Online Discussion Forum: Shifts in the Low Touch Economy Report 2020 unread replies.2020 replies. .

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Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 5, 2020 8:27PM

Larissa Aronson

Detailed - Comprehensive Summary for this Industry Report

In "Shifts in the Low Touch Economy", the authors comment on how the post-Covid-19 era will have an economy shaped by new habits and regulations based on reduced close contact interaction that will change our way of living in an unprecedented rate of change. They point out how different industries have been impacted by the transition and how some that were negatively impacted will have to have the ability to adapt fast in order to survive. Rules and policies will become more restrictive, new behaviors and habits enforced by quarantine will become the norm, an unprecedented level of global unemployment will be inevitable. They touch on the fact that people will feel more anxious, lonely and depressed and social gatherings will have to be completely redefined. Until a vaccine is available, interaction with +65-year-old will be severely restricted. Some companies have thrived with positive impact, but a sharp and unprecedented drop in demand of a recession will have ripple effects deep in the value chain. In their opinion, now is the time to prepare for the next phase, mitigate and monitor actuals vs scenarios, budget. As some business will be forced to abandon the market, some will be able to survive as long as they understand the shift in the Low Touch Economy and are able to act and plan accordingly now.

Which are the three most CRITICAL ISSUES for this Industry Report?

In my view, the 3 most critical issues are:

Going back to a normal life will not be easy. People and businesses will become adapted to this new way of life forced by quarantine and that will have a huge impact on many industries that might not be able to survive. Companies might go bankrupt, leading to more unemployment, leading to even less demand on the market. It's a vicious cycle of what could become a great recession. Businesses that depend on close human interaction, large gatherings and dependant of travel will severely suffer and might be forced to abandon the market.

Gradual shifts that were happening over time will accelerate to become more immediate behavior change. Shifts will happen on many fronts. The article touches on 10 different shifts that could happen in human behaviour, but I will mention a few. People will become more anxious, depressed, lonely. Unfortunately they might feel more isolated, will lose their job, get confronted with health issues.. or will have lost a loved one thru the pandemic. Travel and tourism have seen the biggest impact and people might not feel comfortable traveling abroad with the fear of a new outbreak surge. Companies tight on cash will reduce office space and people will have to figure out new ways to balance their work/personal lives. Commercial Real Estate will eventually suffer as well. The technology push we are experiencing now will result in innovations for the future with how people meet and interact virtually. Everyone's in survival mode, unemployment

will be at it's highest and the businesses will have to quickly adapt and reinvent themselves in order to succeed. It's a scary time right now.

A sharp and unprecedented drop in demand will have ripple effects deep in the value chain. This critical point scares me the most. As part of a restaurant community, we have seen our locations visits drop down to close to zero. And at this moment, there is no hope in sight. We are adapting, going day by day, trying to adjust to survive and preparing through a slow recovery. The impact is severe in the food and beverage community and we are certain that our new normal after this pandemic is controlled will never be the same as it was before. In a penny business that usually struggles to make bottom line, that will be challenging and many businesses owners (specially small business owners) will not have the financial means to weather the storm.

Which are the three most relevant LESSONS LEARNED for this Industry Report?

In my opinion, the 3 most relevant lessons are learning how different industries have been impacted, the online impact on various industries and defining our strategies in the business world in order to switch from defense to offense.

I really enjoyed reading about the characteristics of the negative impact industries, learning about how severely they have been impacted and going through the steps of what to do now to better mitigate for a long term growth.

Which are the three most important BEST PRACTICES for this Industry Report?

The 3 most important best practices of this industry report are:

Switching from defense to offense. I agree that mitigating through this phase and being concerned and prepared for the imminent health risk is essential, but at the same time it is time to plan and prepare for what is next. Fast and decisive movers will win.

Protect your revenues, re-budget, re-structure what was and stabilize what is.. Implementing savings, re-negotiating with landlords, vendors is essential now, as it will help stabilize the business for the meantime.

