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the advent of the New Normal era

2020-08-14 10:04

The Korea Institute for Industrial Economics and Trade said in a report titled "New Normal Age after Corona 19" that only companies that quickly understand the new environment that will emerge after the Corona 19 crisis can survive. New Normal means a 'new standard' that is different from the existing system. It means that a phenomenon that previously seemed abnormal gradually changes into a universal phenomenon.

The report predicted that New Normal will emerge, which will lead the destructive reorganization of industries and companies, focusing on four areas: "globalization," "digital technology and innovation," "social safety net and corporate role" and "consumer change."The Korea Institute for Industrial Economics and Trade stressed that the Corona 19 is entering the "New Normal" era, which will bring about such changes.

In particular, it predicted that the movement of production bases, which runs counter to the existing globalization trend, will accelerate in the form of offshoring, near-shoring and re-shoring. It also analyzed that companies that quickly understand the post-Z Generation, which is post-Generation Z and will show a completely different tendency from the previous generation, will secure competitiveness in the future.

Regarding globalization, the report stated that companies should respond with 'diversification of supply chain', 'improvement of inventory management system', 'introduction of automated manufacturing facilities' and 'minimizing overseas strategic risks' as Corona 19 confirmed the vulnerability of manufacturing industries that rely on global supply chain. It also said companies need to consider a near-shoring strategy to move production facilities to neighboring countries or a re-shoring strategy to return home altogether.


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