The coronavirus digital revolution
Speaking on Sky News, ad mogul Sir Martin Sorrell says that coronavirus will “accelerate the digital revolution”, referring to consumers and businesses increasing reliance on technology in the wake of the pandemic.
“Businesses that were probably hesitant to move forward on digital because things were going reasonably well and they didn’t really want to disrupt things, that’s now out of the window,” he told Sky News.
“The bottom line” of the crisis, said Sorrell, who runs S4 Capital, was that digital transformation would have to accelerate as the majority of businesses will have to innovate just to complete a normal working day.
“If you have historic costs to write off, get it out of the way now and accelerate your digital transformation,” he added.
He said that consumer habits would shift as a result of the crisis, but unlike many others, was sceptical that the idea of the remote working would become “engrained” in working culture.
The impact of the coronavirus on the UK tech sector: disruption ahead?
A ripple effect
Sorrell admitted that the true impact of the coronavirus on S4 hadn’t been felt yet.
“I would expect the ripple effects — or the tsunami effects — of the [corona] virus spreading into western Europe and the US will probably affect our clients, and therefore us, as we move into the second and third quarters.”
Despite the future disruption, Sorrell predicts for S4, he said the company was “firing on all cylinders” and is on track to double revenue and profit by 2022.