Covid-19 was declared a Global Pandemic for the whole world on 11th March, 2020. Since then, it has become the single largest disruption factor of International concern. Today, Covid-19 still continues to have a grave impact on how we perceive our world, as it has caused an International meltdown on management infrastructure, supply chain, demand fluctuation, distribution methodology and businesses. Entire ecosystems are at a colossal loss due to the unprecedented surplus of advanced complexities which have never been in motion before. There is limited knowledge and a plethora of problems being faced for the first time. The Pandemic had ensued waves upon waves of never foreseen challenges, and the business world trying to grapple with the continuous onslaught of Covid-19 is witnessing a series of many firsts. Below are 4 Solutions which can be helpful to combat these challenges:
1. Contactless Omni Present Supplier Experience:
We need to formulate strategies for today by learning from the past crises and how companies managed to steer through those challenges. Before the pandemic, almost more than half of B2B transactions were preferably given to sellers with online or e-commerce presence which accounts for 50% of the entirety. The rest also in some way dealt through digital mediums in some form or another. The way of the digital experience is a huge chunk of the Omni present channeling system. Now, with Covid in place, the preference is more of a necessity at this point. Moreover, this way of business was gaining momentum rapidly from 2016 well into 2019. It has been known as self-service for the past few years but now the buyer prefers this mode as it gives scope for research and evaluation since the suppliers are already listed on-line in a digital ecosystem. Suppliers and Sellers must focus on this element of their omni present channels if they have to win loyalty over their client buyers. The sole loyalty for business could very well be based on how effective the digital sphere of a company is.
2. New Risks Analysis, Better Equipped for Cost Changes:
Covid-19 as a challenge is well documented and often taken as a demerit which it mostly is. But changing this in favour of your business is a strategy that leaders and pioneers of the business world need to take seriously. It is a first of many, and this calls for the first of many opportunities to change the landscape and give it a much needed breather from the physical hustle of the pre pandemic world. The risk management teams need to be elevated to do hard audits on the various cause and effects in market cycles of trade and commerce. The risk data should focus on new age approaches in building and rebranding models which are outdated. What may have been the go-to approach might be irrelevant today. All these factors need to be taken into account during the risk analysis of sales, goods, sellers, buyers, digital platforms, distribution logistics and marketing channels.
For Example: AMAZON, the leader in the digital and analytics space has proven exactly how opportunistic this challenge really is as opposed to what it poses to be. The Covid crisis was not a hindrance to the company, as the policies set in place already debunked most of lingering concerns others were dreading to face. Infact, Amazon continued to be the leading digital distributor worldwide with sales doubling and they benefited from their initial years of investment in digital and analytics. It is a complete super tool as Amazon has a commonality with all its sellers and that is Data. Data across all products, insights, customer segments, demand charts and supply predictions to meet those demands. The anticipation of this demand and supply chain is set to an active plan of action which is executed without any flaws because of the Risk Analysis set in place.
3. Aligning Productivity at best with the given circumstances:
As old models of the Supply chain get exposed to loopholes which would otherwise be passed off as negligible in a pre-pandemic world, the COVID-19 Pandemic has brought about an awakening in the Productivity metrics of businesses. The criteria was centered on the notion of completely following a particular course of action for a particular route to be taken. Now, the view has changed, in the sense that the costs of individual transactions are much more valued.
4. Focusing on Supply Chain Resilience:
Supply-chain resilience is at the forefront of all businesses as with long term reconfigurations and changes come new functionalities that need to be reliant and transparent at the same time. Both elements of the Supply Chain must intertwine to meet a curated formulation of business ideals in the Pandemic Age. Everything depends on the Supply Chain fulfilling its required goals for the long term which will boost visibility, trust and resilience of the company on the system. This is a monumental shift from the traditional marketplace which is across all industries, the COVID-19 Pandemic has transformed the ideals and changed perspective in understanding the nature of the new normal for organizational capabilities. Whether it’s in digital acceleration spaces or the supply chain disruptions, sellers are gauging new avenues to rope in productivity to be measured in a better way considering the current market scenario.