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This pandemic has led all businesses to accelerate their advancement into digital technology. Every industry encountered challenges in connecting, working, and protecting data when the world began to stay at home. The capability and progress of every firm was tested as the need to digitalize arose. With this, came opportunities and hurdles. While many companies just responded to the emergency crisis, others found ways to push the business forward with the future in mind.
The publishing industry has been digitized with online versions and soft copies of everything available. As physical forms of publishing industries began to close, online versions had to be upgraded to carry the weight of the situation and limit physical interaction. The year 2020 saw huge volumes of submissions, with more than 1.5 million articles published on COVID-19 alone in its first quarter. The digital transition was happening already, but it was slow. The dip in the economy and the pandemic has provided the industry with an opportunity to take a leap in digitalizing publishing norms. Companies that invest when valuations are low, outperform those that do not. Digital solutions, tools, and services are on the rise, and customers and companies can help each other alike. It has also made evident who all were ready to survive this change and thrive and excel.
Inequalities in digital readiness hamper the ability of large parts of the world to take advantage of technologies that help us cope with the coronavirus pandemic by staying at home.
—Shamika Sirimanne, director, technology and logistics, UNCTAD
Publishing firms that do not catch up with this wave of digitalization and technology may be left behind when the economy normalizes. Failing to match the pace of change in the industry leaves little space for digital initiatives. It as an ideal time to advance your digital agenda. Invest in technology, and initiate new partnerships with tech industries to upgrade as soon as possible. Technology firms that offer digital solutions are in good demand, as there is a fear of being left behind in digital readiness in the publishing industry. Companies cannot deliver their strategic imperatives without considering mergers and acquisitions to speed them up. Almost 80 percent of businesses have increased investment in digital technology in direct response to COVID-19. This is an investment with rapid returns that can also help build resilience for future crises.
The publishing industry was put to test by the pandemic, which forced it to put forth digital strategies not in comfortably spaced phases but in a short period. Addressing these changes affords us to look forward to bigger opportunities and issues that can help in withstanding disruption if this crisis persists. Focusing on areas that improve the core of the business gives us the best chance of success in both the near term and in the long term. Bridging the digital fracture between poorly connected and hyper-digitalized countries is also important at this time.
Digital has become central to all interactions, which has furthered up the adoption curve. Automation and artificial intelligence are leading this game, regulating and effecting changes. Maintaining productivity while working remotely and managing usage volume, data security, scalability, and usability demands the latest technology. How the publishing industry will adjust itself now will reflect in its economic recovery and future performance. Amnet is a technabled company with over 20 years in creating solutions for the publishing industry. We help you overcome challenges to achieve a faster throughput with increased efficiency.Sources: