The changing business environment demands a change in how leaders think and act. The fast-paced changing environment is leaving no option for businesses but to get innovative with the ideas and way of doing business. Specially, during the pandemic the old ways will no longer work. Innovation and technology upgradation are the need for the hour. The old school education does not work anymore because the market has changed. Not only the producers, but the consumers also have a new mindset. The consumers are well informed and tech savvy. These days people prefer doing online shopping rather than offline. Consumers opt for environment friendly products which encourages producers to come up with innovative ideas to produce products that do not harm the environment. The biggest challenge for leaders and executives is that due to this fast-changing environment any general business rule or ideas will not work for long term. The leaders must keep changing the way of doing business as per the changing needs of markets. The businesses should be flexible according to the changing environment so that the employees are empowered too.
Before the pandemic, major multinational corporations were already moderately good at dealing with a large, distributed workforce. They were connecting virtually, but maybe not as effectively. Now that videoconferencing has become so commonplace, it has levelled the playing field among remote and in-person workers. and made it even easier for large organizations to adapt to hybrid work. As for industry differences, we saw tech companies making some of the first moves, both at the outset of the crisis and now. Several major tech companies have announced they’re going to move forward with a hybrid environment, with perhaps one or two days a week in the office. Many science-based businesses, engineering firms, biotech firms, and pharma companies have followed suit. With WFH becoming the new normal, companies are also looking beyond their bottom lines and worrying about their employees’ wellbeing. It has positive impact on the environment. It saves travelling time, electricity of the workplace, transportation cost, fuel etc.
References:
Chandak, N. (2020, May 1). Business (not) as usual. The Economic Times. Retrieved February 21, 2022, from https://economictimes.indiatimes.com/tech/ites/business-not-as-usual/articleshow/75485245.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Dow Jones & Company. (2021, July 30). Returning to the office isn’t business as usual. The Wall Street Journal. Retrieved February 21, 2022, from https://deloitte.wsj.com/articles/returning-to-the-office-isnt-business-as-usual-01627664302
Moreno, H. (2017, February 2). Business is not as usual — is your mindset? Forbes. Retrieved February 21, 2022, from https://www.forbes.com/sites/forbesinsights/2017/02/02/business-is-not-as-usual-is-your-mindset/?sh=31bcbc84416d
Tamanna Garg and Sakshi Chandok
4 March 2022 at 8:51 am
Reviewed March 4 KM
6 March 2022 at 8:47 pm
Lovely blog post! a great point about how Video chats have become much clearer to understand. In your blog post however there are some grammar mistakes, besides that very well written.
In the changes through the pandemic it’s made it easier for everyone to understand online communication. Meeting virtually is much more convenient for many people, allowing to save on costs for travel, hospitality and food. While traveling is something to enjoy, it is important to acknowledge not everyone can afford it. Meeting virtually can also help with people who have busier schedules. those who have kids can work from home and can save on Babysitting money. As well if they have multiple commitments you don’t have to pick and choose which is greater.
After the Pandemic it is believed that video conferences will stick in regular business practices. A study was done and it is believed that only 25% of business meetings will be held in person by 2024(Karl, K. A. pp.1). Now many people have come accustom to staying online some hope that it will stay this way. in 2021 there was a survey taken by scientist and majority want to stay digital. They feel the opportunity of joining from anywhere in the world is a great advantage(Remmel, A. pp.2).
References
Karl, K. A., Peluchette, J. V. & Aghakhani N.(2021, may 28)Virtual Work Meetings
During the COVID-19 Pandemic: The Good, Bad, and Ugly:NCBI Doi:
https://dx.doi.org/10.1177%2F10464964211015286
Remmel, A.(2021, march 2.) Scientists want virtual meetings to stay after the COVID
pandemic. Nature. https://www.nature.com/articles/d41586-021-00513-1
18 March 2022 at 8:36 pm
It is interesting as well as a well written blog post which describes about a major change that happened in business practices in the economy. The widespread of online services has become normal for everyone rather than offline appointments or meeting.
During the times of these pandemic situation, almost every business organization forces to conduct their business activity through online for example employees meeting, client appointments, other marketing activities. There was a major shift in the business practices to technological advancements rather that the traditional way. The people can stay home and do their work (WFH). Meeting can be done online, lectures or demonstrations can be done over video conferencing, literally it makes the people life easier and wastage of time and effort are reduced and also people can ensure their safety staying at their home
However, online services have lot of advantages, at the same time there are some disadvantage as well, some important business meeting conducting through video conferencing may not be safe, some individuals could not afford it. Lack of motivation for the workers due to WFH.
As per the recent survey it shows that, 70% of full-time workers are working from home during pandemic and its also says that these indications are going to be permanent. And also, the surveys say that companies prefer virtual meeting because it is safer and affordable for them to conduct the business activities.
Reference:
Kim LaFleur (Forbes Council member ) The pandemic force business to go online. https://www.forbes.com/sites/forbestechcouncil/
Impact of digital surge during Covid-19 pandemic: A viewpoint on research and practice
Published online 2020 Jun 9. https://dx.doi.org/10.1016%2Fj.ijinfomgt.2020.102171
18 March 2022 at 10:02 pm
Pandemic create many challenges for business by disrupting the regular supply chain.It forced leaders to rethink about the responsibilities and adapt new techniques. I would like to focus on your point that old ways are no longer used because businesses are totally depend on the technological gadgets. Now organizations preferred remote work, online meetings and flexible work schedule to the employees. There is no doubt that businesses has to face a biggest loss during the corona virus but it also create many opportunities if people think from the positive side. As you said people preferred online shopping so it is the beneficial for online shoppers. Instead to took at the past organisations need to adopt new changes and set meeting virtually with the employees. Video conferencing helps to improve the better relationships with the workers. Hybrid environment also helps to manage remote work and improve productivity by controlling extra costs. So , i like your post and the way of expressing the topic is great.
Reference;
Andrey Philipov,(2021,July 29) how Covid -19 has changed the way we work for the better:
https://www.hortoninternational.com/news/how-covid-19-has-changed-the-way-we-work-for-the-better
20 March 2022 at 6:48 pm
Interesting blog post !!! It has told us how business houses have combat with the crisis with the help of innovation. Undoubtedly, Crisis means threat and we have faced these threats from our personal aspects to professional. However, one thing which can’t be neglected is that with the danger we also got so many opportunities, individuals and leaders and their business houses have used this opportunity efficiently with the assistance of innovation. Where most of small scales businesses got closed and people lost their jobs, most people have done their own start-ups through many internet platforms. By keeping in mind about the rules of social distancing and lockdown, business houses took the help of video conferencing to carry on their affairs. Where, making investments during the period of crisis was risky and difficult tasks, companies used policies like work from home to cut their costs and increases their productivity in order to maintain balance of capitalization. Food distributors that traditionally supplied restaurants are setting up digital direct-to-consumer channels as the crisis decimated their core restaurant sales. Similarly, the entertainment industry is generating new content (for example, sports retrospectives) to fill the void in programming created by the suspension in sports leagues (Jordan Bar Am, 2020). In conclusion, it can be stated that in present time business houses have to realise while some have already realised that innovation is the need of the time.
References:
Jordan Bar Am, L. F. (2020). Innovation in a crisis: Why it is more critical than ever. McKinsey and Company. Retrieved March 17, 2022, from https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/innovation-in-a-crisis-why-it-is-more-critical-than-ever