SEPTEMBER 2021AUTOTECHOUTLOOK.COM8IN MY OPINIONBy Sebastian Fuchs, Managing Director Manheim and RMS Continental Europe, Cox AutomotiveWhat a year 2020 was! It would be impossible to reflect on the year we've just had without mentioning the pandemic that has gripped the world. Much has already been said about the tragedies to countries and communities caused by the virus, so I think it's worth looking at it from a different point of view: how the pandemic has accelerated our reliance on incredible technologies to keep businesses open and ultimately keep us safe.Ways of working have remained largely unchanged for decades, but the pandemic has forced businesses to take a hard look at the way they work and judge whether it's fit for modern times. Companies that previously insisted on their employees being present in a physical office all the time have had to embrace flexible working and have learnt that employees can be trusted to work from home without it impacting their output. In fact, as people's home and work lives merged and actual working hours increased, it became clear that companies needed to remind employees to take adequate time away from work to keep the batteries charged.Businesses that already had solid online capabilities were able to continue doing business largely as normal, some even saw massive growth. But unfortunately, some industries were exposed to the cruelest scenarios caused by the various lockdowns imposed across Europe, particularly airlines, hospitality, and the entertainment industry.2021-- ARE YOU READY FOR THE FUTURE?The future is nowNow I am aware that what I've said so far is a very brief overview of what happened in 2020, and there are many more scenarios that deserve discussion, but my main reason for this blog is a different one. What actually enabled so many companies to adapt so quickly to an online world? In my view, it was their willingness and ability to innovate. This is exactly the message I wanted to share with you today: don't forget to innovate and keep driving your business towards the future. For a great example of how this works in practice, look no further than BioNTech. How did a small German start-up which was only founded in 2008 win the COVID-19 vaccine race? It was the business' agility--something that had been ingrained in its processes from the start--that allowed it to quickly shift research within days and start developing a vaccine. Sure, it was backed by enormous funds, but they only got access to these funds because their existing set up promised the fastest returns. Now you might say this was lucky, but what's to say your next leap of faith into a new technology is not the one that gives you such a `lucky' moment? It's not about guessing, it's about doing your research to make informed decisions but then having the courage to drive forward. The founders of BioNTech back in 2008 would have done exactly the same thing by evaluating the potential risks and rewards before starting their company. Creating the spirit of innovation from the start is what helped them get to where they are today and Sebastian Fuchs
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