There are many conflicting views emerging on the timing of an economic new normal. Regardless of the source, all of it at some level is speculation. There is too much uncertainty to do prediction justice. That doesn’t mean that talented prognosticators can’t take a shot. This great Article from MIT Sloan Management Review is a must read. Author Alec Levenson argues that it will be a long time until an economic new normal. Some of his rationale is summarized below:
Corona Virus
We Must Think Critically And Differently
It was late 2013 and I was thinking about the transformation that digital would eventually drive. In a Series of Posts on transformation, I laid out my early thinking about forcing functions and related enablers. One of those enablers was Thinking Differently. In this Article authored by Jeff Haden, he describes the viewpoints of best-selling author Simon Sinek:
“These are not unprecedented times. There are many cases — lists of cases — where change, or something unexpected, has put many companies out of business, and made other companies come out stronger and reinvent themselves. The invention of the Internet put many, many companies out of business. The ones who could not reinvent themselves for the Internet age but rather doubled down on the old way they did business.”
How Might The World Respond?
As I mentioned in yesterday’s Post, rehearsing the future has never been more important. In that post, I focused on the implications of COVID-19 across a broad set of categories. In a complex and uncertain world, to sense and respond is critical to managing towards constructive outcomes. In this case, to sense is to have a view of potential impact. Responding – in all its various forms – shapes the future. How might the world respond to a pandemic that threatens to reshape that world? This slideshow capture the full sense-and-respond exercise. As is the case with a See-Rehearse-Adapt philosophy, this exercise is never done. Here in this slideshow are the possible implications and potential responses. Let’s connect a few dots.
Rehearsing Possible Post COVID-19 Futures
In my post yesterday, I mentioned that post-pandemic perspectives are emerging for every domain. These signals help us evaluate what world emerges after the crisis. I referenced using an implication and response framework to rehearse this emerging future. In looking at future scenarios, I have found this Rehearsing to be very instructive. When I speak of rehearsing, I am talking about understanding possible futures. Rehearsing allows us to analyze the implications of scenarios and their potential paths. The figure below demonstrates an exercise focused on assessing the implications of the autonomous vehicle scenario. Rehearsing allows us to look at the breadth and depth of a scenario – and in most cases, the implications are broader and deeper than we realize.
Possible Futures Emerging Across Multiple Domains
It has been my desire to tell stories; to paint pictures of possible futures. Any story-teller would marvel at the amount of possible futures evolving from the current crisis. I have been a fan of the book the Fourth Turning because of the compelling journey through history that the book takes you on. Stories of crisis that emerged every 80 to 100 years like clockwork; and the reshaping of the social order that followed. It has been a little over 80 years since the last world altering crisis emerged. World War Two qualifies as an event that reshaped the social order when it was done.
More Thought Leaders Weigh In On A Post Pandemic Future
As I’ve said in an earlier post, predicting life after pandemics has been a fools errand. Futurist Amy Webb described it this way: “Any time a new change is foisted upon us, very quickly there is a bias to thinking that the new present is the future. That is almost universally never the case.” Many Futurists and other thought leaders are providing their thoughts on what this post-pandemic world might look like. In an article focused on The Unexpected Consequences of the Pandemic, author Bryan Walsh says that we know COVID-19 will fundamentally alter the world, but those changes may not be the ones you expect.
COVID-19: Both Accelerant And Obstacle
As we peer into the Looking Glass, we know that uncertainty is staring back. Our exponential world and all its building blocks and scenarios has created this looking glass phenomenon – something I explored in this Leadership Course back in 2017. COVID-19 underscores this uncertainty, serving as both an accelerant and an obstacle. A good example is explored in this Article on automation. 
Will the pandemic serve as an automation accelerant, as businesses replace laid off employees via automation? Or is it an obstacle to the capital investment required to enable automation?
Futurist Gerd Leonhard Looks Back From The Near Future
In a recent Post Gerd Leonhard explores the great transformation catalyzed by COVID-19. He uses this quote from Milton Friedman to focus on the need to think differently.
“Only a crisis – actual or perceived – produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes the politically inevitable”
Assessing A Post Pandemic Future: A Video
What might a post-pandemic society look like? In a Recent Post, I attempted to address that question by taking a journey backward to a similar time; exactly a century ago. What does a backward journey have to do with a post-pandemic society? The answer lies in a famous quote:
“The further backward you look, the further forward you can see” Winston Churchill
My colleagues (Kevin Mulcahy, Rose Rodriguez, and April Harris) created a video that captures the Blog Content: A journey to the past, and then a look ahead. You can find other videos that focus on a reimagined future on this YouTube Channel.
