There is no doubt that 2020 has been one of the most challenging years for the business world. Many of the challenges brought by Covid-19 persist and the full recovery of global economies remains far from a reality. However, in the wake of the disruption caused by this peculiar year, a significant opportunity has arisen to transform business norms ranging from large businesses to small ventures. How can companies adapt to be aligned to this new reality? How can they be more prepared for a possible future disruption of such magnitude as Covid-19? What can companies do to regain their stability and create a more optimistic future?

The answer to each of these questions lies in transformation. Our ability to adapt and transform will not only define our business capacity to be successful in the face of challenges -both current and those that may come in the future- but it will also enable us to take the necessary steps to become more humane, agile, and intelligent companies: organizations that put human goals at the center of the strategy.

An article published by Ernst & Young, titled 21 Ways to Build a Better Business World in 2021, provides insight into how companies can apply the experiences of 2020 to build a better world and business. Overall, EY explains that to achieve a more favorable 2021 compared to 2020, companies must develop the right strategy, refine their operations and reshape their future.

 On developing appropriate strategies for companies, management must first identify the specific factors, processes, and dependencies that may be affected by potential disruptions. This identification process will help them increase their resilience and will also allow them to prioritize concrete actions for future challenges. On the other hand, it is essential to consider digital transformation when developing companies’ strategies. Last year, digital technologies became business continuity best allies. Access to advanced technologies allowed us to shift gears, and its presence in the business world will increase every day. Therefore, companies and their employees must work on driving an accelerated digital transformation that aligns with their business objectives and prioritizes today’s consumer demands.

Also, Ernst & Young raises the need for companies to refine their operations with speed and flexibility. For refining operations, businesses need to assess their leadership skills in terms of their ability to cope with a new normal, creating value and trust for all stakeholders. Digitizing their supply chains, having data analytics mechanisms in place, implementing new technologies, and being aware of political risks are some of the steps that companies can take to refine their operations and maximize their potential for success.

Finally, E&Y stresses the importance of reframing companies’ future through people, technology, innovation, and strategy to deliver long-term value. Reframing companies will demand a more human-centric vision when doing business. This new ideal requires that companies embrace their vision and mission and implement actions that have a positive impact on society. For example, companies can deliver value by adopting more sustainable processes and ensuring ethical standards that consider their employees, consumers, and the communities where they operate. Also, it will be essential to understand your customers’ needs in greater depth and adapt your strategy to offer them the best possible experience. Consequently, it will be indispensable to invest in their employees, providing them with the necessary tools to nurture their capabilities and elevate their potential and talent. 

Achieving a better world and better business opportunities demands that businesses learn from their mistakes, focus their strategies, refine their operations and commit to transformation. 2020 taught us valuable lessons. Today, organizations that managed to weather the pandemic challenges have the opportunity to rise more robust than ever, deliver more value, and reshape their future.

by info@nakasawaresources.com