Rethink capabilities to emerging stronger from COVID-19
As COVID-19 took shape, business leaders worldwide were faced with a series of decisions with high-stakes. The weakened demand, higher operational costs, and an overall tougher economic climate have resulted in prolonged lockdowns and continuing confusion around the broader health challenges. Companies are forced to reconsider and adjust to a new normal by the severity and unknown nature of the crisis. The good news is that developments across company value chains are being given a fillip by the crisis.
Now is the time to reconsider and reset your business priorities and plans as the effects of the pandemic continues. There’s no “going back to the way things were.” Can the “new normal” survive your strategy? Are you going to come out stronger post-pandemic?
Companies devoted to sustainable, long-term growth are those who address and seize as opportunities, the discontinuities, and developments emerging from the pandemic. It is important to have versatility and adaptability. To meet the ever-changing demands of clients and employees, these businesses will change their thinking and constantly evolve around their products, services, and business models.
Rethink and reset your business strategy
Reconsidering the organisation
Organisations have been pushed to function in different ways in the heat of the coronavirus crisis, and they’re responding. Most of this development comes from improvements in operating models. Corporate bureaucracy has been replaced by simple priorities, concentrated teams, and quick decision-making. Now, as the world starts heading into the post-COVID-19 era, leaders must make a pledge not to go back. In evaluating their long-term competitive advantage, the manner in which they rethink their organisations would go a long way.
“They have to decide, in particular, who they are, how to work, and how to evolve.”
Strategy, positions, personal ownership, external focus, and leadership that are both positive and challenging can all be seen now far more clearly. The social contract between the worker and the employer is, we believe, profoundly shifting.
How we’re performing.
Many leaders focus on how small, development methods built in a rush to cope with the emergency of COVID-19 made significant decisions faster and better. What businesses have discovered can not be unlearned, namely that it is more productive to have a flatter company that delegates decision-making to a diverse team network. In order to make decisions quicker, and with far fewer data and certainty than before, they are rewiring their circuits. Businesses that can institutionalize these types of speedy and productive decentralization will leap ahead of the competition in a world where fast beats slow.
Rebuild the operations
Successful companies will redesign their operations and supply chains to protect against a wider and more acute range of potential shocks. As emerging technologies and consumer-demand trends accelerate the devolution of supply chains, the once-prevalent global-sourcing structure has gradually deteriorated in product-driven value chains. We foresee an acceleration of this trend. Low-cost, high-flexibility activities are not only feasible, but they are also taking place. Before the coronavirus hit, most businesses were already digitizing their operations. They will likely see significant advantages in productivity, flexibility, quality, and end-customer connectivity if they accelerate these efforts now.
To survive and thrive amid the economic fallout, companies can build their next-normal operations around a revamped approach to spending. A full suite of technology-enabled methodologies is accelerating cost transparency, compressing months of effort into weeks or days. These digital techniques include the study of procurement-spending and clean-sheeting, end-to-end inventory rebalancing, diagnosis of capital-spending, and rationalization of portfolios.
To build on this progress, speed will continue to be of the essence. Companies that recognize this, and that are willing to set new standards and upend old paradigms, will build a long-term strategic advantage.
Recapture revenue
It will not be enough for businesses to steadily recover profits as the crisis ends.
To position themselves for the long term and to get ahead of the competition, they will need to fundamentally rethink their revenue profile. Companies must SHAPE up to do this.
Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights. Rapid revenue response isn’t just a way to survive the crisis. It’s the next normal for how companies will have to operate. Marketing and sales executives are increasingly able to follow agile tactics, guided by urgency; they are getting used to jumping on fast video calls to solve issues and giving more decision-making authority to remote teams. Of course, for cross-functional teams, it is also necessary not to lose sight of the long term and to prevent panic reactions.
A stable sales-pipeline-management mechanism is needed for rapid decision-making between local sales and global business units and the rapid reallocation of resources between them.
Accelerate technology adoption.
The technologies that seemed cutting edge yesterday will be mainstream in the new norm. The winners will be businesses that embrace these innovations, implement best practices, and train their workers.
To adapt, companies need to quickly rethink customer journeys and accelerate the development of digital solutions. The emphasis will be different for each sector. There will be more and more digital contact with clients, vendors, and staff. CRM, e-commerce, thought leadership processes, customer insights, artificial intelligence, and even cybersecurity are among these capabilities.
Companies will also need to greatly improve their IT productivity to lower their cost base and fund rapid, flexible digital-solution development. First, this requires quickly reducing IT costs and making them variable wherever possible to match demand.
Latest Technology Trends To Grow Post COVID-19 Pandemic
For some of these sectors, the new normal would bring in newfound opportunities. As we are talking about all this, some startups are already working upon the aforesaid scenario.
