It’s no news that the COVID-19 pandemic came as a shock to everyone. People, families, government, social establishments, and of course business. The impact of the pandemic is felt in every sector of business.
Global tourism, travel, and hospitality companies have taken a downturn. Imports and exports, education, lifestyle services, even healthcare service providers. Only essential stores and businesses are still up and running, but the impact is still tremendously felt.
Bloomberg reports on job losses in the US and Canada
The lockdown and social distancing have kept people out of jobs, businesses out of operation, and crime on the rise; as businesses suffer the risk of being hacked and duped. The implications of this, we can’t exactly say. But we know that things will change, new strategies will be adopted, and business processes will be revised to ensure their businesses survive this and the years after.
Here are 5 ways post COVID-19 will transform our businesses:
- Working remotely will become the norm. Due to social distancing and lockdown, many companies have already started remote digital teamwork. People will not only work from home but digitally as well. E-mails, videoconferencing, and other telecommuting options that technology avails will continually be used.
- Less physical meetings. The number of meetings that happen physically will be reduced. Conferences and seminars will go virtual and the quality of online meetings will gradually evolve with more modern presentation designs, integrative measures, and policies.
- Increased use of AI. Artificial Intelligence will receive a massive adoption as people/organizations will look for more seamless and less stressful ways to communicate with customers and ensure brand promises delivered excellently.
- Logistics and supply chains will be improved and digitized. Collaborations will become the new competition as we will see more and more businesses working together to meet their objectives. Delivery systems and payment platforms will soar in the post Covid 19 years to come.
- Business practices and ethics will take a new turn. A lot of principles will be reviewed and adjusted to what will suit the business, the employee, and the company, still maintaining health precautions and also ensuring productivity.
A lot of changes have taken place and we will still take place in the business world post COVID-19. Technology and digitalization will be taken more seriously in the developing nations and we will see a rise in job losses and new niche being created as a result of the pandemic.
The health and welfare of staff will be a top priority. Cost and expenses will be reduced, as a lot of activities and practices that happened physically will be reviewed and replaced with virtual platform and AI supports.
Overall, businesses will surely take advantage of these changes to be able to bounce back and maintain a high level of productivity.