Rising Trends for Companies Looking at Digital Avenues for Business
Business in the COVID Pandemic – Companies and Individuals Turning To Digital Avenues
The COVID-19 pandemic has challenged the entire framework of worldwide economic and social structures. People and businesses must work out solutions for surviving in an environment where staying at home has become critical for safety and health. Technology and digital avenues are now a practical way to serve customers, manage operations, and earn profits. Working online has become a viable option for businesses and professionals alike, regardless of their size. Here’s a closer look at the survival strategies adopted during the pandemic.
How the Corporate Culture Is Adapting
Companies in different sectors and worldwide locations have adapted by focusing on the accelerated digitization of their operations by at least three to four years. In all internal and external processes ranging from organizing supply chains of raw materials to production and supplying to customers – wherever possible, larger investments are being made in automation and contactless performance.
The Stress Is More on Digitally-Enabled Products
Adapting their portfolio and offering a more comprehensive range of digital and digitally-enabled products and services to maintain their client base is another survival strategy companies have adopted. Statistics indicate an acceleration of around seven years in how products are researched, developed, and produced. Offering online and doorstep delivery is also a practical option to encourage sales and stay competitive.
Several sectors like financial services, professional services, healthcare, and pharmaceuticals report an exponential hike in demand compared to consumer packaged goods (CPG). Some excellent examples include developing channel manager apps, digital marketing and SEO services, online coursework, and educational products.
Overcoming Resistance To Change Has Become Critical for Survival
Issues with altering the existing organizational structure and integrating technology have impeded efforts to make changes before the pandemic. The reasons cited included the possibility of clients being disinterested in digitization and the higher risk of data breaches and identity theft. However, top executives not prioritizing the transition or being unwilling to allocate the necessary funding have been the primary reasons.
The pandemic has created an environment where companies must adapt or fail. Implementing the necessary changes becomes critical considering that competitors are opening up to newer and more streamlined operational techniques. It comes down to adapting or going out of business. Catering to customer demand with stress on offerings that comply with the new health and hygiene requirements has necessitated the adoption of digital avenues for conducting business.
Companies Are Offering WFH Options
Companies are now open to raising the costs of hiring trained personnel to run operations and purchasing advanced equipment to serve customers. That includes software and hardware complete with cutting-edge solutions to prevent data breaches and provide secure platforms for conducting transactions and sales. Cutting back on in-office teams and providing work-from-home options seems to be the new normal.
Organizations and the people working in them have recognized the positives of remote working options before the pandemic. From the business perspective, operational costs and overheads are lower while productivity levels are higher. Since the COVID-19 lockdowns, employees are being encouraged to work from home. Some are also provided with the necessary equipment, such as laptops and secure Wi-Fi connections to safeguard intellectual property and company data. Video conferencing and document sharing apps allow teams to coordinate efforts and keep up with their deliverables.
Hiring Remote Teams Is an Economical Work Process
Hiring the services of online freelance contractors to keep the company operational is also the way to go. Several aspects can function with the assistance of a remote notary, accountant, SEO, digital advertising and marketing specialist, bookkeeping, attorney, data analyst, and various others. In the past, executives would take up to 12 months or more to develop and implement remote working solutions, but this timeline has been cut down to as low as a couple of weeks during the pandemic.
Digitization Has Opened New Employment Opportunities.
The demand for digital services and professionals providing those services has led to more people turning to the industry to find jobs. The COVID pandemic has resulted in the loss of an estimated 114 million jobs, with close to $3.7 trillion lost in labor income. Although people are returning to work in 2021, the International Labour Organization predicts that global working hours are unlikely to return to their pre-pandemic numbers.
The workforce must look for other avenues to earn a livelihood, considering that close to 97,966 companies have closed down permanently in the US alone. Digital marketing has emerged as an industry that has the potential to absorb a large section of the newly available talent. As long as they have a computer and a fast and reliable internet connection, any person can train and start working in this sector. Not only are there lots of accredited courses available for professionals wishing to work in the digital sphere, but there are also several websites and social media platforms offering access to jobs and employment.
The New Normal and Digitization Is Here to Stay
The COVID-19 pandemic is permanently altering how companies, consumers, and employees live and work. Experts predict that even after the crises have passed, the reliance on digital avenues for conducting business and working will continue. The protocols and behavior adopted during the pandemic are likely to last, and organizations must evolve to function according to customer demand. Employing digital channels has become indispensable in providing a holistic customer experience and remaining competitive in their respective industries. Organizations may also have to overhaul their long-term visions for business strategies and objectives to accommodate digital integration.
Over time, as digital solutions advance and innovations emerge, companies may have to employ them to deliver more customer-centric products and services. Adopting suitable approaches while experimenting with new technology is critical for survival. From the individual professional’s perspective, digital avenues could prove to be a viable source of primary income or even a side hustle to make some extra money to supplement their earnings.