Covid19 has impacted the economy and life of the entire world. Business needs to develop renewed marketing strategies, service delivery models and products to maintain business development. After the Covid-19 pandemic, many companies have been affected in many ways.
- Remote working– Remote work and virtual meetings may continue, although not as intense as the peak of the pandemic. The most obvious impact of Covid19 on the workforce is the dramatic increase in the number of employees working remotely.
- Impact on strategy– CEOs are facing the crisis with the spirit of reinvention: accelerating digital marketing transformation, establishing variable cost structures and implementing agile operations.
- Impact on customer– Covid-19 crisis is fundamentally changing the way consumers are buying, and is accelerating huge structural changes in the consumer goods industry.
- Impact on operations– With the Covid19 crisis, fundamental changes in consumer behavior and supply chains are causing the companies to lose its balance. The pandemic emphasizes the need for leaders to accelerate the adoption of agile work styles and value chain transformations to help overcome uncertainty.
- Impact on finance- In the face of the Covid-19 crisis, leaders have to act quickly to optimize the company’s resilience, rebalance risk and liquidity, and evaluate the growth opportunities brought about by the economic recession.
- Impact on technology- Many organizations face considerable IT challenges. Now, Covid19 is pushing businesses to operate quickly in new ways, and IT is undergoing an unprecedented testing time as never before.
- Impact on industries- All industries have been affected by the Covid-19 crisis, with varying degrees of severity. Some people have stronger defensive capabilities, while others have difficulty returning to the ever-changing “normal”.
In order to overcome the impact of Covid19, companies from all sectors have adopted working from home (WFH) as a strategy. This helps companies minimize the adverse impact of Covid-19 on physical distance in its operations. With the help of the WFH strategy, significant business income can be protected during this unfavorable period.