During economic downturns due to COVID-19, companies in various industries have had to adapt their operations in order to comply with social distancing protocols. Many existing businesses have had difficulty surviving and it has been even harder for new ones to open because of these conditions.
In today’s day and age adaption and transformation is necessary to survive for businesses. COVID-19 has resulted in accelerated digital transformation in many organisations, which suggests a digital platform is a must-have in the current scenario.
As unrelenting disruptions, rapidly evolving expectations from customers, and a pace of change that is unprecedented, old barriers are being swept aside. It seems that many organisations did not trust their own technological capabilities before the pandemic, nor did they believe their own personnel were qualified. The pandemic meant survival of the fittest for many businesses, those who were creative enough, thrived. While others who weren’t able to adapt, shut.
Businesses have a unique chance to seize growth opportunities from this global crisis by using massive challenges to make significant changes. Various systems have been weakened and have exposed the inconsistency and inefficiency of other processes. Businesses have a chance to capitalise on the consequences that are unseen; the silver lining.
In the current times, an organisations agility is tested. If it’s innovative and dynamic enough in response to the rapidly changing market it is more likely to flourish. Organisational agility is both desirable as well as central for businesses to survive.
Due to the Covid-19 pandemic, the world has witnessed unprecedented digitalisation in ways never imagined before. In addition to changing customer preferences of digital engagement, the outbreak led to increasing remote employee working models, which are expected to continue after COVID is over.
Businesses have been faced with the challenge of not only sustaining productivity via digitalised operations, but also refocusing on opportunities spurred by digitalisation to achieve better work and workforce management. The reason is partly a cultural shift. Digitalisation is now viewed as a catalyst for business models to change in a more positive direction.
During the pandemic, we learned that the unlikely and unexpected are more real and plausible than anyone ever anticipated. A bitter reality that has been painful, costly, and still unresolved for many. But few fortunate organisations have been able to reap the benefits of it, while others have found themselves struggling to capitalise on it.
In order to prosper in the new reality focused on agility, digitisation, and multi-stakeholder collaboration, companies need to respond to the current crisis while building for future success.