As the new coronavirus disease 2019 (COVID-19) continues to spread its deadly tentacles across the globe, more and more industries suffer from temporary closure and non-operation. This leads to a domino effect, with thousands of people losing their jobs and means of living. Both employees and employers alike are forced to stay at home while frontliners do their jobs in battling the virus.
Business owners, however, are resilient and are trying their very best to outmaneuver the massive challenge that COVID-19 brings. There is too much uncertainty regarding the future of all businesses and the world’s economy, but the ambiguity of what is to come is enough to inspire businesses to think of ways to bounce back even when the virus is still raging chaos around the globe.
COVID-19’s Impact on Business Operations
The processes of most businesses are severely impacted by the new coronavirus disease. According to Gartner’s business continuity survey, 11% out of their 1,500 respondents said that their businesses are relatively or very unprepared for the impact of the pandemic. Fifty-seven percent said that they are likely to continue but at a reduced pace, while 16% said that their business operations are likely to be severely restricted. Only 2% said that their operations may likely continue as normal, while 1% said they might discontinue their business operations altogether.
Around the world, millions of businesses are severely affected by lockdowns and quarantine restrictions. Only a few of these businesses survive; majority have been forced to shut down operations.
COVID-19’s Impact on Consumers
The COVID-19 crisis has inarguably changed the consumers’ buying and spending habits. With social distancing now the new normal in communities, going to bars and restaurants as well as buying from malls and retail stores have become a thing of the past, at least temporarily. Some industries and product categories, however, are enjoying growth in sales. Transactions in medical supplies, for example, are experiencing a huge spike, even outpacing some food products. More and more consumers also seem to purchase canned and dry goods more instead of buying perishable goods. Online purchases have also skyrocketed as consumers adapt to the new normal of staying indoors and doing cashless transactions.
How Can Businesses Bounce Back After the COVID-19 Pandemic?
In this time of crisis, businesses must explore new ways to sustain their operations. Taking into account data on consumers’ movement during the crisis, they should be able to generate action plans on how they can continue their operations and serve their target market. While traditional business processes have been hampered by the pandemic, new technologies present viable options that can serve not only businesses but their target markets as well.
So, how can businesses bounce back after the pandemic is over? Here are some possible solutions:
Businesses Must Adopt New Work Processes
The impact of COVID-19 has this message to all companies regardless of size – they should re-evaluate their processes of doing business and they should do it at an unprecedented speed if they want to curb potential revenue loss. They must also restructure their business models to cater to the changing work environments and the manner by which consumers are responding to the global crisis. Moreover, they should be able to establish a set of cohesive leading practices that can be used now and after the crisis is over.
Businesses Must Use Service-Automation Strategies
Today’s technologies provide companies the ability to adopt enterprise solutions that may be helpful in sustaining crucial operations. Customer care, for instance, is a crucial business process that require utmost attention. With the large growth of e-commerce and with more customers turning to online shopping and cashless transactions, companies must also be able to meet the growth and surges in demand. This could mean hiring more people to man their e-commerce operations and enhancing their customer care services to meet the needs of consumers. Even then, the huge demand can overwhelm the workforce and may result to adverse outcomes in the business perspective. It can also be hard for businesses to keep track of all business transactions if they do not have automated strategies, such as Business Process Automation, put in place.
Business Process Automation is a method that uses technology to execute recurring tasks or business processes. Automation can replace manual effort and can help minimize cost. It can help streamline business processes, leading to greater efficiency in production, employee onboarding and supervision, customer-tracking, and customer-care. Business Process Automation or digital transformation can help standardize operations leading to customer satisfaction.
Businesses Must Enhance Contact Center Management
Consumers are an important aspect in any business. Without them, no business can thrive. If business owners want their companies to prosper during and after the crisis, they should focus not only on their production but also on customer satisfaction.
The COVID-19 crisis has adversely affected the emotional state of most consumers. The pandemic has instilled in them a combination of fear, frustration, and uncertainty. The manner by which a business answers their concerns can either increase positive perception on their brand and lead to customer loyalty post-COVID or drive them away. That is why enhancing contact centers are crucial. Businesses should be able to provide compassionate customer service at all times and give them an accessible channel to ask questions and communicate their concerns.
