Crisis Is the Mother of Invention

By Tanuja Akkannavar Tuesday, 05 May 2020

Crisis Is the Mother of InventionA huge business transformation has taken place in various sectors during this pre and post-pandemic conditions. The business environment has witnessed a major shift due to lockdown, the companies have identified different ways of conducting their business. One such great transformation is shifting to the digital platform, as the offices and workplaces are remained closed because of the lockdown most of the companies are serving their services and connecting with their employees through online podiums. Around 70 percent of the companies across the countries have moved their functions, services and many more factors to a suitable digital platform.

Some of the aspects in which the companies have completed transformed their way of conducting businesses are – 

  • Maximum of the companies have asked their employees to Work from Home. So, the concept Work from Home has emerged as a way of working, through which the employees can work from any place and complete their assigned duties.
  • As the employees are serving their duties from home, the companies are connecting with their employees with various Online Communication platforms, more than 83 percent of the companies in the urban area are using this strategy to connect with their employees. The meetings are held through video calls and the day to day work updates of the employees are been gathered using online communication platforms. More than 60 percent of the companies are offering their services through various digital platforms that can help them in connecting with their clients and customers.
  • In this situation, the companies and businesses have very well learnt the several methods of Crisis Management. The present scenario of lockdown caused by the Covid-19 pandemic was a crisis for which no companies or businesses were ready to face it with plans prepared. But gradually, all the companies found out various solutions to handle this emergency and get adjusted to the new transformations that are occurring in the business world. Hence, now the companies have prepared themselves with effective strategies to handle any of such situations if it occurs in the coming years.

The Business world pre and the post-pandemic situation has seen numerous transformations in the world of business, also this has directly affected the socio-economic status. Most of the countries are undergoing severe economic crisis and are unable to at upon this condition, the supply chain management sector is the most affected domain. The numbers in the share markets and many other financial markets have seen a huge decline as the businesses of all the major sectors have been paused. 

Post this pandemic situation there will be several domains that will rise with a great market demands and profits such as online education, transportation, health care, IT, digital businesses, tourism and, food and beverage industries. Most of the multi-national companies are planning to shift their manufacturing units to India, which is another factor that will help the country to grow their economic status. Also, many public and private sectors are ready with their Business Strategies to be implemented post lockdown for the comeback in the market with high demands for their products and services. The SMEs and start-ups have to work hard and smart to gain back their positions in the market and also, develop various plans to run their business to sustain for a long period in the market. Hence, this pandemic situation very wells suits to the sentence Crisis is the Mother of Invention, as the companies have discovered various ways to keep their business running irrespective of any situation.

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