Coronavirus: Permanent Change? 34 Big Thinkers Explore the Possibilities
While the immediate focus of our global health crisis remains on the present, as we approach the other side, many will focus on a post-pandemic future. Painting pictures of possible futures was already critical in this time of rapid change; the pandemic elevates the urgency. I have been sharing the perspectives of many global thinkers in the interest of providing foresight to those who will need it when the focus shifts. A virtual session focused on a post-pandemic society is being planned, and I will likely participate. In discussing that possibility, I was presented with this Article.
Discussing A Post-Pandemic Society on Salem Radio Network
I was honored to appear on a segment of the Don Proft radio show earlier this morning. The show is a part of the Salem Radio Network. The topic was what America will look like post-pandemic. My piece of the segment begins around the 5:25 mark. As always, all views expressed are my own.
The COVID-19 Economic Impact On China and a Glimpse Of The Future
COVID-19 has had a dramatic impact on China’s economy. Jenna Ross at Visual Capitalist describes how the effects on their economy could foreshadow what the rest of the world can expect. While China turns the corner on the health side of the story, the economic side is telling its story. This Article via the World Economic Forum uses visualization to tell this economic story. Countries in the early stages of the outbreak should take notice. Continue reading
Anatomy Of An Outbreak
The Advisory Board Company released some great information about the current pandemic. This Webinar provides a great deal of statistics and content in the area of strategies and impact. The content from the webinar is also available via PDF. They address the top questions Here on their website. In a Must Read section, they provide additional information.
This is some of the most comprehensive content I have found to date on COVID-19. I highly recommend it.
COVID-19 Monday Morning News
The COVID-19 crisis is fast-moving with information bombarding us in real-time. On this Monday morning, as we awake to more isolation and rising numbers, there is much to consider. In this Article, the author focuses on three economic scenarios: Easter: an optimistic scenario (25% likely) where isolation leads to a slow return to normal by late April; Summer: the main scenario (55%) where improvements begin in mid-summer; and Winter: the pessimistic scenario (20%) where impact lasts into the winter. Given the expansion of isolation through April in the U.S., the optimistic scenario is all but eliminated from consideration.
Discussion On The Mid-Pandemic Impact on Supply Chains
TCS Colleague Kevin Benedict recently interviewed expert Joe Carson, CEO of Spend Strategies LLC, (former Chief Procurement Officer of both Micron Technologies and Lucent) to further explore how the pandemic is impacting global supply chains and risk management strategies today and in the future. The interview can be found Here. I wanted to make my Blog audience aware of this insightful conversation. They explore the following questions:
Post COVID-19 Economic Recovery Scenarios
This Analysis by the Conference Board underscores how the trajectory of COVID-19 and the economic response over the next few months are uncertain. They developed three scenarios for the course of the US economy for the remainder of 2020. Focusing on future scenarios was already a critical imperative given the pace of change; the current pandemic just underscores the point. The analysis authors from the Conference Board are: Bart van Ark, Executive Vice President & Chief Economist, and Erik Lundh, Senior Economist. Here is an executive summary from the report:
How Will COVID-19 Impact Globalization?
UPDATED 3:00 March 19th: one of my Blog readers pointed me to this article titled Whatever the virus kills, it won’t be globalism. Since I am a big believer that Predictions are a fools errand, this walk through the bold post-pandemic predictions of our past is instructive. This point of view says that sounding the alarm on the death of globalization may be a bit premature.
There are many questions that require answers as we look towards a new normal post the current pandemic. One such question centers on supply chains and the globalization phenomenon of the past three decades. Multiple forces were already threatening the globalist agenda. From the rise of populism and associated tariff wars, to the advancement of automation and other innovations, the move towards localization seems inevitable.
The Corona Virus Serves As A Catalyst For Change
I’ve talked about the Catalysts of a different era. These horrific events of our past were catalysts towards a better future. This horrific event – the Corona Virus – will shine a light on education, health, work, and other aspects of our well-being, while exposing underlying weaknesses. Responding as a global community to these types of events is hard. I’ve asked the question about the catalysts of our future in a recent Poll – please participate and add your thoughts.
Reimagining the Future 