Apple's former CEO thinks the coronavirus shift to working from home will see airlines and hotels permanently rethinking business travel revenue expectations
But Sculley's observation points out the more fundamental problems that the travel sector may face in the months ahead. While travel for the holidays may bounce back, industries relying on revenue from business travel may struggle in a world where remote work has proven itself effective.
"My sense is that it's going to take longer for those industries to come back unless they get imaginative and start to rethinking," Sculley said, adding "my guess is that business travel will probably be down for a long time."As the coronavirus pandemic has swept across the world, Wall Street is rife with predictions of an incoming economic downturn.
"I believe that at some point, the US economy and the world economy will get right-sided again," Sculley said. "There will be an end to the coronavirus pandemic." And some industries may actually owe their breakthrough to the new era of remote work. Sculley, now an advisor at the cloud-based pharmacy benefit manager RxAdvance, predicted that some industries like telehealth and video-conferencing would rise to prominence thanks to a rapid adoption during the coronavirus pandemic.
"The way I think about it as someone who runs companies is all about getting your frame of mind adapted to the reality of 'what is', but more importantly, the reality of 'what is likely to be' when the pandemic ends," Sculley explained.
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