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How has the outbreak of coronavirus affected businesses?

Study guide




The globalization of the corona virus has had a profound effect on small and large businesses around the world. Many techniques, goals, values, and trends need to be revised to adapt to new situations. In this article, we examine the impact of the Corona epidemic on six different aspects of business.

1. The Impact of Corona on Business Techniques

Today, corporate executives face serious challenges in the globalization of the corona, such as business closures, supply chain disruptions, and employee health concerns. This epidemic has caused problems that are unprecedented.

In such a situation, most business leaders and managers have focused on urgent needs such as supporting employees, customers and business partners, disrupting the supply chain of goods and services, consolidating revenues, and synchronizing their business with new conditions.

Moving towards agile and flexible businesses

One of the problems that most businesses struggle with is how to reopen. This reopening requires a review of previous plans and innovation. Most companies wish they had invested sooner rather than later in cyberspace, data-driven, automated tuning, and streamlining company processes. However, there is still opportunity and new conditions and needs can be used to bring about change in the business.

At the same time, clearing leaders and decision makers are rapidly turning their eyes to the future: unpredictable futures with slow economic growth and new competitors. The challenges of the coming decade are not limited to the corona world. Cultural and social developments, coupled with rapid changes in technology, redouble the need to update and align the organization’s values ​​and goals with these issues.

2. The effect of corona on customer behavior

The Impact of Corona on Business Customers

Corona globalization has caused many changes in customer behavior. These changes have forced businesses to rethink their customer acquisition and marketing strategies. One of the most important tasks of customer managers is to determine a new mechanism for interaction and customer relationship management in the post-corona world.

Coordinating with changing customer behavior

The global corona epidemic has changed not only our experience as a customer, but also as a human being; For example, some cultural habits such as touching and rubbing have been forgotten.

On the other hand, the attitude and behavior of customers, such as how they buy, has changed a lot. With this new situation, businesses must look for new models to interact with their customers and consumers.

In this new environment, using the capabilities of the virtual world to buy and sell and interact with customers is one of the important strategies for the survival of businesses. These solutions include the creation and expansion of electronic services and the experience of shopping without physical contact.

The need and necessity of social distancing will accelerate the process of developments in the field of customer interaction.

3. The Impact of Corona on the Human Resources of Businesses

The impact of Corona on the workforce

Almost all businesses in the world have experienced unprecedented disruption in the process of executive work. Just as communities are looking for ways to get things done on a day-to-day basis, businesses are also looking for ways to keep up with the task at hand.

The role of human resource management in creating a new approach to the workforce

Senior human resource managers play a key role in this. By designing new processes, they make it possible to change the workflow into a workflow. This telecommuting, along with reviewing the communication between members of the organization, helps maintain business processes.

The experience and expertise of senior human resource managers in designing agile and flexible techniques for managing the workforce perpetuates the life of businesses and, in the long run, the continuity of societies’ economies. Effective cooperation between small and large companies is also essential.

The workforce, institutions, and organizations all need new programs that meet their needs today and tomorrow in today’s context. Governments, citizens, and grassroots institutions play an important role in shaping new approaches to labor management.

4. The Impact of Corona on Business Administration

The Impact of Corona on Business Administration

The globalization of Corona has given fundamental shocks to the structure and executive and operational processes of companies (such as the market and supply sector). In response to the crisis, leaders and managers of organizations must emphasize new ways to advance operations and operations. A prerequisite for adapting to new conditions is business intelligence.

Smartening the business

Instead of making top-down decisions, a smart business increases the flexibility and agility of the structure by empowering its employees to create goal-oriented teams and equipping them with the necessary technologies. In this way, the process of work is accelerated and the crisis does not cause the executive operations to fail.

In general, a smart business is a dynamic system based on self-management and high ability to adapt to the situation. Automatically adjusting executive processes based on human-machine interaction is an important step in business intelligence.

In addition, managing the supply chain of goods and services is more important than ever. Businesses must quickly find new ways to deal with current irregularities; In addition, by increasing their flexibility and responsibility, they should look for a way to change the use and reshape of the supply chain of goods and services in the future.

5. The Impact of Corona on Financial Issues

The Impact of Corona on Business Finances

At the time of the corona outbreak, businesses were experiencing a sharp drop in revenue. Organizational leaders, therefore, had to redouble their efforts to maintain liquidity and reduce costs, in addition to analyzing post-corona opportunities. The continuity of liquidity flows depends on current actions and future financial techniques.

Crisis management along with seeing future opportunities

The most important immediate action in today’s situation is to address the issue of liquidity. But then, the focus must be on optimizing costs and increasing profitability to pave the way for investing in future opportunities. Coping with declining revenues and rising costs requires investing in new technologies and increasing employee productivity.

The action of businesses today has a significant impact on their survival, return to growth and improvement of macroeconomic indicators.

6. The Impact of Corona on Information and Communication Technology

The Impact of Corona on Information and Communication Technology

Even before the Corona outbreak, many small and large companies around the world faced the challenges of technology. But the corona outbreak exacerbated previous problems along with new challenges in the field.

Discover new IT capabilities

Businesses are experiencing the widespread use of technology to manage their business and the continuity of corporate operations: an experience that has never been seen before. This increase in the use of IT technologies has provided an unprecedented opportunity for the sector to grow.

On the other hand, people working in this field, along with businesses, must find new ways to meet the challenges and discover the new capacities of these technologies to make organizations more flexible and meet their needs.

After overcoming the corona epidemic, it is necessary for the leaders and managers of the organizations, along with the activists in this field, to analyze and evaluate the performance of this sector at that time; Also find long-term and sustainable solutions to deal with possible future events.

Conclusion

All businesses, from the smallest to the largest industrial giants, have been more or less affected by the globalization of the corona. Some are more resilient and others are severely affected.

Customer behavior and needs are changing. The global supply chain for raw materials and supplies is severely disrupted. Each sector of the world economy responds to this crisis in its own unique way. Businesses have to adapt to the new world, otherwise they will be doomed.

Source

accenture

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