Business models shifts: Impact of Covid-19 |
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| Institution: | Indian Institute of Management Calcutta, Diamond Harbour Road, Joka, Kolkata, India |
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| Abstract: | No amount of crystal ball gazing may help us fathom the full impact of the Covid-19 (C-19) crisis on business organizations in a distinct manner. Given the lack of precedence, any such analyses seem to demand routine revisions as we progress further up the “number of infected” curve. Most countries of the world have imposed restrictions on social congregations or even people working in close proximity to each other. Industries that produce and deliver information products and services therefore, have continued to function while those that manufacture physical products especially labor-intensive firms were forced to minimize operations or temporarily shut down. However, in most countries, physical products which were essential in nature were reluctantly permitted to be manufactured given the need for them in people’s everyday life. In this viewpoint, I draw upon three dimensions – information intensity of product/service, information intensity of process/value chain; along with a third dimension – essential nature of the product/service to help understand the immediate implications of C-19. I also present some anecdotal evidences of attempts to alter business models in these circumstances in order to address the challenges that certain product characteristics impose but at the same capitalize on the business opportunities presented by the essentiality of the products. |
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| Keywords: | Information intensity Product and services Industry Business models Agility Digitization |
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