The COVID-19 pandemic which began in January 2020 has affected all countries resulting in severe economic consequences across the globe. The resulting slowdown has not only affected the economy but society at large, which has led to drastic changes in prevailing market conditions, in terms of demand and supply.
Pandemic outbreaks are a recurring biological phenomena and cannot be prevented but our society needs to take effective remedial measures when an outbreak is discovered. The long-term effects of the COVID pandemic are still an unknown quantity, since we are still combating it. Many businesses have been forced into untimely closure, leading to a massive GDP contraction in many G-20 countries.
Businesses need to address the massive challenges and convert them into opportunities by navigating the realm of financial and operational concerns. Newer strategies must be implemented in tandem while addressing the concerns of employees, customers and suppliers. According to a research study of 2,000 senior executives by McKinsey, an economic upturn is expected in the coming months with the balance titled towards a more positive outlook.
Enterprises need to constantly restructure while being agile in their work and value chain transformation to outmaneuver the uncertainty. Leaders need to foster the spirit of reinvention and focus on accelerating digital transformation, and implementing agile operations. Individual teams need to be empowered to make independent decisions, adopt a data-centric approach which is powered by technology and achieve faster access to markets.
Such an adverse scenario for business has propelled technology to the forefront and has led to many pre-conceived notions and myths being challenged. Some of the key factors which need to be implemented include:
- Robust business continuity plans
- Cloud-based systems and collaboration tools to enable an elastic digital workplace
- Simplified governance structures that enable faster decision making throughout the organization
- Leveraging analytics and advanced productivity tools to integrate demand and supply
- Building new partnerships to foster innovation
- Virtual connect with existing supplier base to gauge effectiveness
- Aligning People, Processes, Technology and Data
- Creating the best customer experience
There is an opportunity here for a course correction, as the old ways of conducting business are now extraneous. A newer reality awaits, as life goes back to normal.
If this article ticked all the right boxes, then join us for a special webinar on November 18th, 11 AM (EST), as our three panelists: Israel Ellis, Dave Bent, and Stu Grimson, discuss the impact of COVID on business, B2B relationships, and the technology needed to succeed post-COVID on “Doing Business Online: Doing Business with other Businesses”.
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