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Get ready for the 'Novel Economy' and recovering from COVID-19 fallout

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Get ready for the 'Novel Economy' and recovering from COVID-19 fallout

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COVID-19 is ushering in a world of vastly accelerated digitalization, innovation and agility.

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No one knows what the world post–COVID-19 will look like, but some changes in business culture and digital technology are already evident. The immediate measures businesses have taken to respond to the crisis are only the beginning of an accelerated transformation process, argues digital anthropologist and innovation evangelist Brian Solis. In an interview with Salesforce’s Vala Afshar he lays out the parameters of the “novel economy” and predicts how they will change the business world of the future.

Summary

COVID-19 has set the stage for a “Novel Economy” to take hold.

COVID-19 has disrupted traditional business processes and workflows. Past best practices are of little use when trying to navigate the chaos and confusion the pandemic brought about. The crisis has highlighted the need for businesses to prepare for a novel economy where significant disruptions can happen at any time.

The parameters and modus operandi of working and doing business in this new economy are not yet set, but it is clear that it will call for vastly accelerated digitalization, innovation (as opposed to iteration) and agility. The transformation to the novel economy will proceed through three stages: “Survive”, “Alive”, and “Thrive.”

During the first phase of the novel economy, businesses take immediate measures to deal with the crisis.

When COVID-19 hit, businesses had to react quickly to mitigate its impact in the short term...

About the Authors

Brian Solis is a digital anthropologist and the global innovation evangelist at Salesforce. Vala Afshar is the chief digital evangelist at Salesforce. 

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