When 2020 thought to be “the year” for many of us. However, it was a huge train wreck with COVID-19 pandemic. It was evident that none of us was prepared for it and despite the crisis management and emergency response plans of businesses, they had to improvise by making rapid decisions with incomplete information. After almost a year in lockdown, the business world slowly awakens from this forever nightmare with the following changes
The Needed Shift
The businesses that held back from establishing their presence in the global market had to face the lack of important supplies for their business and declined sales. The first decision that was made by many companies was to improve the operational agility. The centralized operations have been diversified to create a global presence in the foreign markets. The businesses sensed and responded to the crisis. They started to embrace the uncertainties with a forward-looking prediction by bringing in the embedded risk management culture. This was a major shift from the traditional experience-based process compliance-driven backwards-looking review. They have started implementing multiple technologies into their industries to bring in the needed shift.
Increased Use of Automation and AI
With lesser manpower, companies still had to continue their operations. The automation process, artificial intelligence and their algorithms favoured them in a significant way. The COVID-19 pandemic has accelerated digital transformation at 59% of surveyed organizations indicating that businesses have radically shifted by increasing the use of automation and AI. Executives now trust the technology and what a significant role it plays in improving the businesses. They broadly embrace the change with the perspective of newfound opportunities.
Leadership and Flexible Work Environment
Before the pandemic, few organizations hardly embraced remote working with a fear that there would be a plunge in productivity. But employees exceeded the expectations of the company with increased productivity when they work on flexible hours. Many have realized about the pros of remote working and enabled their teams with benefits helping them to contribute their fullest. Employees have also acknowledged the organization’s efforts and achieved better results. The managers played a crucial role to check on their employee’s health and safety as well as track the productivity progress of the projects. This could be used in the post-COVID world since it created a positive impact on the employees. There will be an improved leadership and job satisfaction.
The following sectors found their strong ground and triumphed in their business models.
The online courses, tutoring, exams became a necessity for every student when schools and colleges couldn’t function. The alternative teaching in every country turned to digital platforms for keeping up with their academics. Many AI applications in education found their fruitful time to be the year 2020 by assisting students and teachers with their distinctive attributes through conventional teaching and learning. They can conduct online sessions, timed tests, report generations and evaluations fulfilling the norms of social distancing.
By the month of May 2020, E-commerce hit rock bottom in their sales, but it was saved by its quick wit. They started exploring ways that can contribute positively to the situation. They brought in the products that were hugely prioritized by the consumers. Every retail outlet created its own digital platform to sell their product or used third-party e-commerce platforms. The new normal helped the E-commerce and delivery-based sectors to boom at large with their safe and no contact deliveries for essential and non-essential products. The advent of the technological revolution and interface management systems, lead the industry on a growth trajectory. But the pandemic acted as a catalyst by bringing in consumers who once refrained from shopping online. This digital transformation in the retail industry gained its momentum to thrive through the pandemic.
It was harder for physicians to treat their patients remotely due to the pandemic. But the healthcare platforms paved the way for doctors and patients to connect online and have remote consultations by creating appointments, prescribing medicines with home delivery options and having tests done right at the doorstep of a patient’s house. The utilization of artificial intelligence in healthcare applications increased to a great extent helping both the doctors and the patients with an opportunity to stay safe and healthy. They further reduced the patient footfalls in hospitals favouring the physicians to concentrate on COVID-19 wards than the OPD.
Even amidst the rein of chaos due to COVID-19, we are still gazing at the silver lining it brought into many businesses. Their engagement in technologies like AI in healthcare, blockchain in finance, IoT, and data analytics contributed to their success. The above-mentioned industries and many more will emerge into better ranks if the chances are well utilized.