Build organizational resilience : A company is a highly complex intersection of people, processes, systems, and infrastructure. The complexities vary further depending on the sector they operate in. While some enterprises have stepped up during the crisis to protect their businesses, employees and contribute to the society, demonstrating significant agility, others have struggled due to the way they have been built over time. One needs to ask, have core processes changed due to the large scale work from home scenario? These processes often tend to be differentiators for an organization. Many such questions eventually lead to an impact on customer experience, which has a direct correlation to business impact. Hence, the next normal demands that organizations be redesigned and set up to survive and thrive in any situation. Resilient organizations require a foundation of core values like agility, flexibility, innovation, collaboration, and trust to navigate a post-COVID-19 era or even handle any shift due to similar situations. While it’s easier said than done, it requires large scale organizational transformations to create de-risked Business & Delivery Models
Leadership to combat the crisis : Numerous predictions are being made on the impact due to COVID-19, and many scenarios are being discussed. But, the uncertainty around the course of the virus, the long-term economic impact it has created remains. CXOs and leadership teams are faced with the responsibility to build organizational resilience by evaluating both the risk and opportunity that will continue to evolve in the short term. They play a pivotal role in deciding the next normal possibilities across consumer expectations, talent engagement, the rejuvenated role of technology, resilient supply chains, and possibly greater corporate responsibility.
The future workplace – Remote work at scale : Workplace strategies have already begun to look radically different from what we have been accustomed to. Organizations that had 10% of employees working from home before, now have over 90% functioning remotely. The last couple of months have dispelled a few myths around work from home. Sectors like financial services, healthcare, and contact centers dealing with confidential information have been forced to find ways to adopt remote work at scale. Challenges remain around security, compliance, building the company culture, employee engagement and productivity, and collaboration to further innovation.
However, remote work is here to stay as it offers the undeniable benefit for businesses to continue operations with the opportunity to lower office rentals and overheads. Organizations need to evolve their workplace strategies and create friendly policies to support employees and enabling them to embrace this new paradigm successfully.
Accelerated digitization – Technology takes center stage : The digital future is here, and it’s almost a binary go-digital or shut down scenario. We have seen that organizations in advanced stages of their digital transformation initiatives were positioned better to handle the current crisis. Companies have been forced overnight to reinvent their offline businesses to online and decentralize the workforce.
Over the last few weeks, we have seen our customers too leverage AI and Automation for numerous new use cases. These range from enhancing business continuity with digital workers, loan processing, invoice and claims management, contract analysis to identifying risks, and resolving IT issues to support remote work. With stock-outs of essential items happening across many countries, consumer and packaged goods organizations have also leveraged AI-enabled Business Apps to bring real-time visibility into their downstream trade ecosystem. A trend seen globally is AI and RPA are powering contactless customer experience. AI, Automation and Cloud adoption will become critical for business resilience by refining processes and operations to ensure business growth.
Business resilience is the new corporate buzzword and fast becoming central to every company’s strategy. The COVID-19 crisis we face was impossible to predict, but the insights and learning have been plenty. As organizations pursue disruptive change, they will need to inspire internally and externally to reimagine their current businesses and the new possibilities to sustain and thrive in the next normal