A Study of the Covid-19 Impact on Financial Services, Healthcare and Education Sector

Abstract

Organizations have already gone through a major digital transformation with the advent of the internet before. For many years they are incorporating technology in almost every aspect. The outbreak of global pandemic COVID-19 in the year 2020, which again disturbed the equilibrium, and forced the semi-automated and semi-digital legacy system-oriented organizations to shift radically towards digital transformation. In this paper, three major sectors have been covered– healthcare, financial services, and education which have undergone digital revolution effectively due to this pandemic. Digital Revolution has replaced or removed old ways of operations in those sectors and helped to reduce redundancies and waste of resources of any kind. Companies also face tremendous challenges regarding the adaptation of everything digital. The objectives of this paper are – to examine the impact of Digital shift in those sectors due to the COVID-19 pandemic and to predict the future prospect of the business with the current rate of incorporation with digital technology in these sectors, how managerial approaches when it comes to management functions like cost-effectiveness, leadership style, learning experiences have evolved to facilitate and incorporate this technology shift effectively. This research paper also studies the roadblocks faced by the organization on the way of digital transformation.