Lastly, prepare for the next phase. How do you think your industry will perform once this is over? What plans and scenarios can you draw now in order to succeed later? Come up with a strategy to bring operations as close to a new normal as you can in the coming 18 months.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 5, 2020 9:19PM

Larissa Aronson

Hi Nandini,

I am an example of what you mention as a best practice. I completely agree with you and it is a best practice I have decided to adopt this year. Our family owns restaurants, and that is all that I have done and known for most of my life. Now that we face times of

uncertainty, and that I find myself some extra time with working remotely, have driven me to decide to finally finish my undergraduate studies at FIU. Working in an industry that faced severely negative impact has opened my eyes to plan for what is next and getting my bachelor's combined with my practical experience would definitely help me landing a job if we are not able to survive the pandemic.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 5, 2020 9:31PM

Larissa Aronson

Hi Gabriela,

I also thought it was crazy how careless everyone could be when it came to washing their hands. The fact that it needs to be repeated and printed everywhere in hopes to educate people is just absurd. I also thought "That's what I do everyday!!". But that is clearly not the case out there and hopefully this pandemic will bring people more awareness when it comes to hygiene to better protect themselves. We are living unprecedented times. I also agree that we should stay home and prevent infection spread, but I would add that although some of us are lucky to be able to work remotely, that is not the case for a lot of people. They do not have an option to work from home, as they have to go out in order to provide for their families. It is a difficult time emotionally and for some, financially. I can not wait for it to be over.

Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 13, 2020 9:41PM

Kevin Hernandez

Shifts in the Low Touch Economy

Summary

The article The Low Touch Economy focuses on the post-Covid19 era and the shifts in consumer behavior that involves our day to day life. Covid-19 is an epidemic that affects our health and has created a catastrophic wave of horror in the medical world. Beyond the obvious health issues Covid19 brings to us, the article focuses on preparing us for the mid and long term ripple effects that not only strikes our economy but how new habits and regulations will shape how we eat, work, shop, socialize, and spent our free time.

What are the three most critical issues?

Health Crisis – The main topic for Covid19 is of course the health Crisis. The monitoring and attempt to control the epidemic has been one of the top priorities since the beginning of the epidemic. After seeing how extreme the cases got in Europe, the United Stated could not be prepared enough for what was to come. Hospitals were at max capacity, there were not enough ventilators, and there weren’t even enough face mask to go around to the medical staff. This horrific time helped open the eyes of many and eventually began the change of behavior of many citizens. Social distancing was actually being respected by most individuals, mandatory face mask was implemented everywhere, and hygiene measures were taken individually and as a whole.

New habits & Behaviors –It’s crazy to see how our world has changed in less than 6 months. Many people call it the new reality and that’s because nothing we did before can be done the same. We have enter a new world were our behavior and our habits had to be adjusted in order to continue doing certain activities. Our habits towards hygiene became a must not only at our house but everywhere we go. Washing our hands constantly and carrying a hand sanitizer became the new normal. Social gatherings have been extremely affected, our interactions we our loved ones have decreased drastically and will continue to stay this way for some time. Most jobs have been switch to remote working. Thousands of companies have had to re-invent themselves to satisfy safety regulations and to stay up float.

We have yet to see the true effects of Covid19 in our economy. Although unemployment rates have risen tremendously since March, we have yet to see the true numbers. Many families are still relying heavily on the help from the government and unemployment but when this help is over that crisis will strike, especially for those who are homeowners. Bankruptcy’s and foreclosures and among the many worries for economies. Until we don’t have a vaccine it’s hard to predict how long Covid1o will affect and our company which makes it much more difficult to set up a recovery plan.

Which are the three most relevant lessons learned for this industry?

I think the most important lesson learned throughout the pandemic from a business point of view is the transition to working from home. After most businesses were force to close due to the pandemic, many of them had to find a way to continue operating and avoid laid offs. I would say most business that operated in a building and or an office have all adjusted to working from home. This is definitely a positive view since the biggest worry for most people were if they will continue to have a job. At the same time business are starting to get some relief since they no longer have to pay rent for their workspace or office supplies.