Financial Technology(Fintech)
The market for contactless solutions has also intensified the usage of fintech services, another sector that has increased at a much faster pace since the beginning of the coronavirus pandemic. This growth has been additionally facilitated by many new fintech laws and regulations across Europe which were implemented as a response to the situation.
According to Forbes review, Fintech startups are buzzing everywhere in the world, from cloud-native card payment systems like Silverflow to spending management platforms like Spendesk, to cashback apps like Joko, and more developments are anticipated in the coming decade.
Online Education
According to Forbes Educational institutions have also adopted digital infrastructure, but have faced several obstacles, ultimately resulting in decades of slow adoption. Then COVID-19 arrived, requiring the use of different EdTech platforms overnight. Irreplaceable, the online education market is experiencing a sudden boom, and individuals from all walks of life, from each of the COVID-19 impacted nations, are searching for traditional teaching and learning alternatives.
During the lockdown, numerous EdTech startups such as MyTutor, Tech Can Save Us, Vedantu, Doubtnut, closed rounds, and even post-COVID numbers are expected to rise, as many need to learn new skills to adapt to new market conditions.
Augmented and Virtual Reality (VR/AR)
As people become more isolated at home due to the pandemic, they are turning to VR headsets to play video games, discover virtual travel destinations, and participate in online entertainment. They are also using this technology to pursue human interaction through social VR channels.
Now that companies and customers know the degree to which this technology can be used, we are likely to see more virtual conferences and human interactions as our new standard sets in.
AI and ML-based communication
Powering Businesses Through the Post Covid-19 Pandemic In recent months, AI and machine learning have exploded as companies have turned to technology to gain insights into their data. When Splunk, an IT operations and security firm, announced its “Data to All” campaign last year, I thought it was a little ambitious, but given the current situation, it’s exactly what we need. All data must be collected, managed, enriched, and visualized in a timely manner-some that’s serious foresight.
Cloud and SaaS Technologies
In such times, Saas & Remote Working Resources fall directly into the direction of success. SaaS applications & Remote Working Tools will promote the ongoing projects with the temperamental changes that we are likely to experience and pave the roadmap to a greater extent for future efforts.
For example, SaaS platforms like “ Workpath” are helping businesses become more agile, while remote-working startups like “ Kipwise “ help teams share knowledge.
Blockchain
Over the top media and online gaming have surfaced above the conventional ways of entertainment. The enormous consumption of online gaming is not a new trend, but COVID-19 has also taken this sector to a new level with many gaming companies and platforms reporting increased revenues during the pandemic.
Amazon Prime Video, Hulu, and Netflix are some of the most common examples of OTT channels, suggesting that America is the most advanced over-the-top market. However, the European market is catching up, and with startups like Filmdoo and Uncut ranking among the top European alternatives to Netflix the old continent shows a huge potential to compete in the global OTT market. Furthermore, there is an emergence of new industry trends such as cloud-based gaming. Having all of this in mind, it is highly likely that there is a bright future ahead of gaming startups.
Internet Of Things (IoT)
There has been a huge list of cyber “smart” gadgets. As a result of human distancing rules, there will be a larger increase in such devices after Covid-19. In “Smart” homes, we can see the use of “Smart” devices. Smart refrigerators, for example, can maintain an inventory and place orders for groceries online. Normal software updates would be required for such “Smart” devices, which will be delivered over the internet. Businesses will use 5G broadcast to spread a tech update patch to all of their networks, saving money and reducing mobile data traffic.
5G
Thanks to the growing need for stronger and extremely important networks as a result of remote 3working, 5G, the fifth-generation network built on a “Service Based” architecture, could be implemented more quickly. Based on the network’s “Slice,” which caters to a specific service class, such as IoT, Low latency devices, and so on, 5G has a higher level of service. For example, 5G will outperform current networking systems in a remote surgery use case where low latency is a key parameter.
Conclusion
For most of us, the future is bleak. Economies are uncertain about prosperity, widespread unemployment is looming over us for the coming quarters, but not for the above-mentioned sectors and industries. Even in the cloudiest of climates, they will continue to shine. These will emerge as the pioneers of science and industry to behold after the storm passes by.
How do you respond to the current crisis as a leader? How will the future of the business be affected? If you believe you are moving through such hard times alone or feel like you need organized strategies and active help to implement this plan with your organisation, feel free to talk to us at hello@savvient.com.au.
About Us
Savvient Technologies is headquartered in Australia, focusing on providing solutions via Custom Application Development, Product Engineering, Enterprise Solutions, Business Intelligence, and Analytics. If you’re looking for a technology partner, contact us or email at hello@savvient.com.au now to discuss your next idea.
Originally published at https://www.linkedin.com.
