More businesses are now re-thinking their business model in order to stay up and running amid the widespread economic crisis.
In the wake of the pandemic, a vast majority of businesses in the US have been re-thinking their business models – simply, how they work. Nearly 58% of organizations believe that remote working is empowering them to have a more distributed workforce, revealed a recent research study by Avaya.
As a result, companies have already been re-organizing their strategies in order to provide enhanced customer and employee experiences. This will lead to innovative and effective ways of working. Even many business leaders indicated they have focussed more on team communication since the beginning of the pandemic.
According to statistics, almost 66% of mid-sized companies (with 251-500 employees) have been increasingly collaborating on priority due to market uncertainty. There was also a significant surge in communications technology use; however, many employees had difficulties adapting to new work tools.
The limitations do not end here. Most of the businesses reported having certain issues with remote communication norms and fatigue. Besides, CIOs realized that new processes, as well as solutions, needed to be modified the way employees work together. However, businesses embraced the new normal and its journey of digital transformation.
The study found that technology decision-makers are reconsidering business at every level. Some key findings from the study are –
- About 72% of organizations are revisiting their overall business model amid the economic downturn brought by the pandemic
- Almost 80% of business leaders reported re-thinking their customer experience plans
- Nearly 77% of companies are examining their employee experience
- Some 75% CMOs are changing the direction of their sales approach
Many enterprises are prioritizing investing in communication and collaboration solutions. Most businesses had assumed that their technology stack was set for remote working – however, many adopted new technologies to support business processes.
The list includes video conference tools, chat/ instant messaging software, and project collaboration tools. In its essence, nearly 85% of business leaders are aiming to make these adopted technologies a stable addition within their tech stacks. It is now safe to conclude that tech priorities across businesses are shifting.
The mid-sized organizations have been witnessing the most significant shifts in their priorities. This includes increased spending for security, collaboration, contact center software, and contact tracing solutions. Primarily, CEOs reported that AI and cloud-based solutions have increased in priority at the moment.
As mentioned by Simon Harrison, SVP and CMO at Avaya in the company blog post – “Work from Anywhere is creating new business models the world is adapting to, and it has become clear that trying to adopt a ‘business as usual, but remote’ approach is not enough…COVID has accelerated digital transformation projects and put a new focus on customer and employee experiences, which have never mattered more.