One of the most affected industries throughout the pandemic is the hospitality/restaurant industry. Restaurant employees unlike office workers don’t have the luxury to work from home, they were definitely going through a lot of stress especially because the restaurants weren’t even allowed to take orders for take-out or delivery. Now that restaurant are allowed to open up at a certain level, many of them have up with very innovative ideas to stay open such as crating dinning areas out in the streets in order to avoid close surroundings. Most of them have also enter the digital platforms that allows them to market their products and receive orders electronically to avoid unnecessary exposure.

Although most companies are going through a rough patch financially, they have to make the effort to invest in innovation tools to adjust to this new era of Covid19. As the article mentions many companies that were suffering because of the economic crisis of 2008 made a substantial investment in innovative equipment that not only allowed to stay in business but are receiving substantial profits till this day. It is necessary not only to adapt but to invest. As consumer behavior changes so should you approach and tools to keep them.

Which are the three most important best practices for this industry?

1. Innovating & Adapting – As previously mentioned, businesses have to not only adapt but invest in innovations tools that allows their business to stay competitive. The article shows several examples such as police helmets with infrared vision, and indoor delivery robots.

2. Regulation Awareness - Both People and organizations will expect formal proof of hygiene and current health status. Packaging redesigns, personal health records and temperature are among the regulations most business will have to implement and follow in order to operate.

3. Define your company strategy – Depending on the impact and time make the right decision for your business. Analyze if your company will be able to continue operating or if it’s more beneficial to cut loose. If the company can still come back, create a recovery plan that aligns with today’s consumer patterns and needs.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 13, 2020 10:06PM

Kevin Hernandez

Hi Barbra!

I want to start out by saying I liked your output on best practices especially the second one because it definitely provides a different erspective to the education aspect of Covid19. I too noted the financial relief many businesses are getting from not paying rent anymore since its something positive that's coming out of this transition after many months hardships. Its also something to keep an eye on for the near future since its something that can be permanently established for many companies that know they can still operate with their employees at home. If this occurs which I personally think it will, there is going to be a huge impact on commercial real estate and property owners. It will be very interesting to see how they will react or what changes they will make to maintain their buildings. Innovation was also a huge part of Discussion sine i think it tights up with change that is a head of us as society and economy. Adapting and Innovation are key for any business who wants to stay up float in this times of Covid. I believe you make excellent points on the critical issues section, but i would have liked if you elaborated more in each of the issues or provided examples of each.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 13, 2020 10:34PM

Kevin Hernandez

Hey Jonathan,

Just want to say I really enjoy reading your discussion because in a way it was different from mine, meaning you touched different points that I did not think about and it was refreshing to see a different perspective. One point I really enjoyed was how you pointed out how fragile the infrastructure for unemployment really is. Although no one could possibly imagine this pandemic would change our entire world as we know it, it was definitely an eye opener for many countries and governments to see how quickly unemployment could rise and how quickly the economy could crash again. In addition, you pointed out Covid19 has become political and created a division among people. I think you are absolutely right and I wish the article would have spoken more about that since its becoming an issues that impacts many different sectors and individual beliefs. Overall, I think you did a great job, like I previously mentioned I really enjoyed hearing a different perspective, seeing your comparisons/examples and opening up to new topics such political reference.

Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 7, 2020 6:05PM

Stefano Marrone

Shifts in the Low Touch Economy Report

The industry report is mostly about the approach of Covid-19 to our everyday lives, how companies, people and the whole world could be affected before and after. If you think about what is going on 10 months before, you won't even imagine this was going to be possible. From going to the groceries with a face covering to empty soccer stadiums, this has been for sure one of the worst years regarding to economic shortages in the world. During this types of crisis, there are many industries that could be even in better shape than before, but others that had to force closure or had to change everything to stay on the market. The uncertainty remains, no one knows if this is all going to come back to normal or if this is the way we will have to live from now on. But it is a fact,that after this crisis nothing will be 100% like before. There are going to be industries that may never be the same, and there will be many changes in the economy after all this pandemic is over.

three most critical issues

1. How the unemployed are going to come back to work: As of july 9th, according to Catalyst, over 48 million people have filed for unemployment for the first time since mid- march. This represents that the unenployement rate went from 3.5% before the pandemic to almost 15% in may. But the big issue is how all this unemployed are going to return to work? It is a fact that there are industries that will be able to go through this by changing their methods of operation, for example restaurants offering take out or delivery services, but how does a night club and the people that work there are going to come back to market after almost 8 months without opening? As a matter of a fact there are industries that may not even exist again after this crisis, the post-pandemic will be very hard, there is a lot of uncertainty in the reconstruction of the whole country's economy. But the fact is, there will be a need for new inventions and new types of business that will generate more jobs and will work mostly with technological achievements.

