To do this, we must ask ourselves whether the services and products we offer are in line with this new reality and whether they continue to be sustainable both for the internal situation of the company and for the market. One of the most important things you can do is recognize that the new reality must come with a different level of expectation. The only way to properly understand the new reality is to continually adapt through experimentation and measurement. Ultimately, we need leaders who can adapt to any of the challenges of the new reality, and those who know and care will succeed.
As the landscape changes every day, we need to explore how business schools can shape responsible leadership. In the years ahead, business leaders will need to rethink and adjust their strategies to accommodate the transformations and trends that are accelerating and reshaping entire industries. In this article, we discuss how companies can reassess their growth opportunities in the new normal, reconfigure their business models to better capture these opportunities, and reallocate their capital more efficiently.
As companies prepare for the new normal, they cannot be limited by traditional sources of information, business models and capital allocation models. Companies that engage customers to understand how their preferences are changing and adapt their products to meet customers’ new preferences have an opportunity to improve their business. Amid this uncertainty, companies should rely on their sensory abilities to understand what their employees and customers are looking for in the new reality.
To survive in our new reality, retailers need to be where the customer is, thus combining the traditional physical purchase with the convenience of online. Technological transformation will revolve around new business models where contacts will be minimal. Work from home will become more common (a trend that coincides with the movement towards sustainable communities), people will focus on saving money and reducing non-essential expenses, social distancing will lead to more online shopping, service virtualization will be uniform, more visible, and supply chains will become less dependent on any one jurisdiction. Technology will continue to drive innovation in business models across industries, allowing new companies to enter the market and seriously upset existing ones.
New business models and value chains will greatly increase the need for new skills. To make a difference, their technology investments should focus on business model-specific innovation to capture new opportunities, rather than increasing digital usage in general.
Companies must focus on the human side of digital transformation as much as the technology side, including through the adoption of new ways of working. Companies seeking to emerge stronger from a crisis must develop a systematic understanding of changing habits. The most difficult aspect of this will be to distinguish between short-term changes brought about by a crisis and more permanent changes as companies move from a crisis management mindset to a more imaginative and creative one. You may not have planned the change and your business may not be ready to transition to a new business model overnight, but here are a few key things to consider to make the process easier.
Your new business model will be driven by changes in supply and demand relevant to your industry. To understand what kind of business model the new normal requires, you need to ask fundamental questions about how to create and deliver value, who you will be working with, and who your customers will be. Thinking about new scenarios, changes, groups of people that can help us create a new business vision.
We need to rethink how our education system can help people adapt to new realities, develop the right skills and make them fit for tomorrow’s work. Educators are coping with challenges, finding ways to adapt their virtual classrooms to our new reality, and changing the focus of learning. The teachers thought about their classes and designed new lessons, but most importantly, they explored new ways to connect with your children.
We know that children learn differently and that every experience they have can teach them something new. For some of us, our new reality includes new challenges, such as entertaining and educating our children and helping them overcome childhood insecurities. These new challenges are an opportunity to make meaningful changes in how we interact with each other and support our communities. In this new reality, we must support each other to develop the resilience that will allow us to thrive not only for our professional and work lives, but also to protect our overall well-being, mental health, and support our community. and family life.
In the new reality, it is important to remember the essence for which we exist as a company and build our path, adding value and adapting to this new tomorrow, which, like life itself, will bring great experience and responsibility. With the rapidity of change we are experiencing as a company, if people and companies do not change with our new reality, they will be left behind and it will be difficult to recover the number of iterations of change. The new reality will come at different times in different places, depending on local disease conditions and how quickly people adapt during the transition.
There will likely be more events like this in the future and you need to adjust now. It’s very likely that others will feel the same way, and your changes will have a lasting impact on the business. While it’s hard to see beyond the immediate future, restrictions will intensify and companies will adapt to find new ways to connect with customers and restore trust. Whatever choice your company makes to get back to office life, you can take your time and change your perspective as circumstances change.
Regardless of what COVID has in store for us next, HR will need to continue to communicate clearly to employees what is happening now and what (or at least nothing else) they intend to change in the future.