After a year full of uncertainty and challenges, it’s now time to retrain and reorganize teams and be prepared for the foreseeable future. CIOs that drove businesses amid the global pandemic are no less than agents of innovation.
In 2020, CIOs had been found working tirelessly at a pace like never before. However, it seems that tables have now turned. Today, IT companies have become the new agents of innovation and transformation. They are at breakneck speed to engage in new initiatives to deliver exceptional outcomes.
Here’s an effective strategy for businesses to focus on in order to recover in the coming months.
Quickly Recover Revenue
Recovering revenues should not be the only priority for companies as the crisis abates. They must also rethink their revenue profile for long-term sustainability and stay on top of the business.
It’s critical for organizations to identify the primary sources of revenue to make the most of it before the recovery fully starts. It’s a good idea to include launching targeted campaigns with an objective to retain loyal customers.
In addition, companies must reskill the sales force to support remote selling, create flexible payment terms, and automate processes for sales representatives to sell more. Once the sources are identified, companies should rigorously prioritize these measures to know their influence on profits.
Due to the outbreak of COVID-19, there has been a dramatic change in the demand patterns for goods and services across sectors while globally uncovering fragility in supply chains and service networks.
Simultaneously, companies have rapidly adapted to the increasing pace and are creating radical levels of productivity, visibility, agility, and end-customer connectivity.
Moreover, building operations resilience is a rising trend. Organizations that are thriving will need to redesign their operations and supply chains in order to prevent an array of potential shocks. Also, they must quickly rebalance their global asset base and supplier mix to accelerate the adoption of other levers.
Rethink the Organization
Many organizations were in the process of launching a new business. But when COVID-19 hit, the business world changed to the next level. The heat of the global crisis forced organizations to work in new ways with new policies in place.
However, having an operating model in place has been found beneficial to a lot of companies. According to CIOs, businesses must have clear goals, rapid decision-making, and focused teams on replacing corporate bureaucracy easily.
As the world enters into the post-COVID 19 times, organizations must be prepared to tackle the new challenges coming their way. Also, rethinking their organizations will play an increasingly important role in their long-term competitive advantage.
Expedite Digital Adoption
Over a couple of months, there has been a drastic transformation in the communication process with family, colleagues, medical care, and leisure time. These advancements have forced organizations to migrate to digital technologies at a rapid pace across all sectors.
The initial phase of business opening will be notably challenging for the leaders. Consumer behavior and demand patterns have seen a significant shift and will continue for another few years.
Besides, in 2020, the world economy went through deep recession and it will take time to lurch back to life. For instance, customers may avoid going to restaurants, getting on a plane, or being a part of crowded events.
But, the changing consumer demand may come in suddenly. Therefore, companies should analyze all the demands in real-time and bring supply chains and services back at the earliest to recover from the crisis successfully.