By Nikola Nikolov
We waved goodbye to the relative economic stability since the big financial crisis of 2008 when something called SARS-CoV-2 hit us with a force few can grasp in its entirety. The pandemic shifted basically the whole socio-economic plain of our existence and left us a bit startled but most of all – with a lot of questions in the bag. The main ones being – what to do from now on, and how to prevent this from happening again.
The Hows and Whys
Businesses are facing relatively the same questions all of which are guided by the words: adaptation, prevention and most importantly – improvement. Having seen the situation more or less as an opportunity – most businesses have set on a journey to finally bring their systems of operation and their ideas in line with what the 21st century has to offer.
The first thing we observed most of the leading companies in the world started doing – was demanding more from their accounting branches. As companies to this point had the privilege to reside in a more calm atmosphere thanks to the relative economic stability – after the initial shock due to the pandemic – accounting departments had to start making financial predictions 5 times as much compared to the previous period. That’s because everything had to be recalculated on the go as the situation continues and will continue to be changing drastically.
Being able to forecast accurately and effectively will without a doubt prepare you for a moment where losses and gains can easily be made.
Be a trendsetter
To be able to better work with data – you need to be able to process it quickly and thoroughly – which includes probably the most important change in the business model – Automation and Digitalization. And that’s not at all just for the sake of it and because it is possible. Essentially – with the restrictions concerning people gathered at a single place, social distancing measures and the main practice of sending people to work from home (don’t worry we’ll get to that), to be able to do everything online saves a ton of time regardless of your field and can be a huge advantage.
A good example is what Adidas did – the “Speedfactory” approach integrates a number of trends transforming supply chains today, including 3D printing, customization at a mass scale, near-sourcing, and the digitalization of its operation. A perspective implemented that way solves a handful of problems, but most importantly it protects your employees and it assures that your business doesn’t end up on the loose end of a supply chain.
It’s important that you act accordingly to the situation and work with the right organizations. Providing several supply chains and being able to assure that you have enough sources and the ability to pivot your workforce and product or service delivery models to digital/virtual will aid you incredibly if you want to weather the storm. Meaning that relying on your partners becomes more important than ever and if they aren’t prepared to go all the way – they may take you down with them.
What’s Most Important
Your employees – the blood vessels of your company – are the people who are most likely to see the direct effect of the pandemic. Having one relocate from where he does his job and change all the habits that go along with that isn’t easy at all, but in this case it’s necessary. And that’s actually perfect, because otherwise this change might have never happened. More and more organizations are realising that a flexible work schedule, a combination between presence in the office and working from home is probably the most efficient way one can work. This gives freedom to the leaders of your teams to plan according only to necessities and meetings, not overwork their staff and most importantly tend to the well-being of the worker – giving him the choice how to allocate time for his tasks.
One great benefit of the mass implementation of the home office or semi-home office idea is that companies no longer need big buildings to house all of their employees, which means that running costs will definitely go down and future rental prices will go down with them.
We have some new buzzwords thanks to the pandemic!
The new business model – preparation, innovation, automation, digitalization and work from distance. How to do it efficiently? You can contact us – because we do all of the aforementioned.