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Innovation is critical to drive growth in the post Covid world

It is said that “Necessity is the mother of Inventions”, this statement becomes even more relevant in today’s times when every business has to look for innovative solutions to function in the new normal. History has shown that innovation during crisis has been a key differentiator for outperforming companies.

Innovation the way to grow in the new normal

According to a recent McKinsey survey of more than 200 organizations across industries, over 90% of executives expected the fallout from COVID-19 to fundamentally change the way they do business over the next five years, with 85% of the respondents highlighting that the crisis will have a lasting impact on their customers’ needs.

Another key insight that is highlighted across industry executives is that the new scenario will also bring new growth opportunities.

Technology executives lead the race in terms of opportunities they foresee in the post-Covid world, with 85% of the technology executives expecting new opportunities in the post-Covid world. Even other segments that see new opportunities will be best equipped to leverage these opportunities with the use of technology.

IoT a key technology for achieving a new normal

One key technology that is gaining a lot of relevance in the post-Covid world is “Internet of Things” or “IoT” as it popularly known. IoT particularly when combined with other emerging technologies like cloud, blockchain, 5G, and AI has been used in a wide range of applications during the COVID-19 outbreak, and is being seen as a key technology to fight against future pandemics. Some key such applications includes Smart Thermometer, Connected Wearables, Alert Buttons, Drones, Robots, Soap Dispensers, Telemedicine and other healthcare related systems.

IoT Innovation to play a key role in post-Covid

Source: IoT: Driving the Patent Growth Story in India

IoT Innovations in India
In India IoT innovations has witnessed a continuous uptrend which is clearly reflected in the growing number of patents filed in India over the last ten years, with healthcare finding a lot of application of IoT, which is expected to increase in the post-Covid world.

Source: IoT: Driving the Patent Growth Story in India

Another key insight which comes to the fore is that IoT as technology finds application across a number of verticals emphasizing the fact that the future will be driven by technology across all segments, which will gain even more prominence in the new-normal. This will particularly be driven by the demand for remote healthcare, automation, manufacturing and supply chain, and 5G and cyber security, which will gain a lot of importance in the new normal.

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