For me, adversities whether natural or manmade, are opportunities to analyze and decode the inherent shortcomings of business in terms of adaptability and resilience. Covid19 is one such scenario which offers a unique prism, a cosmic kaleidoscope to look into the future and yet set things straight in present.
Even as I write this blog, causalities continue to rise. Organizations are finding it difficult to make synchronous decisions or adjust in time or manner. I personally believe business entities should encourage work from home culture, install technologies and proprietary software which are cloud based. It has now been realized that entities who are already operating from the cloud are finding these difficult times less overwhelming. Embracing secure, robust, scalable and highly ductile productive environment can help overcome such natural calamities with lesser impact on the bottom line.
Pandemic such as Covid19 has opened a window of opportunities in this sector. These opportunities include redefining and retuning human and machine assets, technological adjustments and developing indigenous methods to not only survive but grow in such scenarios. Another area of opportunity hitherto underutilized is efficient supply chain system. Manufacturing industries should exploit this lull period to revisit this crucial zone.
As mentioned earlier, apart from loss of human lives, economy too takes a bashing due to these pandemics. Covid19 is no different. However, it is also a perfect period to reassess existing catalogue, imbibe or develop newer ideas based on the lessons learnt, and encapsulate business with creative alternatives.
Artificial intelligence is the next big thing. Smart robots, drones and intelligent machines at various levels of production and distribution cycles can allow business entities to quickly get back on their feet and resurrect most of the lost fortunes. The idea is to explore the right avenues to boost some of the lost revenues. Investing in future safe technologies, setting up newer offices in strategic geo-locations and avoiding highly vulnerable market places are some of those discrete thoughts.
Companies who embrace progressive shield will tide over such crises quicker even as they maintain their operations, people and assets. Although the world is divided on the “shape” of economic recovery, my gut feeling tells me that it is going to be a V-shaped downturn. In simple language, economy will rise sharply once a firm hold on Covid19 has been established. This confidence stems from the fact that every setback offers newer horizons. It is a time for the business world to evolve and elevate their basic ethos.
I firmly believe that the world economy will rise quickly after the pandemic. Nonetheless, certain aspects such as travel, tourism, exports and supply-chain restoration will take place in a phased manner. Governments and businesses have learnt their lessons. These will be applied in stages to withstand future threats. On the other hand organizations will come out even stronger. Businesses will inculcate positive mindset and imbibe equally robust methodologies by investing large sums of money in restructuring.
Just the other day, Prime of India, Shri Narendra Modi said that one of the biggest lessons learnt from Covid19 was “Self Reliance”. I agree with him completely.
Author [ Pankaj Jaiswal ] is Managing Director of Dotcom Services India Pvt Ltd (https://www.worldindia.com) & Netlynx Technologies Pvt Ltd (https://www.netlynx.com). He also hold Management Roles in Netlynx Inc , USA (https://www.netlynxinc.com) & Netlynx Tech, Canada (https://www.netlynx.ca).