Leaders of business organizations are faced with challenges posed by the current pandemic.
First, the safety of all staff of the organization must be your top priority. You must ensure that your staff has financial sustainability, that the supply chain is resilient, and also strengthening essential systems to support unprecedented levels of remote working conditions while resisting upsurge in cyberattacks.
Brands that choose to take part of digital transformation before the advent of Covid-19 are adapting to the crisis better than their peers.
How can we build an organization that will thrive at all times no matter how bad the economy is?
1. Have a lockdown strategy
Leaders of nations are faced with economic challenges that will result in large drops in GDP. Governments are strategizing ways that they can boost the economies and at the same time minimize the risk of human lives lost. Brands will have to think on how they can kick start their operations while they take the well-being of their staff seriously.
2. Changes on functions of the state
The crisis has had the maximum effect that has resulted in making the state to expand in many markets as governments have implemented strict rules to save lives and unveiled massive stimulus packages to protect corporations and individual jobs. These have resulted in massive economic and social costs, which is why many governments will be focused on making sure that their countries won’t have to shut down to the same extent should another pandemic strike again in the future.
3. Take advantage of technology to augment not replace people
Technology has ensured that we’re creative in the ways in which we carry-out basic tasks during this crisis. For example, stock exchanges are still in operation even if the physical floors are closed. The UK has established a virtual parliament. Most organizations are adapting to remote ways of working, with some making use of artificial intelligence (AI) to maintain expected levels of customer service.
4. Adapt to the cultural and behavioral changes that Covid-19 has caused
The global pandemic exposed the weaknesses of most traditional operational patterns. Technology has helped several other industries and most organizations’ resilience amid the crisis. It has also helped drive critical cultural shifts such as people working from home and connecting with colleagues via video-conferencing platforms and collaboration tools.
Change is the only thing that’s constant and so, therefore, we’ve to work with it at all times in order to not lose track. Brands need to embrace technology at the times to be able to overcome situations like this and stay afloat.
Opinions expressed by AsianBlurb contributors are their own.
Theobald is the Co-founder, and CEO of WealthOnPoint. He is a unique writer, business, and marketing consultant who's passionate about giving.
