Top Trending Business Practices Triggered by COVID-19 Pandemic

The year 2020 created a niche for itself in its own way. While for most, it came with loads of heart wrenching surprises, it created permanent void in so many peoples’ lives, snatched away jobs, closed businesses for many and most evidently compelled all of us to rethink, restructure and rebuild for survival. With the onset of 2021, it’s expected that the new year will bring better times. By February, the curve of virus infections seemed to get plateaued in most parts of the world. Just when we all thought, we have left the worst behind and it was safe to move on, we find ourselves not only stuck in this quagmire, but having to combat it all over again.

For more technology insights, follow me @Asamanyakm

As a technology enthusiast and business owner, I have been analyzing the changing status quo induced by the pandemic in the way we live life, carry out our work, and continue to unlearn and relearn. This post is my endeavor to enlighten the leaders and evangelists to organize their businesses in accordance with the latest trends for success and growth even under adverse situations.

Work from Home or Office, does it matter?

As nations went under lockdown due to the pandemic, schools, colleges, institutions, factories, shopping malls, offices, and industries had to shut down temporarily. Those organizations which had advanced infrastructure, managed to switch to virtual mode of operations almost instantly. Educational and training institutions gradually resorted to online classrooms. Others had to face challenges in experimenting and adopting remote work practices. By the mid of 2020 most of the organizations that could manage operations with employees working from home, became functional. With the lockdown partially lifted, malls, hotels, restaurants and even manufacturing units opened with restrictions in place. However, the challenging fact remains that not all jobs can be performed from the security of home even if Government and Corporations invest huge sums of money in infrastructure upgrade.

This initial toggling of workforce and learning lessons from the experience, have set enterprises rethink their business strategies. Many companies released their rental office spaces as employees started working from home, cutting down on infrastructural cost. Several leading IT and ITES based organizations reported employee productivity to have escalated exponentially during this period since the to-and-fro commuting time is eliminated completely. However, those in manufacturing, aviation, hospitality, tourism, retail, to name a few, have found it tough to manage business during lockdown.

The organizations which gained by providing good facilities to the employees to operate from home will surely revamp their workspaces. Some of those who could not manage it well due to lack of readiness to switch workspace, are also taking help of experts in their field and reworking their strategies. Companies who have invested heavily on high-end office infrastructure are calling partial teams to the office so as not to let everything get dilapidated with time. Simultaneously, they are rethinking enhancing facilities for those who can comfortably work from home. Ultimately, it is how you stay atop amidst a crisis, irrespective of where you work from – home or office.

Data as a Reliable Source of Decision Making

Enterprise databases are inundated with large volumes of data streaming into the organization every second. Businesses working on data democratization, data protection, data privacy, analytics, and security along with easy accessibility are successful in understanding their customers better as well as empowered for better decision making, which gives them an edge over their competition. Technology leaders like Google, Amazon and Microsoft are offering cloud platforms for data-oriented solutions that enable organizations to draw deeper insights from their corporate data.

Over the last few years there has been a sharp rise in organizations turning towards ramping up data literacy internally to make enterprise data processing, storage, retrieval, analysis, security, and protection more beneficial. Corporate leaders are realizing the importance of data and the pivotal role it has when it is the question of making appropriate decisions. With the second wave of the pandemic tightening its grip, nations are reaching out to data experts and analysts for help in effective processing of the real time data, which is the need of the hour.

Reorientation of Business Model

The coronavirus pandemic completely catapulted normal life and pushed certain industries to the brink. Since bad experience teaches better, most leaders are now considering flexibility as a core part of their business model. The businesses which managed to sail through and are thriving at present are those which were early adopters of inevitable changes imposed by the pandemic. Many restaurants and clubs resorted to home delivery of food and drinks making online order placement facilities available for customers. Many players in the chemical industry switched to hand sanitizer production to stay in business. Several small-scale businesses benefited by starting mask manufacturing and supply. With the second wave of infections triggering severe oxygen shortage in India, more companies are getting into manufacturing of oxygen concentrators, and oximeters, factories are reviving oxygen producing units, so as to increase production of oxygen cylinders and several others are struggling to overcome the challenges in healthcare infrastructure, logistics and supply chain.

And how can we not talk about the education industry? Every school, college, university, and institute across the globe had to redefine their best practices to switch gears for virtual classrooms. School children who were prohibited from carrying mobile phones, had no option but to get hold of a smartphone if they could not afford a personal computer or laptop. Some institutes were quick to implement Google Classroom, Microsoft Teams and even Zoom, while others managed with WhatsApp initially before they too could embrace better platforms for regular online classes inclusive of Music, Dance, PT, and other cultural programs, not restricting themselves to only the studies curriculum.

If you take a close look, you will notice the transformation that the business models are undergoing to cut out the ripple effect of the pandemic. Thought leaders and analysts believe that this year will not only see massive changes in consumer behavior that started setting in as early as 2020, but also there will be several changes in market trends which will enforce reorientation of business models for at least next five years.

Digital Revolution – People or Tech?

Last five years witnessed a sharp rise in evolving technologies like Artificial Intelligence, Machine Learning, Neural Networks, Robotics, Augmented Reality, Virtual Reality, Extended Reality, Mixed Reality, Deep Learning, Reinforcement Learning, to name a few. All these technologies have helped in replacing - operational work involving humans - with machines, chatbots and virtual assistants.

The pandemic has been an active catalyst in making digital revolution - one of the topmost business trends. However, we should not be mistaken here. Digital revolution is not about technology, rather it is about people. The leading IT as well as business professionals are in the process of re-training their workforce to get aligned with the need of the hour. With sudden upsurge in the second wave of COVID-19 cases, remote working is going to continue, which necessitates the Internet to remain open with Global Regulations. But it is easier said than done. Surveys and analysis show that the potential for remote work is concentrated among highly skilled, highly educated workers in a handful of industries, occupations, and geographies because certain jobs simply cannot be performed remotely or without manual intervention or human interaction.

