The arrival of the new normal: Business trends that are reshaping the future
The Covid-19 pandemic has changed the business world from how we knew it. As lockdowns were enforced, we have seen many companies shifting their mindset to adapt to the changing environment. These adoptions are changing the future of the business world as we move into a new year.
The effects of the novel coronavirus will indeed last for a long time. Hence, we bring you some post-pandemic trends and factors that business leaders and entrepreneurs should consider.
Digital Transformation Shifts Gear
Many organizations were focusing on digital transformations before the pandemic. But the rate of adoption was slow. As lockdowns were enforced, many companies moved to the cloud and operated remotely for survival.
This has led to a quick acceleration in digital transformation, especially because of changing consumer behavior. With social gatherings called off, the world shifted online to get entertained and communicate with their loved ones. Hence, businesses created new websites to engage with customers and prospects.
A fairly designed website that is easy to navigate became the lifeline for business. We will continue to see the same in the future. As the competition will grow fierce with each coming day, we will see that even the companies that haven’t shifted online yet will hire a web design company to get their website live.
Like websites, businesses will leverage other technologies like Artificial Intelligence, Internet of Things, Blockchain, etc., to gather customer data and analyze it for offering personalized services.
Gig Economy Will Rise to New Heights
Covid-19 saw many employers laying down their employees to save costs. This has led to a shift in the nonstandard working models. The pandemic has increased the demand for freelance workers, leading to a transformation in the gig economy. In fact, several companies are creating a new workforce with a hybrid model that consists of full-time and freelance workers. This is seen as a way to reduce costs.
There are several benefits to hiring a freelancer: cost-effectiveness, access to top-tier talent, diversity in work, better quality, etc. Despite the benefits, employers feared hiring freelancers before the pandemic.
However, as the budget tightened and companies could not bear employees’ annual salaries, they shifted to hiring freelancers during and post-Covid-19. This led to an increased trust in the gig economy. With the increased trust and the benefits of hiring a freelancer, it is evident that the gig economy will continue to rise to new heights.
Workplace Gets a New Definition
The workplace will no longer remain what it used to be. We have seen organizations shifting to a remote workforce overnight. While this was a temporary move until the pandemic resided, it no longer is. The remote workforce has benefited both parties: employees and employers.
Employees get benefits like flexible work hours, no commute, a comfortable working environment, work-life balance, etc. On the other hand, employers save costs, increase retention, less office space, and equipment requirements, etc. This is why what was started as a temporary solution is becoming a new normal.
According to a recent survey conducted by FlexJobs, 58% of surveyed employees want to continue with a remote job, 29% want a hybrid model, and only 3% want a full-time in-person environment. The numbers clearly indicate that the workplace will get a new definition if there isn’t a new one already.
More Fragmented Supply Chains Will Appear
China is the biggest supply hub. But pandemic forced the most prominent hub to shut down its external supplies for several months completely. This was an eye-opener for many global manufacturers to reconfigure their supply chains. It highlighted the increasing need for resilience to reduce dependency.
Therefore, businesses plan to fragment their supply chains and integrate technology within them. This is to simplify visibility across the supply chain. A multi-tier approach is on its way where tracking origin and supply can be monitored easily. It will also present a new way to monitor and manage logistics and inventories.
We might not be clear on the actual rate at which companies will adopt these trends, but it is clear that no matter what, these trends will shape the future of the business world. They are no longer just an option but have become a necessity. Covid-19 has compelled organizations to reconfigure their daily operations.
It is high time that leaders and entrepreneurs start building development strategies considering these and other such factors. Neglecting these trends currently will give the competitors an upper hand. But if they quickly adopt these trends, greater productivity and profitability will follow.