The Pandemic's Impact on Business

Some of the big consulting firms are examining the past, present, and possible future impact of the COVID-19 pandemic on the business world.

Here's what they are thinking right now, in mid-2021:

• McKinsey: Many countries will see higher GDP growth in 2021, with key consumer behavior trends (like shopping online for groceries) continuing into the future.
• PWC: Global businesses surveyed said their crisis response management needs to be improved. 
• KPMG: CEOs are using scenario planning to understand how vaccine shortages and timing might affect their personnel, key functional areas, and supply-chain management.
• BCG: Business leaders are looking at hybrid working models with lessons learned from pandemic operations, and finding ways to adapt more quickly to crisis situations. 

Toyota Reminds Apple to Think Decades in Future

Apple is reportedly planning an electric, self-driving car. Toyota, well aware of the challenges and opportunities in the global auto industry, warns Apple to "be prepared to deal with customers and various changes for some 40 years." 

In other words, cars are not like computers. Toyota sells tens of millions of cars every year, year after year. One of the world's most successful car manufacturers, Toyota maintains a long-term focus and plans strategy years in advance as it seeks to maintain momentum. Can Apple enter the automotive market and build sales there for the long run?