Workforce is absorbing the brunt of economic blow. We need to do more in the society.
6 months into COVID and now businesses need to act and not react.
All businesses have set up remote operations, have reorganised supply chains. The aim of companies is to build in the longer term.
Making a comeback in the business and as same in life, is a muscle that needs to be exercised and not a plan that needs to be executed once in blue moon winter.
The next phase is challenging, on how companies relate to their government and how they address environmental issues.
Businesses across the world have faced disruption at a speed and scale, which is unprecedented in the modern era. The first step, is to think on making the employees return to their workplace. Not everyone is sure about COVID and the virus’s behaviour in the workplace and the executives are finding it difficult to write return plans on this.
Online shopping has expanded to 60% in some categories. The present workforce is absorbing the brunt of the economic blow. There has been a huge shift in using digital goods and services and specifically in banking companies, the retail consumers prefer to use mobile banking services more than visiting a branch.
Demand planning is extremely challenging for all the companies now. The nerves will be tested for the companies to come by, in these months. Their main focus has to be on forces in the consumer market and executives should plan on how their own categories will be affected. Then comes brand loyalty — how consumers will buy your digital goods and services compared to the offline space.
The excessive data collected may help in reopening the location of retails spots and improving the digital experience. The sales guys need virtual training, mentoring and other levers. There is no handbook of effective sales in this pandemic. Contactless customer experiences need to be built by customers, which lies on basic IT architecture.
2 teams will need to pump up more work:
Delivery Team — new product launches, new business models or M&A
Data Platform — Covering public health agencies, policy announcements of government and economic indicators of the society.
The reward after all comes through RESILIENCE. Today business investors are asking companies if their business partners can truly deliver in extreme circumstances in the coming few years? Please do not out rightly say YES, put down your logical clauses with the investors.