2. How working from home will affect the economy: Working from home can be actually a very good option for most of the workers, and during the pandemic it is confirmed that most of the workers are really able to work from home, with no need of using a car, having to lose time in traffic, buying expensive clothes and paying offices rent that are not needed at all. Working from home could be a solution, but could be also a great issue. For instance, after the pandemic, many companies will not even want to return to offices, also because they realized that there is no need, but this will generate my other issues. Imagine a world with no offices at all, at least 50% of infrastructures are occupied by office related business's. And after they realize they won't come back to the offices, who will pay for the expensive rents in the center of big cities? what all of that infrastructure is going to be used for in a future that may not even be as far away as we think. Probably, real state agents that work with business's could be out of market,

building owners will have no money to maintain the infrastructures, so this will become into a very big issue.

3. How countries that survive because of tourism are going to survive: There are so many countries that live due to tourism. Not being able to travel normally has affected airlines, airplane manufacturers, hotels, construction companies, and workers in the tourism industry. For example, in Aruba nearly 100% of the employed, work in tourism related industries. Their GDP depends on tourism and their population depend on the people that spend there everyday. There is not a solution for this type of industries and it will be so hard to recover from this. Countries will have to find new solutions in order to grow.

Three most relevant lessons learned

1. One of the most relevant lessons learned from this pandemic is that people need to be creative and find new business ideas. From now on, we will live in a different world, people will have to create and innovate. Our lives cannot rely in one job and if there is no news about vaccines, this will be a new normal for a a long time. Universities will have to adapt new learning methods, maybe create new platforms, restaurants will have to adapt their restaurants for 50% capacities, and people will have to create new things in order to success in this new world.

2. Another lesson that I learn is how our health can be the most important aspect in our lives. To be healthy is the most important thing, without health there is no peace, no jobs, no mental health, there is nothing at all. Because losing a significant other or not being able to go out can change everything about our beliefs and lives. From now on, I learned that it is so important to not touch everything I see, to stay away from the people that you don't know and to use a mask, it is so interesting how everything you do with your health is going to be related to your mental health, physical health and economical status.

3. Last but not least, I learned how buying food from our local restaurants can help our work force, we can help diminish the economical disasters by helping our local small- business's. It is so important that we do this always with the necessary precautions and we avoid staying close to others.

Three most important Best Practices

1. One of the best practices we can do is raise awareness about the pandemic and see how we can help people through social media. For example, posting on instagram about what you can do to help small business's stay on the market can be a very good help to our local providers. We can help our employed by raising awareness. Health is very important, but also economical status's are important for the mental health of the people.

2. Another good practice we can do in order to help our community is to check on your health, get your covid-19 test if you are not feeling well and trying to self isolate, more people sick equals more problems in everything for the country as a whole. for instance, if you are sick and go to work, you can get your co-workers sick and probably will have

to force a closure, generating economical loses for the owners and for the workers. Another thing to take into consideration if you are sick is that after you pass the disease and create antibodies, you can donate plasma and save other lives.

3. The last good practice, in my opinion, is to develop new working strategies and to enhance new technological skills if you are working remotely. It could be a very good help to practice your technological skills and it could help everything become easier. For example, if you are a professor or a student, you could really benefit from giving a proper use to technology, you could learn more and get and more knowledge that will be of very good help for the students that will be our new work-force in this new technological and probably remote world.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 8, 2020 2:24PM

Stefano Marrone

Hi berk, I agree with you about what you say about tourism being one of the most affected parts of the economy if not the most affected. But in my opinion, we can all do something in order to save our region's tourism. A very good solution we could attempt is to do tourism in Florida and visit places you did not visit before, to try to help our local business that depend in tourism.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 8, 2020 2:28PM

Stefano Marrone

Hi Kristy, I agree with you when you talk about remote working being the new future. But, do you think this could be good for big cities that depend in infrastructure rents? How are the real-state agents going to rent building with offices when it is proved they are not needed anymore? I think this could be a real problem, a revolution that will cause many changes and we will have to find new solutions in order to make the economy move in the right direction.

Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 6, 2020 11:53PM

Vanessa Miceus

Basically, the low touch economy gives an overview of how the economy, businesses, lifestyle of many people are going to be impacted post-covid-19, and how many of us mostly businesses will have to adapt and undertake new measures to continue with daily activities.

The Three most critical issues of this industry report:

First, embracing a new lifestyle which will be resulting with new habits, new rules, and new strategies. It is true that in this world one should not get himself too comfortable, and should always prepare himself to all eventual changes that could occur. However, this new change might be beneficial and productive to many, but a disadvantage for others due to the new habits that we all will have to quickly adopt and embrace. Many are those who will experience a divorce, mental health issues such as, depression, anxiety, and so on, in that case therapy, family counseling will be a must.

Second, many businesses will suffer the consequences and will have to experience a quick change and adaptation in order to not be out of business. Innovation will have to become the new normal in order to cope with the new trend. Restaurants will have to incorporate outdoor dining, take out, and delivery services. Other businesses that require a set-up workplace, and workers will have to figure out how to successfully operate remotely, while proposing and bringing bright ideas to keep the businesses flourishing.

Third, the unemployment rate will increase due to the abrupt change. Several shopping stores will experience temporary or even perhaps permanent closure due to slow activity. The economy will eventually go down, people will not get paid as much as they used to; therefore, they will have to do something to remedy. With no doubt, there is no door to escape this upcoming inflation, overall, every industry will be impacted and definitely have to come up with new strategies. Travel restrictions is one major issue detailed in this article, airline businesses are taking a big hit and not as many people as it used to will travel due to the declining in tourism in some places and the high price of airline tickets. When there is a drop in certain things, prices sometimes increase, and the demand eventually decreases. Therefore, those places that depend heavily on tourism will experience a huge negative impact economically. Health restrictions in certain countries such as the obligation of certain vaccines will permanently remain part of their entrance policies.

Three lessons learned in this industry report:

People will become more creative, patient and incorporate new strategies in order to remain productive. Currently, online businesses is booming and will keep on growing because people are scared of big crowds, gatherings, crowded places and they are spending money on things that they do not even need or use. Many people will start a new business as a side hustle in addition to their job, Many are learning how to deal

with working remotely, and family’s daily obligations while associating them together, which includes home schooling, etc.…

Businesses will become less demanding, and workplace less stressful. Workers will work at their own pace without pressure. Working remotely will become a new habit and we definitely will accommodate. Certain people will become more and more antisocial, physical communication or interaction will not be the same, and networking events will be remotely for some reason. Certain people will still be traumatized post-covid-19; therefore, it will be best to operate in a way to make them accommodate themselves the way it works for them.

The world will get used to the big change. People will be more careful and pay more attention to their hygiene. Without a 100% reliable vaccine found, people will still be suspicious of one another. Certain activities such as concerts, football, amusement park, that required many people in order for them to operate adequately will take a significant time or these businesses will have to come up with a genuine idea in order to fit in the new normal. Technology will keep on improving and occupy a larger space in our daily activities, and more importantly our businesses. People will eventually take advantage of what will come up, bring up genuine business ideas, challenge every sectors.

Three most important best practices for this industry report:

First, people have to keep a positive mindset, and take advantage of the bad to turn it into good so they could take or learn something out of it. As bad as it may seem right now, in the next ten years we might end up realizing that it was the best thing that could ever happen to many of us. Initially, we did not have time for ourselves, family, or to even undertake a few things that we’ve always dreamed of, now we have to wide open our eyes and see how we will manage things and make time to realize certain things in our life. For instance, it could be opening a family business and eventually with time, sacrifices, and a lot of efforts we turn it into a legacy that the next generation in our family could take care of, and so on.

