How Does the “New Normal” Look Like for Businesses

As we face one of the biggest crises ever, the Coronavirus pandemic, the business world is evolving to adapt to the on-going changes. The pandemic has been a life-changing event to both individuals and corporates and its aftermath will be completely different from the pre-COVID world. To thrive in this new reality, companies need to rethink how business gets done, its response to business resiliency and to be agile in a rapidly evolving business environment.

The “new normal” requires a new mind-set. It involves a move from your comfort zones and challenging your traditional ways. The businesses that most aggressively adapt and extend new ways of operating will turn this crisis to their advantage. Below, we have identified some of the characteristics of the “new normal”.

a)      A dispersed productive workforce

There is a likelihood of companies permanently adapting to remote working. A case in point Twitter and Square announced that many of their employees will permanently work from home and other companies are also following their lead. In the new era, companies will reinvent their concept of organizational structure and transition to more virtual workspaces. We expect the following;

• A new operational model based on higher flexibility and more agile and remote ways of working;

• A corporate culture that is more connected internally  and externally and where analysis of collaboration can provide valuable data;

• An alignment of business goals to the new cultural standard and employee expectations; and

• Data-driven methods and analysis to get deeper insights into new learning patterns, employee sentiments etc.

Organizations that want to succeed must offer flexible work options wherever possible, and that means changing perceptions of the traditional work schedule.

b)      Digital optimisation and transformation

In the “new normal” there will be more people working from home and fewer face-to-face meetings. Companies will need to prioritize more on digital solutions and services to deal with the changing face of the workplace. Collaboration tools, cloud computing, and automation will become increasingly important in boosting productivity and efficiency. These technologies will provide the speed, agility and resilience something companies need to return to growth.

Exponential technologies will play a leading role in digital transformation, allowing businesses to gain a competitive edge, improving not only operational resilience but enabling flexibility in a new reality characterized by rapidly changing market dynamics.  

c)       Transformed supply chains

Building supply chain resilience shall continue to remain as a core need for organizations to operate and ensure growth. There has been an undeniable push for resilience from the disruptions caused by the pandemic, but the impact for the same will be long-lived. In the “new normal” we are likely to see;

• Many companies reconsidering their outsourcing strategies with some outsourcing more and others outsourcing less. One area that will receive greater consideration for outsourcing is services. Most companies will opt to outsource services such as distribution, procurement, logistics, planning among others to firms that are industry expert in these areas;

• Many companies are looking to establish multiple sources across every aspect of their supply chain to ensure that disruption in any one connection can never disrupt their operations;

• Companies investing more in automation to reduce their dependency on human operators;

• Companies investing in e-commerce business solution to survive further disruptions; and

• Companies will put in place Disaster Recovery Plans that would help in reducing interruptions in the aftermath of a disaster.

d)      Transformed customer engagement strategies

Consumer behaviour has changed radically in response to COVID-19. Companies must rethink how and where they connect with consumers. Creating a positive customer experience is imperative to survive and meet rising consumer expectations. In the past months, we have seen an increase in online shopping, adoption of brand apps, usage of digital payments and reduced in-person customer interactions. In the “new normal” we are likely to see more humanized digital interactions.

CONCLUSION

Change drives new attitude and behaviours, new ideas and solutions. The lessons of the past few months are as valuable as they were agonizing. It is time to turn these lessons into the business and operating models for the future.

ABOUT THE AUTHOR