A Perspective Into a World Beyond COVID-19
As the industries worldwide suffer through months of a systemic business and economic shutdown, it reflects the harsh reality of the impact a pandemic like COVID-19 can have on our national and global economy, on top of the already devastating effects on public health. It also shows us a glimpse of what the world is going to look like after this life-altering turn of events. Those people who think that business will resume under the same rules and conventions from before COVID-19 are not reading the social and emotional cues that have emerged over the past few months. It is critical to recognize that we are stepping into an entirely different operational and technology landscape which presents a great opportunity to rebound and thrive in the new world of personal safety and social norms.
Stock markets recorded their worst quarter in 30 years and economic activity has dropped to unprecedentedly low levels. Businesses are seeing their revenues fall by 80% in a weeks’ time. Without a doubt, this crisis is affecting the entire spectrum of industries across the world. As many say, there is no returning to ‘normal’… we are stepping into a ‘new normal’ post COVID-19.
But if there is a positive takeaway from the COVID-19 crisis, it is that companies are compelled to rethink the way they do business. For instance, the tech industry has exerted plenty of efforts to help communities adopt technology to resolve some of the issues brought about by the COVID-19 pandemic. In a way, this is a form of technological enablement that makes it possible for a business entity to continue its operations amidst this global crisis. For sure, the world will look different post COVID-19 and so will international business models.
A reputable global survey of business leaders has identified the qualities of future business models to be more mobile, cloud-enabled, and equipped with a more flexible workforce. Nonetheless, there is actually an implementation gap between what business leaders focused on enhancing over the next year versus what they needed to focus on in order to create more robust business models for the new decade. But then there is the curveball of the COVID-19 pandemic, forcing businesses to shift their focus, consequently leading them towards the adoption of more flexible, mobile, and cloud-enabled models, putting great emphasis on business continuity and scalability.
Banks have seen a surge in online transactions during this crisis and surely, most customers now appreciate the convenience of transacting from their mobile phones. Before the pandemic, there has been a steady rise in e-commerce mostly for non-edible goods. During the pandemic, grocery chains have been forced to resort to technology to accommodate their customers. Recent surveys show that a portion of these customers see themselves continuing to use online technology even after the crisis.
While it seemed that businesses have fully understood and explored every facet of e-commerce, the COVID-19 pandemic has proven otherwise by heavily challenging the systems like never before. Businesses without online options faced financial downturn, and those equipped with some capabilities tried to boost their offerings. After COVID-19, businesses that seek to remain competitive will figure out ways to have online services even if they maintain brick-and-mortar facilities, and in turn, the logistics and delivery service providers need to improve their service to accommodate unexpected surges in demand.
It was not long ago when we were impressed by touchscreens and all the wonders they enabled us to do. But the COVID-19 crisis has made most of us realize that every touchable surface can be a conduit for transmitting the disease. Prior to the COVID-19 pandemic, we’ve seen an assortment of contactless payment options via mobile devices. However, with the increase in people becoming cautious as to what they touch, contactless payment options for the availed goods and services is expected to gain traction.
Regardless of industry, the global shortage of supplies poses a real challenge to business operations. With the disruption of supply chains over the past few months—from manufacturing and importation of goods and supplies from abroad, to timely and reliable delivery of goods to customers—many companies are tapping into product reserves as they look to secure supplementary sources for their supplies. In many cases, businesses are exerting concerted efforts to bring their operations closer to the domestic market through the local sourcing of raw materials and services.
The COVID-19 pandemic compelled the majority of the workforce to adapt to a work-from-home arrangement, sometimes even in isolated working environments. By forcing our hand to find digital solutions to keep meetings and other business activities to progress under the shelter of our homes, it allowed many of us to recognize the possibilities for continuing some of these practices in the post-COVID-19 setting. Many people came to realize and accept the fact that traveling for a business meeting isn’t always essential, and that video calls for all sorts of meetings can be equally effective as face-to-face physical meetings.
Summing it up, the COVID-19 pandemic has started a revolution on how multinational companies will approach their business model moving forward into their day-to-day operations. It has forced businesses to adapt in how they operate and manage their workforce while adhering to governmental policies and responding to the needs not only of their customers but also their employees. This pandemic has driven all of us to innovate and change the way we work and live. Looking at the bright side, we can expect that individuals and corporations will be stronger and more resilient in a world beyond COVID-19.
How can SVI help you transition into the new normal?
First, companies have to look into how they can recover financially. One way to do this is to minimize overhead and fixed costs and make costs variable to the size of your operations. SVI has various solutions and services that are offered on a subscription basis or a per-transaction basis – you only pay for what you use. We grow when you grow, so rest assured that we will always do our work in the best of your interest.
Second, companies need to adapt and make technological advances and increase operational efficiency. This is where digitization and automation of services come in. SVI’s solutions and services are geared for business continuity and scalability, while ensuring that processes are done efficiently and accurately.
Lastly, companies need to achieve greater cost-efficiency. By outsourcing business processes to SVI, companies can produce more in a shorter amount of time and with the guarantee of business continuity amidst unexpected circumstances. Companies also lessen overhead and fixed costs involved in maintaining workspaces, fixtures, utilities, and manpower.
For over 30 years, SVI has been delivering customer and people-centric experiences, combining insight-driven business intelligence, technology, and business process domain expertise to facilitate change and deliver results. When done right, technological advancements and business process outsourcing engagements can provide unparalleled value to your customers. Unlock value through a collaboration that is simplified and friction-free. Together, we make life easier.