The coronavirus pandemic has transformed businesses and created a massive challenge for many industries and organizations. But it also offered some great opportunities. This post will discuss how companies can rethink and reset their strategic plan during difficult times.
Working from Home 2.0
Many businesses have experienced having to have people working from home because of the pandemic, and many companies are now rethinking their entire business model. They’re raising questions like, “Do they still need offices?” and “Is this a better and more cost-effective way of working?”.
But if we are honest with ourselves, productivity has gone up for businesses, but how people work from home is not necessarily great for everyone. Some people have comfortable and well-designed home offices with all the equipment at their disposal. On the other hand, some people prefer to work from their kitchen table and are more comfortable in that setting. All in all, businesses must support individuals working from home and give them suitable computers and equipment. More importantly, companies must give employees the proper mental support to work without stress.
Business Model Innovation
Businesses must reflect on “what are we offering our customers?” and “how do we operate as a business.” Recently, many industries have been completely transformed during 2020, whether it’s the hospitality industry, event management industry, etc.
Businesses that have thrived in these difficult times are the ones that have been able to react to this situation quickly. Without the pandemic, businesses must always consider how the market is shifting and how we transform our business model to adapt to the new norm. This adaptability and innovation of the new model are more important in 2021 than last year.
Virtual Interfaces
It is another big trend where brands need to rethink how they deliver their services in a digital format. Technology like augmented, virtual, and mixed reality has transformed how we think about customer service.
During the pandemic, people realized that it’s not an obligation to visit a shop to try makeup when an app allows you to apply it digitally on your face—trying and testing products before purchasing them from the comfort of your couch sounds inspired by a sci-fi movie.
Automation
Businesses have been looking at their business processes and taking people out of the process as they are not genuinely adding value. So, we’ve seen this in warehouses in supply chains, automated vehicles, and trucks and ships driving autonomously. These are just a few examples of how businesses have advocated the idea of automation to minimize human errors.
In 2021, we expect to witness a boom in white-collar automation. For instance, if you look at the job of a doctor or a lawyer, professionals are trying to rethink how they can automate bits of their position through artificial intelligence. Healthcare organizations are considering educating patients to help save them money and time on the commute.
From Global to Local
The coronavirus disrupts the supply chain in this economic and political climate. Great tension is also observed between economies like the US and China. It means that companies need to rethink where they’re getting their goods from and whom they are selling.
We see a significant movement towards more localized business operations and processes here. Consumers today are more aware of environmental awareness and realize that rather than shipping fruits and vegetables from across the world, they can grow them locally and be more self-sufficient.
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