Strategies for Businesses to Survive the Post-COVID Challenges

Since 2020, inconsistencies have become a regular feature for businesses globally. Even though in the Post-COVID times, the industry is preparing to open up again in full swing and get back to some level of normalcy, it is still unclear if the pandemic conditions are going away any time soon. On the brighter side, businesses have become well versed with pandemic implied difficulties and survival mechanisms for future scenarios. The business models of the past are becoming obsolete for the future. The specific strategies below can help companies to prepare for the better or worse:

In 2020, many companies had to close down their onsite operations and make a swift move to the cloud. However, instead of choosing one cloud provider, it is advisable to diversify the cloud adoption and go for a Multicloud approach. Apart from the regular benefits, like innovation, expansion and cost-savings, Multicloud mitigates the drawback of ‘Vendor Lock-in’ – the perennial IT problem of being so dependent on a vendor that the costs of moving elsewhere are restricted.

With Multicloud, companies can cherry-pick the services and applications that are best suited to their business. It also gives the customer a fair chance to better negotiate when it comes to costs and contracts. Also, in a Multicloud environment, if one vendor suffers an outage, it is reassuring to know about the other options for business recovery and continuity.

The pandemic has brought massive changes to the economic landscape, which requires companies to adopt new approaches for mobilising their existing talent base. All business models and operations are being reimagined and reinvented in post-COVID times.

Hence, to build a resilient workforce, existing employees must be trained to adapt to the changes. It will not just help employees become better skilled and stay relevant in their jobs, but it will also create a sense of balance in the talent demand and supply gap.

The pandemic forced many organizations to accelerate processes and be more agile. Now the goal is to maintain the same pace by nurturing it from inside the organization. This will happen by investing in new collaboration technologies. With everyone going pro-digital, there will be a natural demand for the speedy delivery in communication and services.

Also, to retain employees for long, companies must bring a sense of purpose to the business. A McKinsey report states that companies with a strong sense of purpose outperform those that lack one. The overall purpose also helps companies recognise emerging opportunities and connect with their customers. This, too, should therefore be seen as a priority and a source of competitive advantage.

Data is the direct output of digital solutions. Incorporating data analysis and creating new models to enable real-time decision making is the way to go ahead in the future. After the 2008 financial crisis, many risk and financial models had to be rebuilt.

Similarly, in the post-COVID-19 era, the use of data and analytics will need to be recalibrated. New data models must be enhanced and validated to enable companies to address demand forecasting, asset management, and coping with massive new volumes of data.

Digital transformation is not just critical, but the natural progression for businesses to navigate future times. The above mentioned strategic directions, among many others, will help companies to sustain and support their customers and stakeholders in a better way during these unprecedented times.

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