2021 - my wish for a better year than 2020!

2020 is ending in a couple of days, yet the impression I have of 2020 is so mixed - the year seems to have passed so fast, yet we have been through so much in the past 12 months.

COVID-19 Pandemic

My 8-year-old son asked me why is it COVID-19 and not COVID-20? Since the terrible virus struck and triggered the Circuit Breaker in 2020 and not 2019? It is a valid point, and I think COVID and 2020 will likely resonate with many others who have been affected (or infected) by the pandemic crisis.

Things have certainly changed. The pandemic changed many things in our lives, the way we live, and the way we work.

COVID is COVID. I have no wish to add on to the volumes of literature and tons of attention already attributing so many things to it.

2020 is COVID's year - no arguments.

K-shaped Economy

As a student of economics, I have been looking at the many reports and forecasts on economic recoveries henceforth. There are a plethora of views offering multiple shapes of recoveries from swoosh, double dips, Vs, to K shape charts.

The K-shaped graph is anti-intuitive (at least to me) - as we have been schooled to plot a single line on the X & Y axes. The economy is either up or down, linear or non-linear, but a plot with dual paths?

With COVID - rules and practices changed...so do theories and charts.

Many businesses have floundered while some succumbed and folded. In Singapore and beyond, many big departmental stores to small retailers have suffered badly. Not to mention the hospitality, tourism, oil and gas, aviation and many other industries that have seen dismal performances and severely threatened. Governments around the globe have bailed out many large corporations and kept many national security crucial businesses afloat.

On the other hand, some businesses have flourished while some actually prospered and boomed! Pharma, e-commerce, technology-related sectors, and those who have filled the gaps created by the pandemic, or missed by the incumbents have seized the opportunities and some skyrocketed! Stock markets around the world have created lists of businesses that are outperforming amongst many others which have tanked.

People and the workforce faced similar fortunes as the industries and businesses that they are in. Those who are nimble and fortunate pivoted into the booming sectors and are doing well.

Those who are more entrenched in their professions, unfortunately, lost their jobs and are potentially looking at tougher and challenging times ahead. While skill sets are important, mindset is key. We need to learn, unlearn, and relearn.

Perhaps, I am one of those facing tougher times ahead. (reminders that being old, fat, ugly, and, expensive is not helpful...just joking...)

2021 - A Better Year Ahead

Enough said about 2020, and one should look forward to the future and the opportunities abound.

1) Digitalisation of Businesses

Digitalisation has brought about many changes and challenges alike.

The world has changed, and more importantly, global trading and consumer patterns have evolved to adapt to the many challenges and restrictions brought about by COVID. In short, the ecosystem has evolved and the pace will hasten and not likely to slow. Digitalisation is the way ahead for most.

Those who have been skeptical of digitisation, and those who have not invested in digitalisation of their businesses and people, are seeing a steep curve playing catching up with their peers and clients ahead. Businesses who have not jumped on the digital bandwagon are facing headwinds and internal struggles.

Many forward-looking organisations and top business leaders with great foresight and leadership have embraced digitalisation along with its challenges and opportunities. There are ways to increase the top line with digital channels and stream live sales, alternatives to decrease overheads with digital solutions to streamline and optimise operations, and opportunities for new businesses and innovations in the new digital normal.

Being a Finance and Treasury guy, there have been many innovations and proven solutions at our disposal to enhance our capabilities and efficiencies. Data visualisations, predictive analytics, innovative funding solutions, real-time payments, cloud databases and platforms, APIs, blockchain, and digital banking are some of the notable examples.

Only Elon Musk is Elon Musk, but there are many other Elon-Musk-able opportunities that need a bold and visionary leader to articulate and to lead a team of passionate talents to execute.

2) Digitalisation of Workflows

Next important point - workflows. It has been proven and many naysayers debunked, that a digital workflow and working from home is actually doable and (for some) more efficient!

However, it is not merely about equipping one with a laptop and internet connectivity, and all things go well. There are more than just hardware and network. The company culture, infrastructure, workflow, and people management have to be re-analysed, re-SOP, and re-deployed.

Pre-COVID - most management will likely frown at flexible working hours, working from home, and digital workflows. Most managers will likely prefer status-quo to their reporting structures, workflows, and office setups. Most staff will likely think working is only restricted to offices and workplaces, and manual processes and setups are hard to be replaced by online and cloud solutions. Most businesses will prefer face to face meetings, onsite presentations, and business travel over phone calls, web meetings and webinars.

Life goes on. Business goes on. And online activity goes on, even when physical one goes off.

All these and that have changed. Most of us are in fact working from home - delivering what has been done working in the office. Most of us are on phone meetings, web conferences, and attending webinars over the physical ones in the past. Increasingly, being efficient at work is not only about having hard skills and some soft skills. Many managers are required to be proficient at their subject matter domains, and also be IT savvy.

Future-proofing one's career means relooking at one's role, redesigning one's workflow, and reinventing one's value-add to the organisation and business.

Digital workflows are the way to go - and if you have yet to adapt and adopt, better do so or risk oblivion.

3) Digitalisation of Eco-Systems

All good things must come to an end. Some attribute this phrase to the great Geoffrey Chaucer of the Middle Ages. (I'm sure if they had blockchain or Wikipedia back then, there will be no dispute to the origination of this quote.)

In the new digital normal, with digital solutions, all good things can continue ad-infinitum. Your fond memories are stored and retrieved instantly and in pristine condition on cloud platforms, your wealth secured in digital banks and grown with digital investments (crypto and CBDC), and your connections are made and managed via digital platforms and devices.

Eco-Systems that were restricted by geo-boundaries, and other physical demarcations - have found new connections via digital solutions. A notable example is the Singapore FinTech Festival that was held virtually for 24 hours over a week, with content and contribution from different partners in different time zones around the globe. Digitalisation has enabled Eco-systems to connect, collaborate, and co-create beyond their usual practices, domains and realms.

This will continue. More organisations and people will seek ways and opportunities via digital solutions and platforms.

If 2020 was COVID's, 2021 should be Digitalisation's!

Have a good festive break, and celebrate with your loved ones. Do treasure the bonds with your family and friends, and look forward to a better 2021.

Wishing you a great 2021 ahead. May peace be with you.