The outbreak of the pandemic has been challenging for the industry. While most of us are happy to leave 2020 in the rear-view mirror, many business owners faced unprecedented roadblocks as the subsequent pandemic forced many companies to adapt to the “new normal”. The companies were compelled to consider a different type of future. The need to embrace innovation has never been more imperative and playing it safe, may no longer transform into growth.
Covid-19 pandemic has changed the dynamics of various industries. However, every challenge comes with an opportunity. The way businesses had to adjust to ensure their existence not only changed the trajectory of what 2021 looked like, but also gave everyone a clean slate to start afresh. 2021 will be marked as the year of redemption.
2020 has taught businesses to become agile, be prepared to face any kind of contingency situation. It made leaders stop in their track, reflect on their strategy, and evaluate if their business model can sustain such risks in the future. Technology has played major role in helping business stay afloat, stay connected and stay relevant in the minds of consumers. It has been a wake-up call for businesses who have shied away from incorporating technology tools in the day-to-day operations. In 2021, organizations will find new and improved innovative technology tools, which will give an impetus to their recovery, growth, and profitability. They will modify their approaches to developing products. Faster broadband access ranks as the second-most important technology investment in the next year, behind improving internet security. Contrary to a year ago, majority of small business owners agree that technological financing is an ongoing business requirement.
While acceleration of technology trends is already underway, remote working has adopted and embraced digital models for work which has extended into everyday life. The pandemic has helped many leaders realize that remote working, works for many roles and promotes flexibility to ensure, attract and retain the best talent. With the increase in remote working – diversity, equity and inclusion are bound to see an uplift. HR’s will play a central role in an organization, working closely with the teams to carry out actions, that promote change and ferret out potentially discriminating practices. 2021 will be the year of keeping employees “whole”, by implementing health and wellness initiatives.
Organizations have also become very conscious about how their business is impacting the overall ecosystem. Leaders will focus on sustainability initiatives that have a greater social purpose and wider social impact. Only responsible organizations will be able to display resilience and continuity in these unprecedented times.
In 2021, organizations are going to better prepared to overcome, learn, adapt, evolve, and innovate in the face of any crisis. If nothing else, 2020 has made the corporate world a lot more humble, wiser, determined and most important – agile.
(The views expressed in this article are by Mr. Jayesh Shah – CEO & Founder – Sonam Clocks. Onlineandyou.com doesn’t own any responsibility for it.)