Thursday, January, 27,2022

LOOKING BACK, GOING AHEAD

As we slowly inch towards the end of 2021 it would be worth looking at how the year panned out for humanity and in particular the business world.

The year started with the world still mired in the Covid19 pandemic though a solution in the form of vaccines formulated diligently by a few pharma companies slowly started appearing on the horizon.

But even before we could test and rejoice the success of vaccines, came the second Covid wave sweeping across many countries. The toll was huge as was its sudden appearance.

To make matter worse, the impact and brutality of it took many by surprise. With chaos all around amidst an obvious shortage of life-saving medicines and healthcare equipment, survival became paramount. Though it took some time eventually we braved the situation well and helped us emerge that much tougher.

As we confidently look forward, many organizations amongst us who have been fortunate enough to come out unscathed of the pandemic owe a lot to five ‘R’s namely Resolve, Recover, Reimagine, Reform and Resurgence.

Many organisations exhibited strong resolve in smothering the impact of the pandemic on their business. They were quick to adapt to the changing scenario and embraced technology as working remotely became the norm. Employeesafety and Business-continuity called for a deft balancing act.

Working-from-office gave way to working-from-anywhere as what mattered most was one’s deliverance. Physical offerings got merged with Digital ones giving us an all-new ‘Phygital’ experience – and one that’s going to stay for long now.

 Economists have come up with varying degrees of estimate that prove the global economy ravaged by Covid19 dipped into the negative zone, shrank massively and erased trillions of dollars cumulatively. Recovering fully from this economic damage may well take a few years.

Reactivating both supply chain and distribution networks poses an arduous challenge for many businesses. Sectors like Hospitality and Tourism have faced massive blows, but most indicators point that we are in the midst of a swift V-shaped recovery.

 Many were taken aback once the magnitude of the pandemic truly dawned upon them. It compelled to quickly revisit the drawing board looking for alternative and viable solutions. Problems never faced before were to be dealt with effectively by reimagining the future possibilities.

This not only hastened technology adoption and improvisations but also opened doors to boost business performance in the fast-changing landscape.

 There’s no denying that many amongst us loathe to change. Those who loved sticking to a routine and staying within their comfort zone were brutally forced to reform.

Showing flexibility to everyday situations almost became mandatory as there were no rules or handbooks to look up to. Innovative ways were not only encouraged but became de rigueur.

Old started giving ways to new as reforms – often silently – swept across the business world. Noticeably, long-term behaviour change has been set in motion courtesy of the Covid19 pandemic.

 Many organizations rewrote their SoPs and understood that practices like routine office meetings or across-the-table interviews weren’t necessary.

These lost their efficacy with the changing time. Many also drew contingency plans to handle curveballs thrown their way and became agile to mission-critical projects.

Resetting goals, rectifying flaws, and learning quickly from a global crisis heralded a visible resurgence in multiple sectors.

The corporate world of 2022 may not look different extrinsically, but inherently huge transformations have happened to help us to emerge smarter and stronger, collectively.

THE VIEWS EXPRESSED BY THE AUTHOR ARE PERSONAL

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  • Covid19 pandemic
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