2020 is an unprecedented year for the business world. The global pandemic has brought about problems that exposed companies—big or small—to unknown vulnerabilities. Many grapples with the uncertainties and others were forced to revamp the way they work and do business.
With the challenges we faced this pandemic, there is knowledge to be garnered. Here are three lessons that were beneficial in 2020 and will still be applicable through 2021 and beyond.
Lesson #1: Embrace Digital Technology to Future-proof Your Business.
The spread of the coronavirus in the first quarter of 2020 has devastated the world economy. We saw entire industries impaired by lockdowns and social distancing restrictions. Companies had to change procedures and processes quickly, and even reinvent themselves. However, those that adopted a proper digital strategy were able to reduce their exposure to the crisis and further capture opportunities that arose from these unprecedented times.
Virtual collaborative platforms have enabled companies to shift to remote work. Online presence has also become essential in retaining communication with clients or reaching a much wider audience. Today, more and more interactions have become dependent online. Hence, if you need to accelerate business transformation and continuity, your company should pay more attention to its technological capabilities and digital presence.
Lesson #2: Create a Business Culture that is Agile and Empathetic.
The need for agility has been obvious across the board since the COVID-19 outbreak. Companies had to act quickly to ensure people’s safety. They transitioned employees to a work-from-home setup, swiftly digitized transactions, and modified operations almost overnight.
Businesses learned that to stay ahead, they need to rethink how they can provide effective remote services and build plug-and-play solutions quickly. Central to the success of these strategies was ensuring quality staff and customer experiences. Companies must recognize both the struggles of their workforce and target market to provide appropriate and robust solutions in crisis.
Lesson #3: Scale Your Sourcing Strategy
The pandemic has gone beyond financial risks. For many organizations, it has become associated with leveraging strategies toward resilience and growth. One of the models that resulted in a much more productive outcome is outsourcing.
Through outsourcing, businesses were able to increase efficiency and ensure business continuity. One of outsourcing’s main appeals is enabling companies to collaborate with experts from different parts of the world with minimal training cost and zero investment in new infrastructure. By reducing cost, businesses could secure additional funds to focus more on revenue-generating core tasks despite the pandemic-induced recession.
Adapting to Accelerating Changes
The 2020 pandemic has highlighted the vulnerability of many traditional business models. It has permanently changed the way organizations hire talents, engage with clients, and deliver products and services. Hence, without a doubt, the acceleration of business transformation will be part of the new normal and over the longer term. To face the challenging road ahead, companies need a greater understanding of technology and a bigger room for collaboration.