Serial investor and entrepreneur Roman Semiokhin recognises all too well what it takes to build a successful business in a post-COVID world. This article will explore the impact of the pandemic on the world of business, identifying continuing trends.
COVID-19 had a significant impact on virtually every aspect of daily life. In the business sector, companies scrambled to survive in one of the most unpredictable economic climates of modern times. For business leaders, 2020 was a stark lesson against complacency, teaching them that the future is never guaranteed.
The pandemic highlighted the need for businesses to prepare for the unthinkable by creating disaster recovery strategies. The attached PDF contains more information about the main aspects to consider when preparing a business recovery plan.
The pandemic transformed the way that people live their lives today, from remote working practices to media marketing advancements. Experts predict that the following changes are here to stay.
AI and Automation
Even before the arrival of COVID-19, virtually every industry had seen an explosion in AI, facilitating the automation of operational processes to improve efficiency in all aspects of business.
Thanks to accelerated technological advancements, AI is becoming increasingly affordable and prevalent in most fields today. You can learn more about digital transformation triggered by COVID-19 by viewing the attached infographic.
Evolving Business Models
COVID-19 forced businesses to become more customer-centric, seeking out new ways to add value to people’s lives.
While the pandemic had a devastating impact on many industries, particularly leisure, events and hospitality, for some companies it actually created opportunities. In order to not just survive but thrive, businesses had to respond to changes swiftly. For example, many sit-down restaurants transitioned to a collection and home delivery service model.
Now more than ever, it is crucial for business leaders to be dynamic, closely monitoring their market for emerging trends and adapting accordingly.
One of the biggest changes that took place during the pandemic was the widespread shift from in-office to home working. In the United Kingdom, over 46% of the domestic workforce spent at least some time working remotely during the pandemic.
Although vaccination programmes have been a resounding success in countries all over the world, lowering infection rates and severity of illness, the emergence of new COVID-19 variants remains a concern among health officials.
Additionally, companies that were previously averse to remote working have come to realise tangible benefits. As a result, many employers are continuing to adopt remote working practices or a hybrid format. You can find out more about this by viewing the attached video.