Businesses can leverage technology to quickly improve operating and capital expense transparency, helping them survive and thrive in post-pandemic business landscapes.
Companies can identify growth opportunities, revamp their business models and reallocate capital dynamically to take advantage of demand shifts in key markets. Furthermore, companies should monitor stimulant measures in these same markets in order to spot new opportunities that arise.
1. Re-skilling
Re-skilling employees is a fantastic way to prepare them for future roles, while saving companies money in the process. Hiring new hires is often expensive and time consuming; especially for highly specialized positions. Re-skilling can save both employees and businesses both money.
Reskilling can help companies reduce turnover by giving workers new opportunities to advance their careers and strengthen loyalty among staff. Employees appreciate being part of an environment that values growth and development, so providing employees with such experiences increases employee commitment to the workplace.
Reskilled employees can offer valuable insights into future business trends, helping their companies stay one step ahead in an ever-evolving business landscape. In particular, post-pandemic climate requires companies to stay competitive by keeping pace with customer demands in a shifting employment climate – an advantage employees with additional skills provide their companies.
2. Automation
Automation involves the use of machines and computers to manage processes and tasks with minimal human intervention, making automation technology particularly useful in industrial settings and manufacturing settings.
Robotic process automation (RPA) uses software to automate repetitive, rule-based tasks across applications and systems. RPA helps reduce manual errors while freeing employees from monotonous, time-consuming tasks.
However, automation doesn’t equate to humans becoming obsolete; rather, automation frees up time for those who truly need it most. Mater Hospital implemented RPA from UiPath to help streamline its COVID-19 testing process and ensure consistent employee safety by automating it within less than an hour – sending results directly to physicians while uploading data onto existing platforms in just under an hour!
3. Data-driven
Key to becoming data-driven is training all employees on how to access and interpret company databases. Encourage curiosity while providing resources to answer questions quickly – this helps create a culture of making accurate data-based decisions.
Once teams can make informed decisions, they can implement strategies based on facts rather than emotion or opinion. This allows departments to work more cohesively together while preventing communication breakdowns; furthermore, it ensures that goals of individual departments align with those of the larger business objectives.
Companies fueled by data can trust in their strategies, quickly identify industry trends and opportunities sooner, and become more agile and capable of scaling – something essential in today’s post-pandemic business landscape.
4. Hybrid business model
Hybrid business models allow employees to work remotely for most of the time while still participating in meetings and collaborating onsite occasionally, saving businesses money on office space rent and costs associated with running traditional workplaces.
Many companies have adopted hybrid work models that allow employees to select the number of days each week they would like to be on site, providing greater flexibility for balancing work with family or other personal obligations or tending to personal issues. This new work-from-anywhere model has opened up talent pools previously unavailable to organizations; robust inclusion strategies and culture building programs ensure remote or hybrid employees feel like part of the organization, leading to higher engagement levels and overall productivity rates.
5. Digital transformation
Digital transformation entails the rapid collection, generation, analysis and transmission of data for various business functions. It involves reinventing and optimizing all value chains from operations to front office.
Due to the COVID-19 pandemic, many companies accelerated their digital transformation initiatives in order to meet immediate demands. Many of these changes will remain key elements of business even after recovery has taken place.
Though executive priorities have shifted away from workforce safety to operational agility during a pandemic, it’s still crucial for executives to prioritize elements that enable digital transformation. Companies who align their business models, customer experience and operating model for digital transformation stand to thrive post-pandemic; those that fail could face extinction – this is truly an age of survival-through-innovation!
