Every business is vulnerable to hazards such as running out or running out of cash and can be affected by natural disasters, but only a few become irrelevant as new age technology and trends advance. The COVID-19 pandemic created further uncertainties, forcing businesses to realize the imperative need to address various issues and ensure that their assets and businesses are future proof, especially in the midst of unprecedented times of business instability . While the business environment is always evolving, new technologies on the horizon and ever-changing consumer demands and preferences wreak havoc on even the best plans. So, how can we do our best to future-proof businesses?
While all businesses are concerned about their capital, the prime priority should always be the people. This is because if you are able to put people in the business first, then revenue opportunities are most likely to follow automatically. And to make people the first priority, make sure you have an open communication channel with your customers that will allow you to respond to their growing needs – whether it’s by digitizing the service or by some other tech-enabled means. Are. Empower your employees to work from anywhere they feel safest and ensure they have all the necessary access they need to work effectively and collaboratively. Businesses must also understand that brand recognition is not just about the products, but about its people. Successful brands are now taking a balanced approach to a clear identity and voice to fuel their marketing efforts, while simultaneously adapting to environmental changes and staying true to their core values.
embrace digital transformation
Digital transformation has become a driving force for many organizations and is driving a culture of innovation and preparing businesses to face any disruption. In a broader perspective, the term represents the acceleration of business processes, activities and competencies to take advantage of the opportunities offered by digital technologies. It is not just about leveraging technology or digitizing your data, but it brings everyone together using new processes and technologies to make your business more efficient. Once a business is ready to approach digital transformation, it will allow companies to gather important insights quickly which will also speed up decision making.
scale to meet every demand
There are many ways in which cloud computing and a hybrid IT infrastructure can prove beneficial to an organization in unprecedented times. The global workforce has been enabled to work from anywhere during the pandemic by leveraging cloud computing, both public and private. And by using hybrid cloud infrastructure, businesses will be able to use both public and on-premises solutions to store and share data and manage workloads. Additionally, as most of the workforce and customer interactions have moved online, it has become necessary for businesses to secure and protect everything that moves via the Internet. According to industry reports, cyber attacks and data fraud are the third biggest threats that identify at-risk professionals; Thus, organizations must have proper security measures in place to protect the data.
While the future remains uncertain, brands should always plan for the survival of their organization beyond any current crisis such as the COVID-19 times. This means striking a workable balance between operational survivability and making sure your brand doesn’t lose momentum before any uncertainties.
Risks can be internal to an organization such as failure in manufacturing plants, strikes, or external to an organization such as a change in regulatory policies, market breakdown, etc., or is facing a pandemic or war. The best example of risk management can be taken from the COVID-19 pandemic. As it sent shock waves a massive blow to the global economy, companies struggled through the unpredictability while adjusting to unprecedented events to keep themselves alive. Around the world, businesses are still struggling to survive that downturn.
Thus, in order to survive and make themselves profitable, businesses must mitigate risk as quickly as possible in unprecedented times. Businesses should continue to think in a broader perspective about the risks that a recession will eventually bring to you and your industry. Really evaluating risk exposure requires a business to see not only what will happen but also how you and your competitors might react. We all including businesses and now live in a changing world that often brings up new challenges. Thus, businesses and processes must be incorporated into the way they evolve to meet modern demands and to accommodate risk assessment approaches.
The author is the CEO, VP, Realme and President of Realme International Business Group, Realme India.
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