The world exists on adaptability. Be it the existence of a species, being or business. We know it since the K-T event that extinct dinosaurs, the great depression, the crash of wall street and now the Covid 19 pandemic. The pace of life entirely depends on how well you adapt to the change around you. Similarly, it is time for the businesses to revamp their mode of operation, restructure their administration with the help of a business advisor, and remodel their structure. Thus, the essentiality of the role of a business consultant is pressing more than ever before.
The business advisor and consultant forecast the upcoming trends in the paradigm lay down a path for acclimatization, and plan future courses post upheaval. While a business advisor is responsible for planning and executing business strategy and attains a leadership position while working with the business for a long time, the business consultant is crisis specific and works on a short term basis. However, in the present condition, both have had an enormous and crucial role in predicting favourable patterns and trends for businesses across the world, which will ensure that a unit not only survives but thrives in the post-pandemic era.
This is the very reason why enterprises have an effective crisis management unit that can foretell the tides of the noticeable change and leverage it for their establishment.
However, small, medium and young business entities cannot employ a well-defined crisis management branch and, hence, are frequently unable to accommodate the changing times, weakening their operation. Therefore, it can be deduced that watching out for the upcoming trends in the business realm, post-pandemic is vital for every business establishment in the market. Keeping that in mind, we compile the major prima facie upcoming trends in the business post-Covid-19:
We have seen more digital innovation in the last six months than we have seen in ten years, the reason being the outbreak of the contagious disease limiting everyone in their house. Business administrations and operations have had to leap the digital platform, leaving their rudimentary ways. Sectors such as education, healthcare, and retail services have flipped to digital functioning quickly and for good. E-commerce such as e-grocery, shopping and entertainment has increased in leaps and bounds, marking an incremental rise around 2-5 times of its pre-pandemic condition.
People have made themselves comfortable working at home; hence the work from home fervour is here to stay. Business spectators see it as a much-needed change since it cuts the cost of ‘in-office operations’, travel, support labour, and other fixed expenses on the business front. Hence, it has proven to be more economically sustainable. Blending their home with their workspace, people have invested more in the house, equipping it with amenities and luxuries to provide the optimal comfort to work efficiently even at home. Therefore businesses that deal with such household services and products can make hay while the sun shines.
It can not be emphasised enough how much to add to his sector’s skill profile will evolve in the upcoming phase. The insurance sector will undergo drastic remodelling of what they perceive as contingencies to health. Employers will have to walk the extra mile to ensure their employees’ mental well-being is apt in isolation and social distancing situations. Health consultation services will have to grow more widespread, and more medical practitioners will have to be accessible on the digital platform. Even robustly mechanized nations such as the United States, United Kingdom, France have seen the turmoil of lack of readily available medical infrastructure and automation which can support in the times of an outbreak.
The Banking sector has done by far the best in the trying times of the coronavirus because of them being in the tandem of digital operation. However, with the economy getting hit with the recurring waves of the viral outbreak, people losing both their livelihood and bread earners, this industry will have to go all the way out lending money for small establishments, on low collateral or maybe without it, with relaxation and minimal interest. This will also open a gateway for businesses to take advantage of such financial support by the banks. It will further be piloted by the creation of cryptocurrency, with fiat money’s value getting altered in the whirlwind of a recession coming in the global economy.
Even though online education systems exist, they have received a notable boost ever since educational institutions closed the gates and the pedagogy went online. This has called for teaching professionals to get acquainted with web resources from digital libraries, platforms and modes of assessment. And although the general mass will not stick to this once, situations get better. Currently, institutions must innovate ways to propel the race of online education, which multiple tutoring organizations hurdle. It has allowed the students to receive knowledge and reliable certifications from numerous institutions worldwide to add to their skill profile from the comfort of their room.
Since employers have tasted the virtues of working from home and observed it to be more equitable, there is no going back. This has enticed every other web development company to develop web tools to host meetings, conferences and training online. Today Google Meet, Zoom, Microsoft teams, Cisco Webex, Discord and many more have become instrumental in every business firm and household. Moreover, they have set an example for other companies to innovate different work from home services and products that expand data collection, such as timing and employee logging in and out for work, tracking work computer usage, recording both productivities, and employee engagement. This trend will not die anytime soon.
Since the previous decade, China became the leader in harbouring global supply, but then it became the eye of the Covid-19 viral storm. The world’s second-largest economy went off the grid and closed all its external logistics. Hence, leaving no choice to global giants like Apple, Walmart, AT&T and several others to reconstruct their supply chains and assembly lines in other countries. The MNCs will have to format their production lines in other countries which are hospitable to their trade and operations, bringing in new tariff arrangements and changes in the trade channels across the world. This gives countries a handsome opportunity much-needed to host a conducive environment and SEZs to engage such establishments, especially developing ones.
Firms succumbing to the cost of business and deterioration of incentives have taken a route to hire employees based on contingency instead of full-time employment. This respites them from a fixed expense incurred on human resources, brings more workforce flexibility, and cuts down laxity in the employee base.
Today the internet and ease of communication is the fundamental necessity of individuals. Hence, it leaves room for the telecom and communication sector to innovate varied offers and diversify their network base so that the internet is accessible to all at a cheaper rate, specifically for the lower-income generation. Even the State has a pivotal role to play in this, to ensure that every association, establishment, and individual is represented on the platform at the juncture where the world is connected only on the digital platform.
Henceforth, business institutions must be cautious of the emerging trends in the business sector, such as analyzing the target market from time to time, having a solid digital presence as per their audience, and customising their performance accordingly and continuing to progress. Failure to do so will not only stifle their growth but might completely dissolve them from subsistence.
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