We are now in an era of unprecedented economic growth, but this growth is accompanied by equally challenging uncertainties. That’s why it is vital for businesses to rethink their operation and growth strategies to ensure that their business model is sustainable in this economic landscape. Companies should take time to visualize and revise their future goals by solidifying their mission statements around an improved and effective company identity.

Adopt New and Bold Business Models

While process automation and efficiency are still vital to a company’s success, it is also important for organizations to think about transforming their operations model to integrate and employ the amount of useful technology available. This approach is drastically different from adopting technology to further an existing business model and would focus on the complete transformation of pre-existing business models. It often involves radical changes invisible to the outside world, which can bring advantages that are hard to copy. Defining a new business model calls for a framework to identify opportunities that help in improving productivity and profitability.

Changing the Directives of Your Sector

It is important for businesses to reconsider whether the rules of operation in their sector are serving them in the digital age. For instance, the global lockdown brought forth a great difficulty for convenience stores – the convenience of having all the essential items in one store was no longer enough to bring in substantial foot traffic. Convenience stores teaming up with delivery services was a quick and timely decision to make their products available online.

Embedded Business Intelligence

Integrating business intelligence into business process portals can help a company’s management to better understand their market, as well as their customers. This can help businesses better predict massive shifts in the economic landscape and optimize their operations to respond directly to these changes. For instance, integrating sales forecasting software into sales portals can help companies analyze consumer data, identify pipeline risks and accurately predict their sales. 

Prioritizing the Acquisition and Management of Resources

Even with several positions being replaced by automation, it is still crucial for companies to prioritize the acquisition and management of quality resources, especially personnel. Companies should focus on rethinking the various responsibilities that new and existing talent may need to manage, based on their value agenda. Managements should work towards creating a talent ecosystem that fosters vertical growth, in order to incentivize and reward high-quality work. 

Embracing Uncertainty

Using effective risk management strategies is crucial to mitigate uncertainty. In fact, companies that adapt to new circumstances and overcome challenges are more likely to succeed in the post-pandemic economy. This is especially true for manufacturing companies that focus heavily on the procurement of supplies and shipments. As a result, a lot of manufacturing companies are now securing a reserve supply of spare parts to allow operations to continue as per usual, even during a delay.

Businesses will be required to reengineer their operations in order to foster trust, provide value for society as a whole, and reduce long-term risks. This is the only way to ensure a sustainable level of growth during a time of economic uncertainty. 

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