Five Tech-Based Strategies for Business Expansion Post-COVID-19

COVID-19 will affect the entire world, and everything will change. The post-pandemic world as we know it will have very different processes, both from a technical and business perspective.

Pandemics are inflection points that nudge the old system. Globalization, clusterization, automation, and artificial intelligence transform systems already under stress into frameworks that will become tomorrow’s operating systems.

There’s no doubt that COVID-19 will make headlines for the unfortunate destruction of lives and the economic downturn it led to. However, this era will be remembered for business and technological advancements.

A key theme of the technological revolution will be developing business plans that can survive in a society with less interaction. This concept will influence our culture for years to come.

Based on these ongoing technological innovations, we can expect a transformation in business. The next generation of technology brings advances to make business more manageable for even the inexperienced. 

With the advancements in technology, you can outsource everything, whether it is customer services, digital marketing services, or even developing a marketing strategy. The same goes for self-storage and e-commerce services, which no longer have to handle marketing and only manage their orders. 

For instance, if you own a warehouse business, dedicated marketing agencies will handle your marketing strategy, by developing campaigns specific to your business, building your reputation, and increasing visibility for you to reach out to more clients. 

Using dedicated analysis tools, productivity software, and self storage internet marketing campaigns, you can now reach out to the global audience, increase profits and grow your business beyond borders. 

Following are more strategies businesses can take advantage of in this post-Covid-19 world.

Diversify Your Domain

The ongoing pandemic taught us that if businesses want to thrive, they need to go digital. In this scenario, companies need to broaden their product offerings to cater to the increased demand for specific products. 

Understanding the growing needs of the population, manufacturers are working overtime to meet those demands, giving online retailers have the opportunity to collaborate with manufacturers to stock and distribute them.

Businesses can also diversify their products using digital platforms. GetBoda, an online logistics platform, switched from picking up goods at pick-up stations to focusing on courier services and businesses. 

Likewise, Herdy Fresh, an e-commerce company, teamed up with Sendy, a logistics company, to offer its services during the pandemic.

Savings and Convenience

Since companies related to various industries suffered significant losses in revenue during the COVID-19 lockdowns, many companies learned that reducing costs wherever possible was a lucrative move. 

However, these efforts may also provide an opportunity to adopt new working methods while realigning business priorities. To start, leaders must implement zero-based budgeting to reallocate budgets to fund capabilities linked to clear and quantifiable outcomes. 

Standardization and leading-edge methodologies, and innovation can also play a significant role in simplifying business processes. So take the initiative and apply radical thinking to your strategy. 

For example, automate core IT processes by investing in robotic process automation to improve back-office operations or introducing AI and machine-learning-based intelligent analytics solutions. 

Additionally, IT legacy transformation should be pushed aggressively via APIs and develop asset management capabilities.

There is a reduction in real estate needs because companies want fewer people in the building. You can use AI and machine learning automation to automate facility maintenance and monitor employees without physical presence through remote surveillance. 

Adaptability

If you weed out weaknesses in your business and operating models, you’ll be better equipped to handle the next disruption. Right now, ironing out your flaws is crucial. 

If there’s no cure for COVID-19, any revival of business activity will be following another round of response, recovery, and renewal. So, it’s imperative to implement sustainable changes into business and to operate models before the next wave hits.

First, you must determine exactly where and how the crisis has stretched and broken your existing models, identify the risks and use the opportunities available to you. 

Identify significant uncertainties and evaluate their importance to the future of the enterprise by coordinating senior and functional leaders around a scenario-planning protocol. 

Create a minimum viable strategy based on the highly disrupted environment and formulate your strategy as the new normal emerges. Finally, continually plan your strategy so you’re ready to respond to any changes in the business environment.

Make the most of human resources

Businesses must focus on the welfare of their employees, especially during a crisis like the current pandemic.

In response to employee requests to maintain social distance while working remotely, businesses must determine which tasks can be performed remotely and which require physical presence and provide appropriate support.

For businesses to organize remote work, they need to consider connectivity and affordability issues, especially in developing nations. Due to these limitations alternative business continuity plans, such as phone calls or internet plans, should be put in place to support team members. 

To ensure quality safety protocols, platforms should have risk-reduction policies or provide PPEs for operational tasks that require movement. 

For instance, a company like Sky Garden developed alternative methods of verifying products without contacting customers. They achieved this by training their employees and merchants about safety measures to follow.

Build meaningful partnerships

Partnering with similar businesses and mindsets is crucial for fostering growth rather than relying solely on internal capabilities. Post-COVID-19, organizations must rethink their strategic partner capabilities and their partnership approach. For example, buy vs. make or single vs. multi-vendor. 

Identifying the best suppliers for each capability or domain and developing a long-term strategic plan with shared risk/reward opportunities will require a holistic approach. Additionally, scalability should be retained to allow for the portability of contracts and the elimination of vendor lock-in (e.g., through open technologies).

Solutions-based implementations have replaced technology-based implementations, where collaboration is essential. In the initial stages, partnerships can be challenging to figure out, but with the right decisions, can lead to monumental growth. 

Final Words!

It’s all about your own preferences in the end. Therefore, overcoming market challenges and regaining business growth momentum will be accomplished by taking targeted actions now. 

Redesign the IT organization’s end-state vision, map out a road map, and establish milestones you want to reach along the way. It is crucial to think and act holistically rather than addressing business needs and issues from a silo perspective. 

The execution and acceleration of the change you seek will require strong leadership, cultural alignment, an innovative mindset, and fruitful collaboration with strategic partners.