Six Trends to get amplified in a post Covid19 World
Despite the fact that the Covid19 pandemic has forced self- isolation and disrupted businesses and enterprises across geographies, the irony is that it has truly served to unite the world with common concerns. This crisis will force business leaders to evaluate their business, be it setting goals & objectives or systems and processes. It will help them decide what they need to focus on and do away with unnecessary bloat and fluff.
Some of the trends where we can expect additional momentum in a post- Covid19 world are:
Higher value on entrepreneurial mindset – Leaders who are comfortable managing multiple work-streams, both at a macro & (if necessary) micro level by drawing in necessary resources required to get the job done will be valued more. While at it, their ability to carry the team (both Horizontal & Vertical) will become critical. This requires a strong narrative that is created top-down, with the lower ranks being able to buy into the larger story.
Product Development Manufacturing & Procurement to get a serious Re-Look – This is a no Brainer! As the global supply chain scrutinizes the risks associated with the large vendor approach, this is a great opportunity to develop new homegrown products and tools that can fill the gaps and shortages that have emerged. Med-tech companies, for instance, can up the ante on R&D to develop a range of new devices that can be used for screening future threats, including bio-terrorism. Large-cap companies could re-look at prioritizing buyouts that have complementary product portfolios and access to strategic geographies. while looking for ways to redeploy current excess capacity, if any.
Investments in IT will take precedence as the foremost pre-requisite potentially before manpower – Virtual offices will become mainstream and companies will focus even more on technology to facilitate training / education & business continuity in times of crisis; along with the manpower to supplement it. This will ensure that meetings and discussions are highly focused and to the point, as extended face-to-face meetings and extensive travel (T&E) gets outsourced to those facilitated remotely through technology. Software that allow real time analysis of business / commercial operations will drive productivity across Levels!
Cost structures will be stringently re-examined – Every aspect of profit and loss will come under additional scrutiny. Resources (spent in the form of events, processes, talent, etc. ) that do not move the needle or add immediate value will be redeployed, outsourced, or cut loose within the framework of a compliant organization.
Product offerings will get clearly defined into two categories – These would be divided into ’premium’ (with bells and whistles) and the ‘basic no-frills less-frills’ variants offering safer reproducible outcomes. Mid-category offerings will lose steam. This will result in specialized, highly qualified manpower, focused on high-end productivity and sales, with minimum manpower on the low-end products. Also, the time is ripe for commoditized surgical medical device product segments to get “Amazon-ed” as customers strive to extend the value of every rupee they spend.
Mainstreaming WFM, reskilling, upskilling and freelance choices– The spotlight will fall on HR policies which will morph drastically to re-orient company policies and adapt according to a VUCA world. This will give a boost to mid-level management professionals who may want to take time off to re-skill or up skill. It will also encourage companies to accommodate professionals with family responsibilities and optimize costs by outsourcing work to freelance talent. This will pave the way for highly focused, driven, low carbon footprint, and future-friendly organizations that are more inclusive.5