Business Strategies to Survive during the Pandemic & in the New Normal

Since the outbreak of COVID-19 in the early months of 2020 and the following lockdown restrictions made the business scenario grim and uncertain. Manufacturing is the worst affected followed by the retail industry and various other industries. Yet, on a positive note some of the businesses survived breaking all the odds. How did they survive and how will they in the new normal? Here are some observations

No Commutation, No Cost & More Productivity

Even before the outbreak went intensive, IT and ITes companies announced work from home/remote working for the entire workforce. This enabled use of tech tools and collaborative measures widely. Moreover, employees got to save on their commutation cost etc. This trend will continue for a long time due to the infrastructure requirement to enable remote working.

Leveraging Tech Tools

Investments on automation to simplify business functions were pretty less due to humongous manual interventions. But with remote working as the only respite for business continuity, investment on process automation and ERP applications surged high. In the coming days, the same is expected to multiply and the need for process automation in all industries will get higher and higher.

Expanding Capabilities

As manufacturers had to shut their production facility to avoid disease spread, manufacturers began expanding their capabilities and pursued new opportunities for growth. Even though, this effort allowed them to cover their operating expenses for their original business, in due course it went on to become profitable and now companies are eyeing to invest largely on those verticals.

Even though, COVID-19 affected the business environment to a large extent now businessmen are showing their resilience with their capabilities. This scenario is preparing the entire world for a new normal driven by automation and digitized processes. In the meantime, the new normal will be much more capable than the previous one. Do read something on the required Bollywood Transformation.