The unpredictable and ravaging COVID-19, past 20 months has been impacting lives and livelihoods on a scale not witnessed since the Great Depression. The uncertain pandemic has since snowballed from a grave economic crisis to a health crisis.
Restrictions are being eased as situations are getting better. But, now many are predicting a 3rd wave and thereafter we could see an end to the pandemic. With vaccinations continuing and as companies are beginning to ease, many organizations are planning a new combination of on-site and remoteworking, a hybrid virtual model in which some employees will work on company premises, while others will work from home. It also largely depend on the profile of the employee or nature of the job. This new model promises greater access to talent, which increases productivity for individuals and small teams, more individual flexibility, lower costs, and improved employee experiences.
As organizations change to the new and next normal, there are seven wide areas that will help build force and foster future readiness.
Purposeful Innovation:
Innovation strengthens resilience and competitiveness in times of crisis. Being able to innovate is one of the most critical factors for being future-ready and to facilitate quick response to up-and-coming trends. eCommerce has surged exponentially even as local stores have emerged as lifelines for essential supplies during this pandemic. Innovation in products and services to stay relevant, realign supply chains, reengineer processes, sourcing, ramping up manufacturing, changes in policies and practices, and finding newer ways of reaching people confined at home are just some of the examples.There are organizations who have thrived well during this pandemic by thinking and disrupting newer ways and approaches in doing things.
Accelerated Digitalization:
The pandemic has also expedited the adoption of digital technology- be it in e-commerce; digital entertainment; work-from-home conferencing; or even online learning. Progressively, the entire gamut of economic activities witnessed an accelerated pace of digitalization – from agriculture to manufacturing to distribution, as well as in consumer engagement, contextual communications and so on. Cutting edge technologies like robotics, drones, machine learning, artificial intelligence, cyber security and similar have gained much traction and prominence in applications. This will certainly call for significant focus and investments going forward.
Unique Partnerships:
Partnerships must be forged, as they bring to the table capabilities that may not be internally present. It helps foster collaboration towards a common objective.
Agility:
Agility helps to deal with the immediate context, also in its ability to spot future opportunities and influence institutional strengths to plan, develop and deliver relevant servicesand products to customers ahead of time.It is very important that enterprises are agile to adapt to the fast-changing environment quickly by realigning supply chains and repurposing offerings.
Reinforcing Sustainability:
The pandemic has reinforced the imperative need for sustainability to take centre stage.
Intellectual Capital:
The creation and ownership of intellectual property is critical for a country’s progress. It serves as a force multiplier for larger value creation for the country apart from being a badge of national honor. Ownership of intellectual property also enables the creation of surplus required to spur additional economic activity.
People as Assets:
Talent will remain the critical differentiator who are agile, resilient and ready to meet every challenge and crisis.
