broad social, economic, and unforeseen change. Before this, too many businesses were built for best case scenario, not worst.
The way we work is never going back.
I know that this is hotly debated, but the new world order will blend the need for human connection with absolute flexibility. We won’t speak about “work from home” — instead we will start to speak about “work from your most productive location”. That might not be your home. It might be the rental you have in London for the month, or your RV parked outside Rincon beach in California, or your multi-generational camping trip in Wyoming. The new sector of businesses that will drive this capability and innovation is just starting to emerge. And platforms like Zoom are just the beginning.
The move to human-centered, integrated experiences will define the next wave of success.
We are already seeing COVID drive innovation in new ways that put the “experience” at the heart of the company. Product features are not sufficient or even that interesting right now. As we sit in our homes, we crave experiences, and that’s getting hardwired into our psyche. The companies that will thrive are remaking themselves to put the human experience at the center of every decision. The losers are moving slowly, approaching this as a trend, or treating it as a “COVID-survival strategy” — waiting for this to pass so they can roll back the stop-gaps. The winners see this revolution happening, and they are using the emerging consumer behavior as a springboard to create lasting differentiation.”
To view the full interview with Antonia featured on Thrive Global, please click here.