It goes without saying that most businesses have had a rough time during the Covid-19 pandemic. From enforced lockdowns where many businesses had to fully shut down or severely restrict their operations, the past year will likely be the toughest many will have ever suffered. Every country around the world has been affected and only now are they starting to get back on their feet – if they are lucky enough to be able to. However, driven by government interventions and subsidies, those getting back on their feet are altering the way they operate taking into consideration the “new normal”.
Despite the recent tough times, many businesses have taken this time to upgrade their operations and equipment in anticipation of a period of recovery. While the enforced downtime was damaging, many took the opportunity to sit down and think about how they could improve their operations and become more efficient. We have seen how an outbreak of Covid can bring a business to a standstill, and this has invited more upgrades in terms of automation and digitalisation. The use of digital payments has sky-rocketed since the start of the pandemic, as well as online shopping, with the opposite happening for cash transactions and high-street shopping.
Reducing face-to-face contact has been a major objective during the pandemic. Non-contact deliveries, restaurants limited to takeaways and deliveries, and video conferencing instead of physical meetings have now become the norm, with businesses investing heavily to make this happen. Many have pivoted to allowing their employees to at least work a few days a week from home, or if not possible, installing meeting room booking systems to enable safe and efficient scheduling of physical meetings.
We have seen many businesses investing in cloud computing, especially if their workers are increasingly working remotely. By outsourcing their IT requirements, businesses are beginning to focus more so on improving their efficiencies behind the scenes that their customers may not immediately notice. They will, however, surely notice the improved service down the line, but it’s a shame it has taken a major pandemic to push businesses into doing so.
Globalisation has seen rapid development over the past few decades, but the pandemic has seen its growth slow. The noticeable overreliance of supply chains on international suppliers has seen many businesses suffer due to border restrictions around the world. The result? Increased focus on local suppliers. Not only is this great for the local economy, but this also means shorter lead times to getting products to shop shelves, albeit for slightly higher prices.
While the pandemic, on the whole, has been detrimental to not only businesses but the world in general, as humans we learn to adapt and many are finding ways to pivot and make the best out of a not-so-great situation. This is shown in part in the way businesses have innovated and upgraded during this period.