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May 05,2020

COVID 19 : How the crisis has led to creative innovations

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The spread of COVID 19 is impacting the business world. This has led to various pattern changes in the way business deals. The current business world talks about the uncertainty of the customer and the disruption of production and supply chains. Although this is happening at the forefront, there is yet another task going in the management segment of the business where organizations face greater risks and challenges when it comes to their people and crisis management. While this is an unavoidable situation but the world business leaders suggest that it is during such a world crisis that creative solutions come up which leaves a long term impact on mankind. Innovation, adaptation, and maybe even the instinct to preserve mankind and business, these collectively force the companies to recognize new opportunities – whether to cater to the immediate economic aspects of companies’ and people’s livelihoods or to invest in the fact that such situations can occur in the future as well.

Irrespective of the economic philosophy and personal perspectives, the current reach of COVID 19 has encouraged collaboration between individuals, and between the public and private sectors in a much more streamlined manner. During such difficult times, many companies are forced to take extreme measures to survive in the closed market which is eventually leading to silent chaos in financial world. But, some companies are not silently watching – they have adapted to the situation and expanded their brand, reworked on their business model, reshuffled their production lines, and catered to new needs. In short, they have listened to the market and taken a risk or two, making COVID-19 the main rotor for new growth in some sectors. In the past few days, there has been a strong rise in cloud services for collaboration, top companies like Facebook and Google have added video conferencing system in its services, paperwork and physical contact to work on a deal has reduced and turned online, there has been a rise in the reimbursement apps and digital solutions for accounting, and the growth of contactless devices for an infinite number of business verticals.

The businesses that can emerge out of a crisis are those who plan for their worst-case scenarios, who simulate response strategies for all possible cases, ask difficult questions, identify key people to lead the firefight, and establish critical processes and financial solutions to implement them in real-time. Any sense of complacency, however, tends to get punished in the most unlikely circumstances, which is why being prepared is oftentimes the best line of defense.


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