Second, many are those who will develop new abilities in businesses, communication, human resources. Many are those places that have developed new services in order to stay in business, and will definitely have to keep it going since many customers are already getting accustomed to it. As a result, it is a good initiative to also provide a job to those who are and will be looking for one, due to what is going to come at us after the pandemic. We will have to apply the principles, and the hygiene policies in our daily activities. It is everyone job to look after one and another, what one does may affect another.

Third, as the article suggested it is time to switch from defense to offense. The ball is in our hands, and only fast movers will make it to the end. It is time for innovation, investment, risky decisions, bright ideas. So, businesses have to start thinking of their next move, and make it beneficial to themselves. Businesses have to move at the same pace as technology. The moment to become aggressive is now and only now we can improve, save our spot, and be greater. Small businesses have a better chance to enter the race as well since many big businesses are severely impacted by the pandemic,

many have closed their doors; therefore, small businesses have to impose their presence.

Reference

De Mey, Nick & De Ridder, Philippe. "Shifts in the Low Touch Economy." Board of Innovation. Retrieved from file:///C:/Users/vanes/Downloads/Shifts%20in%20the%20Low%20Touch%20Econ omy.pdf. Accessed 6 September.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 12, 2020 11:25PM

Vanessa Miceus

Hey Gabriella,

I like what you said about people are learning new ways to adapt to the new normal. We have learned how to better utilize social media, and to acknowledge its positive sides, and benefits since currently, It is one of the tools that is permitting us to keep moving forward with our activities namely businesses, job, social events, education, meetings, networking events and so forth. Initially, we could think that such change wouldn't be feasible or easy to do, and currently we're all witnessing on the social plan a big flip caused Covid-19, and we are even looking forward to see what is going to happen in the future, as we're taking measures in order to be ready to face the unpredictable.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 13, 2020 12:07AM

Vanessa Miceus

Hey Barbra,

Your post is very well-concise in a way that anybody could easily grasp the overall idea of this article and this is an excellent skill. However, I totally agree with you when it comes to businesses that are evaluating the need of real estate because this could literally facilitate them to redirect this capital to other investments which can be more beneficial the business. By adapting to the new normal would help employees to learn more of technology as in developing new hidden skills. This big change will also allow other employees to learn more about other things that could be very useful for their job, so they are able to become better and stay relentlessly focus on their craft.

Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 4, 2020 8:04PM

Yoel Perez

1. Detailed - Comprehensive Summaryfor this Industry Report.

This article explains how our world is going to change after this COVID pandemic is over. It brushes upon many subjects, such as: “why our world will be very different”, expected shifts in consumer and industry behavior, ways in which different industries will be impacted, and what can we do about these changes. It is clear that we are in a fast-paced environment but that does not mean we easily forget the past, and I believe that this is not an event that will be easily forgotten in our generation. This pandemic was definitely a shock to our normal way of life, that has left a ripple effect in our health and economy. This report talks about the spikes in unemployment, as well as the shifts in prioritizing certain markets and completely abandoning others. Businesses are made to service the consumer; therefore a consumer’s demands reflect upon the markets supply. The article further talks about how important it is to be constantly informed in order to appropriately service their consumers. There are also many government regulations that are constantly changing and advises us to be aware of all these changes. Research and Development was another touching point and how crucial it is in these times to constantly adapt in order to be ahead of the curve and be trend setters instead of followers or even worse, stagnant.

2. Which are the three most CRITICAL ISSUESfor this Industry Report? Please explain why? and analyze, and discuss in great detail …

The three most Critical issues in this report are about information assessment, preparation, and action. It gives a vast detailing of what is currently going on, what we can do about it now, and what we can further do in the near future. These are vital topics because we are in a very volatile economy and overall way of life right now. Things are being updated rapidly in order to balance our personal health with our economic health. There are strong shifts in markets where some, like movie cinemas, are completely shutting down buildings at a rapid pace while others, like face mask companies, are having an economic boom that will probably be the biggest spike it will have in a very long time. It is vital to be up to date with information in order to properly act upon the world. Risks have much more consequences now than ever. Aside from risks though, there are many trends with proven track records that are persevering and even rising through these troubled times and this report focuses on that. The many graphs and charts in this report demonstrates certain trends and advises what course of action a company should take like pivoting through innovation, push growth and market share, or to just survive and wait for the market to slowly get back to normal. Every action has a reaction, and the act of doing nothing different also has its consequences.

