The new trends present several challenges to every business, imposing a great struggle towards survival and excellence. The world market is soon docking to the modern era that the post covid is bringing in place. Some companies have started embracing the opportunity towards the era, while others are still finding their way. It's only through viewing the challenges disposed of by the pandemic as opportunities that the businesses will be able to strive in the new era that is to be ushered. Numerous opportunities will be sprouting for the companies that will shift to the coming era as the new-age organizations, hence ease the maximization and shaping of the market for the coming decades.
The global recession will critically revamp the business environment. The alterations are building a significant climate that will see businesses survive and strive come any crisis or pandemic in the future. The companies should, therefore, focus on the positive drift by culminating the changes towards their benefits. For this to happen, the emerging trends should be implemented in the operations of the industries. The main keywords that every industry should focus on right now are reforming and restructuring for transformation.
There are significant agents that are driving the reformation and restructuring towards the transformation:
- Business response capacity (Agility)
The business response capacity level is very fundamental in the planning and execution of strategies in every organization. The faster the response, the more productivity, thus the maximization of profits. Business agility is the organization's capacity to be very flexible towards adapting very quickly to the changes. It describes the rapid and swift adoption of customers changing tastes and preferences. The factor helps the business in the development of a more adaptive, creative, and resilient operation.
A high or faster response capacity is the root of a positive outcome and well-being for every business. This can only be possible through embracing an agile business culture. Through this, the company will be able to use early insight, realigning the policies, and training the workforce to focus on the new trends. The effective and efficient response yields swift adoption, making the business customer-centric.
How is the universal recession presenting business response capacity as an opportunity? With the recent news, we have seen many businesses closing down, and some staggering, and only the ones that had high-level response capacity remained antagonized. Their agile nature granted them the ability to compete and succeed through their response to the market change because of the innovative solutions. Current businesses are in an unpredictable world that creates several uncertainties, the market needs, and requirements.
According to Moore’s law, technology advances every 18 months, which means the change is exponential. Every new change comes with a challenge to the business sector, and therefore, digitization of the business operations is fundamental for the business's existence over time. Digitization of the organization focuses on creating holistic abilities that will leverage the opportunities and threats presented by the present digital era. The factor will enable the evolution of operations resulting in better services to customers. Digitization doesn't stop at embracing technology; it includes the evolution of the overall business model, i.e., products, processes, and services.
How is the universal recession presenting digitization as an opportunity? Working from home is only possible through the digitization of business operations. The firms that did not embrace this had to close their operations sometimes during the lockdown period. Some businesses have thrived because of the digital transformation. IT companies have presented a canvas of ways of digitizing business, ranging from artificial intelligence (AI), cloud computing, analytics, big data, internet of things (IOT), and many others.
- Part-time positions
The pandemic has led to many people losing their job due to the massive laying off of workers that several companies were doing to cut costs and maximize their profit. These have left numerous people jobless, and companies also lacking enough money for their operations. Therefore, to help cab this, the focus should be initiating of part-time position. Through part-time recruitment, the company can reduce the cost of hiring. Several firms are managing these positions, including EMPLOI, who recently introduced the service of PaaS (Professional as a Service). The service enables an EMPLOYER to hire a jobseeker under the management of EMPLOI. It is as well beneficial to the JOBSEEKER since one can get the opportunity from several employers. The organization provides the opportunity to manage the part-time employee, leading to the cutting off the cost.
“Every day, the clock resets. Your wins don't matter. Your failures don't matter. Don't stress on what was; fight for what could be. “-Sean Higgins. Change is needed for the betterment of every operation. Adversities come every day but how we respond to them is always a big issue. Focus on remodeling the challenges that we face to opportunities.
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