Organizations of all sizes are experiencing trying times, putting their character into the test. The current situation of COVID 19 has compelled them to rethink their strategies for sustainability and growth. We are examining four variables that organizations have to consider while surviving through the Pandemic and post-pandemic setting.
Things to Get Right Before the Next Pandemic
Infrastructure
Businesses need to realize that Infrastructure will become the central pillar for the recovery built environment. Professionals will play a critical role in advancing digitization, resilience, and sustainability. The bottom line is to provide reliable tools through which governments, investors, and infrastructure clients can make responsible decisions. Professionals must press for improved access and application of quality indicators and data. There will be a need to focus more than just a technical aspect of the design. Businesses need to understand that there may not be a consistent life cycle approach when it comes down to project inclusivity. Professionals need to be aware of environmental and social issues. The realization of an eco-friendly infrastructure will not be even as the maturity levels of regions will be different.
There is a possibility of a global ‘new deal’ in Infrastructure arising from the current crisis. It can take numerous forms right from cross-jurisdictional regional programs in Africa to regulate regulatory banking capital requirements.
Resources
During the lockdown, depending on the industry’s nature, there will be products without demand, and there will be products that will be sold out. As and when the business reopens, there will be an odd assortment of stock at their disposition. Hence, distributors and manufacturers will need to make strategic decisions around cost deviations such that they can write off items that are having low demands until the Pandemic’s effect on the system is smoothed out.
On the other hand, when demand for products rises, it is most likely to be unevenly distributed when the market plays catch-up. It will result in the stock depletion of some products, while others will be mostly untouched. It is essential for businesses to anticipate negative and positive inventories and takes the necessary steps against this future scenario. It is recommended to undertake a thorough examination of current inventory levels coupled with demand post-pandemic projection. Planning will help businesses in the implementation of incentive programs for slow-moving items and allocate scarce resources.
Virtual Services
Our lives have been radically changed since the COVID 19 pandemic. It has driven us indoors, and organizations need to reshape their offerings around our fundamentally changed lives. The first step in this regard could be the humanization of how people connect with businesses online. Yes, digital communication technologies have witnessed a sea of changes with the emergence of virtual assistants and chatbots. Yet it falls short of rendering the human touch in digital interaction. This may well be the right time to upgrade to a digital human.
The problem lies in the fact that an average virtual assistant or a chatbot cannot establish an emotional connection with the users. However, it is vital to rewarding communication, brand loyalty, and engagement. Digital tools are still falling short of addressing the non-verbal aspects of communication, like body language and facial expression. The good news is technology has been developed to emulate the non-verbal elements of communication too. There has been the emergence of digital humans who can correctly deliver appropriate non-verbal responses backed by artificial intelligence. They can provide empathy, although the client knows very well that they are talking to a computer. However, digital humans’ tone and expression will give the feeling of being genuinely heard and emotionally connected.
Web Technologies to opt for
Over the past few months, it has been noticed that capital markets have emerged as a medium for earning higher interest in the long-term. Some businesses have optimally utilized web technologies, and the broking industry is not an exception. Renowned broking houses like Zerodha, IIFL, and Angel Broking have reported a steady rise in the number of clients as investors have resolved to make the most of stock markets while they are confined indoors.
As people worldwide are confined homes, businesses may still capitalize on the internet to enhance their customers’ reach. Digital marketing services pave the way to reach millions of customers all over the world. Online retailers can make the best use of mobile apps and websites to multiply their profits during the Pandemic and post-pandemic.
Conclusion
The Pandemic has created a setting where only the best enterprises with an insight into the future will survive. Businesses have to make the best use of technological Infrastructure when it comes to allocating resources, utilizing SEO services, and the choice of web technology to grow and thrive post-pandemic. The variables discussed in this writing holds the key for organizations to merge strong out of the Pandemic.