3. Which are the three most relevant LESSONS LEARNEDfor this Industry Report? Please explain why? and analyze, and discuss in great detail …

One major lesson learned is that the economy is metaphorically a living breathing system. It reflects our overall humanity. Major shifts in our society translates into where we put our money and what industries are thriving. Like people, our economy is constantly adapting to meet its needs. Another important lesson is to not be so naïve about consumer behavior. Mental health is a very important aspect of people and it directly reflects on the stock market, the private sector, and so on. Things like limited travel, rising conflict levels, limited person to person contact can take a toll on people. These things tend to add up and companies should not expect their costumers to be stagnate beings. One last lesson learned is the trickle-down effect that leads to businesses shutting down. The first businesses that get hit the hardest are the ones that are in direct contact with individual consumers. Places like restaurants, retail store, and movie theaters start getting less business. This leads to them buying less from factories. This the leads to warehouses and factories not getting enough revenue from companies. Overall this leads to major unemployment and less money being moved around.

4. Which are the three most important BEST PRACTICESfor this Industry Report? Please explain why? and analyze, and discuss in great detail …

One good practice stated is to “define your strategy.” Having a clear trajectory is a vital thing to have in such an unstable time. Having a vision will allow you to move forward instead of trying to figure out how to stay the same. In order to do so, you must look at the current and previous data and identify the trend. It is important to look at competitor’s data as well to compare with your own. Then make a well thought out decision and continuously monitor the data to see if this was the right choice. Another important practice mentioned is to invest in innovation and research and development. Doubling down on R&D is such a crucial tactic because doing so will multiply growth to astronomical numbers while other companies are just struggling to maintain their basic functions in order. Idle hands are the devil’s playthings. One last crucial practice is the act of switching from defense to offence. Being safe in certain industries can lead a company to bankruptcy. On the other hand, shifting to a more action-oriented strategy can lead a small company to beat its bigger competitors in times like these. Some strategies are to “pivot your existing portfolio”, “Invest in growth areas”, and “Develop new products/services/ markets/business models”

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 8, 2020 7:10PM

Yoel Perez

Hello Lorena,

I agree with your analysis on the way we now have to adapt with children's education systems. Working adults have little time for leisure and to have to spend it on helping their child learn is a strain to many households mental health. This is because young children do not have the necessary training or development to be able to effectively learn new subject completely on their own to pass classes. Even us University students are struggling to learn on our fully virtual rigorous classes. Not to mention the inability to go outside from both parents working at home as well as children learning adds an extra load of anxiety into the mix. I like the best practice mentioned about adapting. The article stated some information about companies who focus on R&D in these troubling times managed to be the new leading powers of their industry because of it. Change is important, but well planned and informed adaptions are key in prospering.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 8, 2020 8:20PM

Yoel Perez

Hello Gabriela,

Good post! I agree that now more than every we are integrating technology into the workforce for mummification. I think that this is one way that we are distancing ourselves with older generations like you mentioned. Older well established companies that do not get with the times are rapidly being replaced with business that are much newer but more technologically inclined. I can just imagine how paper companies are doing in these times. Personally, ever since i started working at home i have used much less paper. I am sure there are many other industries that are in jeopardy at the moment.

Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 5, 2020 11:16PM

Danish Tirmizi

Online Discussion: Shifts in the Low Touch Economy Report

Danish Tirmizi

MAN 3025

Jose Rocha

• Summary of this report

The report "Shifts in the Low Touch Economy" is about a relationship between the coronavirus

and its aftermath impacts on the economy. This piece of writing explores how the world will

look as humanity in this case "businesses" will look to adapt to the "new world". The author

begins by highlighting the main causes which will eventually be the vital parts leading up to the

"global change" such as travel restrictions as governments around the globe will look to

safeguard their interests by imposing bans on foreigners entering the respective countries. Large

Gatherings, as we know, will become non-existent as people will try to be socially distant from

one another among others. The author goes on to point out 10 major shifts regarding consumer

behavior and what we should expect as businesses will try to improvise plans according to the

conditions they will be in to drive up the growth of their business by meeting consumer demand

in that critical time. The impacts will be felt in different areas of our society that shape our

everyday lives as the majority of the things we do will be moved to "remote condition".

