State of Businesses in the Wake of the Pandemic
Before the COVID-19 hit the world, there were not many business executives that considered working in crisis, cost, or cash flow management. There were other factors such as agility enterprise, workforce resilience, and innovation in various departments that were critical but were not given as much attention as they should have been.
Change is the only constant
It is only after the COVID-19 that business leaders are now expecting to transform and take initiatives. Competition and workforce resilience have significantly increased with the help of a shift in the digital landscape. There is a lot of focus on customer relations and partner opportunities to create a striking effect.
According to a report on IBV Trending Insights based on different surveys conducted by consumers, there was around USD 3.7 trillion of revenue that was collected from April to August 2020. IBM concluded that the results showed a radical shift.
After the pandemic hit the world, business leaders across the world dramatically took initiative. They realized that there was a need for speed and flexibility for this innovation to take place. The old barriers were being brushed under the carpet to unrelenting disruption, evolving customer relations, and a change in the pace of things. They seem more adaptable and accepting of doing things.
According to research done by IBM, there are 5 important epiphanies from different business executives that will help in changing the language of the future business world:
Epiphany 1: Technology was never a real reason for the digital world to transform
It was during the COVID-19 that a lot of people started working on digital platforms. People started rethinking, remaking, and shifting the manufacturing process of doing business. According to different business leaders, however, technology was never the real reason for this transformation that took place in the digital world. It is important for businesses to now compete and accelerate the process.
Epiphany 2: People are an important element for success
No real transformation can take place without the help of humans. It is with the help of Human Resources that businesses will excel shortly. According to an analysis done by IBM, it has been confirmed that an organization’s growth has been found to revolve around its employees and customers. No organization can completely excel by solely relying on technological advancements.
Epiphany 3: Stress has taken over the corporate world
Business executives must define the vision of their organization. However, it has become quite a task in the wake of a pandemic. It is stress that has taken over the corporate world. There were been old fears that have emerged out of the COVID-19 due to which businesses are now suffering.
Epiphany 4: Not everyone can win. There will be some losers and loners as well
If you feel that the pandemic has hit the world in the same manner, you are seriously mistaken. The future of the business world won’t appear to be the same for everyone. There will be some winners, some losers, and some who won’t be either. This means that there won’t be any help for such people. Some renowned economists have described this scenario by calling it the K-shaped consumer environment.
Epiphany 5: Sustainability is the way forward
Before the pandemic hit the world, a lot of people had only thought of sustainability to be revolving around the environment. However, this is not the case. There are other factors also that need to be taken care of. The COVID-19 was a wake-up call for the world. It was a reminder that the health of the environment is the only way forward. These issues were there before as well but business leaders did not pay much attention to them.
Read the full report here: COVID-19 and the future of business | IBM