The unprecedented pandemic crisis of the past 3 months has sent the entire business world into a tizzy. Businesses around the globe are virtually paralyzed, and their immediate future faces monumental uncertainty.
Recovering from a recession requires several innovative initiatives. Automation is one of them.
Automation gives businesses the energy to speed up their operations and helps them gain the momentum they need to get back in the market.
Impact of the Pandemic on businesses
The Covid-19 pandemic has shaken up the business sector and industries at large. The drastic measures being taken to slow the spread of the virus have triggered changes across most of the sectors.
Over 99% of the small businesses are impacted as they lack the cash flow to tackle over 3 months of interruption.
Forecasts indicate that millions of workers could lose their jobs in the micro, small, and medium business sector. New companies will also hesitate to enter the job market due to the depression.
Some effects of the pandemic on businesses are:
- Travel restrictions and quarantines have jeopardized the global supply chains and have left factories, short of parts, and labour.
- Sales have majorly dipped across the technology, pharmaceutical, automotive, and consumer goods sectors.
- Prices of commodities have plummeted, leading to producers of all industries cutting down on output as well.
- The decline in mobility and work disruptions have led to a reduction in consumption, affecting several multinational companies in sectors such as aviation, tourism, education, tourism, hospitality, entertainment, electronics, luxury, and consumer goods.
Ways for businesses to regain momentum
The pandemic has brought with it a series of challenges for businesses, the manufacturing industry being one of the most severely affected. Plants have closed down, and production has been halted, resulting in the loss of countless jobs.
Companies can regain their business momentum by exploring the possibilities of automation to reduce the impact of the pandemic on production.
In the pre-crisis period, automation helped businesses innovate, reduce costs, and gain a competitive edge. But in the current scenario, it has become a means for survival and damage control.
Gartner’s four phases for organizations to emerge successfully out of a crisis seems ideal for the current scenario:
React and Respond
The first few weeks must be for reacting to the crisis that involves quick decision making and the initial steps of action.
Re-direct to new realities
The next step must understand the current situation and assessing how the constantly fluctuating scenario will affect them.
Rebound to the future
Planning to seize opportunities in the future, the next phase will utterly require the awareness of pubic demand. With everything soaring from the crisis damage, the public will have newer interests and will eye for new solutions & values.
Accelerate Opportunities through Automation
The ultimate phase of crisis planning includes charting out the recovery plan and channelizing the investments towards it. The organizations must exhibit more energy in this implementation phase than the cruising and planning phase. To generate momentum to tackle recession, the businesses must follow the following steps:
- Constantly innovate
- Leverage on changes in the external environment
- Utilize the maximum power of advertising and marketing
- Know and outperform competitors
- Focus more on game-changing strategies rather than run-of-the-mill decisions
Digital automation is a propeller for acceleration. Automation will be the game-changing strategy that can empower businesses to accelerate successfully. Digital automation helps in tackling complex tasks easily, reduces redundancy in operations, and improves the quality of products and services.
For instance, a highly complex task may be completed quickly through automation. A low-frequency task that requires detailing can be done accurately through automation. Automation helps to produce more at lower costs, enhancing the efforts of those who work towards it. Automation also solves the talent shortage and hiring issues by adopting a streamlined hiring approach.
How does automation help digital enablement?
Digital enablement is the new normal for organizations. They are looking to adopt intelligent automation as a step towards digital enablement.
Solutions offered by digital enablement is the need of the hour. It helps in delivering exceptional services to clients and improve business performance.
Automation can be incorporated into key areas, such as design enablement, product management, agile transformation, and leading digital space. The multichannel approaches of digital enablement through automation will help businesses connect with the customers and engage them.
They will play a key role in formulating business strategies for current crisis management.