• Critical Issues

1. The first and foremost critical issue would be unemployment. As businesses will come to a

complete halt, people who had jobs will become unemployed which poses a great threat to the

economy. As state governments with the cooperation of the federal government rush in to help

those people in need by using money which had been set aside for other uses will create more

problems for the government itself as the country's gross domestic product will decrease. if that's

not enough, unemployment will also cause an increase in the lower-class and bring civil unrest

into the country as people will look to get money by committing crimes.

2. Another major critical issue would be meeting the demand of consumers by making decisions

and policies that will make sure you have products in a substantial amount. As more and more

people will look to switch to online shopping, making sure your inventory is updated as

accurately as possible is the key to which your business will become profitable during a time

where it is nothing more than a miracle. For example, If I am running a business a tech company

that requires components/materials to be imported from China, I will be dealing with a huge

logistical issue since China will have its borders closed. I will have no choice but to either shut

down my business and wait for the things to return back to normal or adapt to new conditions by

signing a contract with a U.S based company that manufactures technological components.

3. In addition, the final critical issue is having the sense to be able to run a business without

putting the lives of the workers in jeopardy. Having a limited but not fewer amount of human

workers and a sufficient amount of robots to work together in a fashionable environment will not

only keep your business running but also keep the number of workers who are unemployed at a

lower number as possible. In this world of technological advances, Many big Companies are

moving towards robots to do jobs that are deemed risky for humans.

• Relevant Lessons Learned

1. The first relevant lesson learned is that novel coronavirus is a great threat to the economy as it

results in a total collapse of the industry regardless of the field. Businesses will stop growing as

factories will shut down and workers will become jobless which will result in a recession. Small

nations with weak economies will fall into financial crisis as economic issues will fall apart on

governments.

2. The second lesson I learned is that the traditional way of working in the office as we know

will rapidly change as businesses will look to function from a remote environment. I think that

initially, it will be sort of hard for some people to get used to it but as time goes on, they will be

able to adjust to the new lifestyle.

3. The third lesson I learned is that If the top management does not make the right decisions at

the right time regarding the direction in which to take the business, a trick-down effect will cause

the entire organization to collapse and it will hurt the workers, therefore, they will have to make

aggression choice will demand a great amount of sustainability in case the plan fails.

• Best Practices

1. The first best practice would be that Leadership at the top must be thoughtful and

knowledgable about the economy and what the future might look like. Businesses must be

prepared to continue their operations when an unpleasant situation arises such as the novel

coronavirus. They must develop a strategy on how to maximize the output. This will enable them

to continue to make a profit which will also provide them with an advantage over their

competitors.

2. The second best practice would be to create a plan. In order to be successful during a global

crisis, you need to come up with a strong plan that would develop new products/services by

utilizing all the resources available to them since the demand for those items will be

skyrocketing. it should include strategies that will boost up the profit of the company.

3. In last, The third best practice would be to understand your knowledge and skills and utilize

those skills towards the betterment of your business/company. As I stated earlier, coming up with

creative ways to increase sales would not only benefit your business but it will also be a learning

procedure experience for yourself.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 12, 2020 12:50PM

Danish Tirmizi

Hey Jose, I completely agree with the first critical issue you made about the economy. Covid-19 has drastically changed the business world with economies around the globe declining rapidly as the majority of businesses around the world have shut down. As a result, unemployment has risen at an unimpressive speed which is something that we all should be worried about. It will surely take a good amount of time until economies around the world get back on their feet.

from Week 02-03, Online Discussion Forum: Shifts in the Low Touch Economy Report Sep 12, 2020 1:14PM

Danish Tirmizi

Hey Philip, I like how you said that adapting to a new norm of life will not be easy for us humans. The majority of businesses will be handled from home as workers will be doing their works from their homes. Adapting to this new way of work will feel a bit strange at first but as the times goes on, we will be able to comprehensively get through it.