Five Things 2020 Taught Companies Around the World
The year 2020 remains in the minds of many people due to the COVID-19 pandemic. Businesses have been hit hard, with many companies closing down. Organizations struggling to keep up with operations had to learn new techniques and adapt to working remotely. Adapting to the new norm after the pandemic continues to be a challenge to many. The COVID-19 crisis and lockdowns have negatively impacted enterprises and have been an eye-opener to surviving companies.
Companies have learned new survival tricks to be agile amid the pandemic. From the mom and pop to the global conglomerates, businesses are quickly assessing their current situations to come up with unique solutions towards getting back on track.
The year 2020 is defined as the year of digital products. The growing demand for digital product development steers the world towards total digitalization. The digital business continues to intensify the acceleration in tech evolution. The following are five things the year 2020 taught companies around the world:
1. Putting more emphasis on digital products
Digital selling is the new norm taking the world by storm. Many companies have realized the best way to penetrate the competitive market is through appropriate digital strategies. For effective digital selling, you must pair up social outreach and high-quality content relevant to the right audience.
Companies have realized the significance of optimizing their online sales funnel.
With many people operating remotely, there's an upsurge in demand for digital products and services. Digital transformation is reshaping how businesses are creating value for consumers and increasing sales and revenues. The majority of companies are software-driven to ensure they accurately deliver to customers digitally. With high-quality content, digital products and services are gaining traction as technology continues to advance rapidly.
2. Significance of health support and putting people first
The COVID-19 threatened the lives of people to show that real wealth lies in your employees. It's true to some extent that no man is an island, and no man stands alone. The coronavirus made people embrace healthcare and value life more. Companies must invest in their employees by ensuring they have health insurance to protect them.
Having the right team in your company leads to its success. Many businesses intensified risk management and swiftly adapted to remote working. Organizations that value their employees took heed of the 'stay at home order' for their safety. Many companies have replaced traditional concepts to give way to up-dated procedures that prioritize their employees' safety.
3. Identifying and responding to risks
Many companies had to deal with new threats during the COVID-19 pandemic. Companies had to prepare for the worst. When it came to conducting primary business operations, as usual, it was a challenge. Businesses have learned the hard way in identifying and responding to risks. For any business to remain relevant after the pandemic, they should quickly adapt to the new norm.
4. Having a globalized market mindset
The COVID-19 confirmed the World is a global village. The geographical borders only revealed the vulnerabilities and how countries depend on each other to survive such pandemics. The superpower economies were affected by the stress and strain resulting from the virus. Nations realized that they needed each other to fight the virus if they want to turn out successful. A globalized market mindset is a way to survive in 2020.
5. Need for an augmented workforce strategy
The COVID-19 has resulted in the need for an augmented workforce strategy. Companies have become more aware of the rapid changes resulting from the pandemic. There's a shift in thinking, allowing an increased level of automation in the majority of sectors. When intending to multiply customer value and create more jobs, the augmented workforce strategy is the way to go.