The factors that are highly contributing to an effective pandemic, empowering organizations to identify essential capabilities and generate important insights in designing successful business operations in the post-pandemic era.
FREMONT, CA: The covid-19 pandemic has substantially modified the way businesses run. While several organizations struggled to cope with the changes, others embraced digital transformation in response to the pandemic and accelerated their digital transformation initiatives. But how exactly are organizations responding to the global crisis?
Rise of the E-Commerce
While businesses that sold their products and services purely online had a drastic revenue increase during the pandemic, the majority of the brick and mortar companies migrated to online platforms to survive during lockdowns. 78% of businesses effectively responded to the pandemic due to the following three main factors: digitalization, agility, and employee well-being.
Digitalization as a safety net
Organizations that already housed digital capability are were more effective in tackling the impacts of the pandemic. Effective leadership, agility, the value from data, business integration, and empowered employees were critical during the pandemic for executing successful digital transformation strategies. Organizations with efficient digital policies in-house were able to mount an effective response to the unprecedented events.
Priorities in 2022
In order to survive today's dynamic world, resilience has become a vital characteristic for any business. Global organizations are beginning to understand the importance of flexibility and reevaluating their internal operations to improve their agility. Companies are also embracing automation and data-driven management to provide a seamless customer experience at their online and offline outlets. Considering the ever-rising customer expectation, businesses are revisiting face-to-face experience (F2F).
Several organizations with purely online businesses are beginning to value F2F engagement to provide personalized and premium services to their high-value customers. In addition to this, most global organizations are also recognizing the importance of delivering value to society. With the rising concerns regarding the global climate crisis and pressure from activating communities, companies are redefining their purpose and focusing on making their operations more sustainable. Support for the United Nations’ sustainable development goals is expected to rise. Businesses are expected to collaborate with nonprofit organizations and local governments to develop initiatives that will foster community engagement in various regions and encourage technologists and corporate leaders to develop solutions and strategies that mitigate the climate crisis.