With the second wave of pandemic proving catastrophic in India, businesses will continue to evaluate their processes to ensure they bring in more automation in areas where humans are not able to utilize their true worth, so that people can focus more on jobs that require cognitive capabilities and critical thinking, leaving the mundane repetitive tasks for machines, robots, bots, and smart assistants. Use of autonomous vehicles for logistics and supply chain, robots for food delivery, routine help in surgical procedures, ticketing system, smart assistants for initial resume screening, scheduling interviews, customer support and services, are some of the examples of the transformation brought about through digital revolution in various fields. The trend to analyze which areas of a job currently owned by a professional like lawyer, doctor, nurse, lab technician, scientist - can be displaced by a smart system, robot, or automated interface - will continue as we see more professionals getting freed up for work that require more of human intelligence and mindful thought for appropriate planning and execution.

Decentralization of Finance

The waves of COVID-19 have been constantly creating dents in the global economy and shaking up the capital markets. It is posing challenges for entrepreneurs and businesses that need capital to start new ventures or to expand geographic boundaries. Physical events have taken a back seat, but few organizations have been significantly successful using online events to create brand awareness, getting new business contacts, prospects and even in raising funds.

A business trend that is picking up in helping companies raise capital is crowdfunding, which is comparatively simpler for parties involved - the crowdfunding company as well as the borrower - that gives it an edge over other traditional finance instruments. Another big trend is seen as Decentralized Finance (popularly known as DeFi) that uses blockchain technology and does not rely on central financial intermediaries such as brokerages, exchanges, or banks to offer traditional financial mechanisms. Instead, it utilizes smart contracts on blockchains that include digital signatures, distributed (peer-to-peer) networks, and encryption or cryptography methods, among others linking the records or blocks of the ledger, the most used being Argent Wallet, Brave, Burner Wallet, Coinbase Wallet, Trust Wallet, to name a few.

Virtual Experience

The repeated restrictions imposed by the pandemic have reduced walk-in customers for retail stores. People are forced to commemorate birthdays, anniversaries, marriages and other occasions with friends and relatives in virtual mode. Whether you purchase essentials for yourself or want to gift your loved ones, online is the preferred and in some cases – the only option available. Even automobile manufacturers like Mercedes are offering help online to troubleshoot any problems reported in customer vehicles.

Companies are making the most of advanced technologies such as augmented reality, virtual reality, and mixed reality to deliver some of the services in digital forms. To enhance sales of their products or services, businesses are embracing technology to virtually offer the feel of trial run. Industries such as real estate, automobile, beauty and cosmetics, fashion, to name a few, are already experiencing a sharp trend in this area over the last one year which will continue to keep growing. 

Preference of Local over Global

To increase top revenue as well as make profits, businesses aim to expand their horizons by selling their products and services to the international market. Also, several businesses depend upon the international market to source quality raw materials. However, this pandemic not only disrupted the global supply chains, but it also changed the status quo of international business dynamics. Lack or breach of trust between certain countries also added to the list of issues.

Now the bigger international players are seeing higher value in local resources. Many have come forward to invest money locally, thereby eliminating dependencies on the governing international trade policies and regulations. This is encouraging the smaller and medium businesses also to depend on home grown sources with minimal budget for sustenance. Though a lot depends upon the support provided by the Government to the local vendors for manufacturing and selling of commodities, the trend is already appealing for environmental suitability. In this global economic crisis where everyone is affected directly or indirectly, analysts believe more companies are going to switch operations with local flavor at the core of their business strategies.  

Social Media Presence

The restrictions imposed by the waves of COVID-19 have made it imperative for brands to have a strong foothold across social media platforms. Even if shopping malls and retail stores operate based on local norms and regulations during the pandemic, the walk-in crowd is at the lowest level ever. Most of the products and services are availed by customers from the secured comfort of homes. Companies have realized the importance of creating authentic brand value by engaging with the targeted consumers through social media. This trend is peaking with the second wave disrupting life to the maximum. In days to come, more brands will make the shift to build stronger social media presence through captivating conversations driven by experts and influencers in respective industries.

Grounded Vision and Purpose

The pandemic has given everyone ample time to think through about their own purpose in life. The trend observed in, especially the younger generation, is to work for meaningful purposes either for themselves or for organizations with more grounded, clear, and well-defined vision. With more jobs allowing professionals to work from anywhere, the fresh university graduates and postgraduates entering the workforce are inclined to take up a part time engagement as a hobby or even a side job that allows them to follow passion as well as extra income. The post covid era will witness many companies struggling to attract talent and customers if they do not focus on purposeful work.

Long Term Sustenance

One of the toughest lessons learnt in these months of pandemic is that several practices need to be restructured and reframed for a better sustainable future. Organizations across the globe are relooking at environmental and social responsibility - rethinking operations, environmental impact, and their products as well as how their products and/or services are being used - as part of a long-term sustenance plan. Companies which are working on effective integration of Environment, Social and Governance programs as well as best practices across their distributed operations will be the ones paving the path for massive consistent growth sustainable through the tests of time.

The trend in forward thinking business leaders and enterprises is to commit towards making a positive impact on not only the planet, but on people and their lives by minimizing their carbon as well as water footprint. Though the future seems as uncertain as life itself, every human being will need to traverse the trajectory with conviction strong enough to defeat the coronavirus and live in a healthier environment. 

For more technology insights, follow me @Asamanyakm