COVID-19 : INVENTION AND REMODELLING KEY TO BUSINESS SURVIVAL
and networks will reshape our world , defining the way we work , live and socialise . Since the lockdown there ’ s been an increase telepresence surge in people using cloud platforms and SaaS providers to work from home .
Robot manufacturers have seized the opportunity to showcase their bot ’ s abilities during this crisis , especially in hospitals or other facilities where patients are quarantined .
The use of AI and robotics is accelerating . It holds a lot of promises but at the same time challenges as these technologies will replace many work activities currently done by humans . Fortunately , the transition will not be abrupt , but a gradual process , differing from industry to industry , country to country .
Nonetheless , digital solutions need to be developed quickly , and organizations and stakeholders must get out of their comfort zone , reskill , adapt to new operating models .
Digitization and automation need to be accelerated in areas of supply chain , back-office functions , procurement , and route to market . All of this will have a major impact on earnings .
Because China is a major producer for various products , as well as a supplier of components and raw materials for multiple industries , when it went into a lockdown some 5 million companies globally were affected . This coupled with the US-China trade war has made companies and governments realise how overly dependent and vulnerable they were .
Supply chain managers had traditionally focused on cost , quality and delivery . There are not wrong to do so . However equally important now is paying attention to resilience , re-configurability , and responsiveness .
Moving forward businesses need to conduct a rigorous review of their supply chain , map it out – 1st , 2nd , 3rd tier , supplier ’ s own source , logistics etc . They must switch from an operational supply chain to building a resilient supply chain that is smart and flexible , reconfigure their supply chain exposure , plan for diversification . This may mean working less with traditional suppliers , a diminished negotiating power , increase shipping cost , etc . Unfortunately , in the short term this cost may be passed on to consumers in the form of higher prices but in the long run everyone benefits .
Organizations need to analyse consumer demands in real time and deliver solutions . To win back client ’ s marketers must leverage analytics to design online marketing campaigns and communication channels that are immersive , engaging and social .
Big data analyses are increasingly being used in decision making in the various sectors . Sales channels will be more digitalised , pricing , marketing and promotions adjusted based on data .
Life streaming will grow bigger and faster . A wide range of products are sold via this platform , from food , cloths , daily necessities to houses , cars and cosmetics to electronic devices , pets , construction services and events . It has help retailers broaden their sales channel . There will also be increased advertising spending via streaming and a decrease in outdoor ad spending .
According to iiMedia Research , sales via China ’ s live streaming platforms is estimated to hit US $ 130 billion this year , accounting for 8.7 per cent of online retail sales , users of live streaming within China would reach 526 million .
Many of our assumptions of in-person services with physical locations have been challenged during this pandemic . Digital medicine tools are showing their usefulness to patients and medical practitioners in this pandemic . Instead of booking an appointment with a doctor , patients now have multiple options at their disposal whether it ’ s to get advice via a chatbot or to message a nurse or doctor .
From remote working , video conference calls , e-learning for children , telemedicine , esports , to sales and workouts via streaming , food and alcohol delivery , lots of things have changed and postpandemic some of these habits are likely to stay .
Organizations grappling with integrating technology in their business need to adapt to the modern age . The future is now , not 6 months or a year or 2 away . The possibilities are infinite .
According to an Econsultancy and Marketing Week ’ s “ Covid-19 Business Impact Survey ” - 60 % of large global organisations ( with annual revenues of over US $ 60 million ) have identified new processes that they might use post-outbreak . Significant numbers of respondents said they had also observed new ways of working which could be used post-outbreak ( 82 %), innovations in marketing messaging / branding ( 49 %) and innovations in products and services ( 47 %).
Will this be a prolonged recession , or are we entering a depression ? Will there be a second wave of the virus hitting our shores in fall ?
The unknowns are many , the economic recovery will surely be slow . But for sure consumer shopping habits will change , and businesses needs to adapt .
Shaun Jayaratnam is a sales and marketing , business development and operations management professional with over 25 years of experience in several industries He has worked in Russia , Ukraine , Africa and Asia . Connect with him on Linkedin .
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