Gartner recently published an in-depth survey on the impact COVID-19 has had on companies and the unexpected opportunities that have stemmed from it. Nearly every industry is experiencing internal shifts and operating models and work archetypes as we know them have essentially changed forever.

After evaluating the ways Gartner explored the employer/employee relationship and collaborative partnership influences on the business ecosystem, we got to thinking. Despite both negative and positive business impacts from the pandemic, leaders are now in a situation where new operating models and opportunities can (and should) emerge.

The after effects

Business leaders are under the gun to respond quickly and combat the effects the pandemic has had on their companies. While some businesses are coming up with innovative solutions, others are reacting without a set strategy and forgoing a mitigation plan in exchange for short-term solutions and instant gratification.

Companies not currently online or up to date in terms of technology platforms are the most at risk here. However, those who think they are technically secure but, in reality, aren’t taking advantage of their platform’s resources are equally missing out on opportunity and growth.

In this 2-part series, we’ll explore:

• the ways the pandemic has impacted business
• the significance of building new partnerships to strengthen your brand
• which temporary measures to discard and which to make permanent

Hit reset

Thanks to COVID-19, we’ve collectively hit a corporate reset button. What would have taken years of adapting in terms of accepting a remote-friendly work structure is now the new normal. The positive here is that, after the initial triage, companies now have the opportunity to revisit and reconfigure antiquated stratagems and restructure the way they do business.

The not so great news is that with such a sudden and unprecedented shift, businesses who aren’t equipped for a remote workplace are still expected to immediately acclimate. The core concern here is that without proper preparation and risk management, you’re taking a gamble that could result in layoffs, financial burden, brand disasters, etc.

Mitigating risky business

This is both a very unpredictable time and a huge opportunity. As we mentioned earlier, this is the perfect moment to revolutionize your business model and the statistics are actually in your favor. When life gives you lemons, right?

44% of CMO’s are dealing with excessive budget cuts as a result of this pandemic. However, depending on your business, budget cuts in one department could mean more investment/spending in another that would better suit pandemic needs — think stronger technology infrastructure.

Check out Gartner’s take on the ways budgets have been affected.

Moving forward in a pandemic

For those of us in the technology industry, we’re lucky that a remote workplace environment is normal — we’ve been working both on and off-site with teammates and clients for nearly a decade. But to some, the shift from in-person to virtual may feel more radical than evolutionary.

The truth, however, is that it really isn’t. In fact, the remote evolution has taken much longer than it should have due to cynicism surrounding an off-site business archetype, but the pandemic has forced the issue and many are having to skip those first few baby steps.

It may not have been the plan for your business, but it has encouraging side-effects.

• Moving online and adopting automated services will create a way more efficient and productive environment for employees.

• The ability to work remotely across different time zones permits a newfound flexibility. This is especially true for recruiting. You can now choose the best person for the role regardless of location.

• Partnerships. You’ll notice global conglomerates are shifting their attention to cooperation and pairing up with other industries to strengthen their business.  This is a great time to revisit a prospective partnership with a technology agency who can help you optimize your site and implement the necessary tech platforms to streamline your business roadmap.

Beware the status quo

Of course, no one can fully predict what will happen, but putting a pause on your business instead of a reset could seriously impact the way your dealings performs.

We’re seeing a lot of companies trying to simply maintain the status quo while shying away from opportunity. It’s not hard to understand why — it all boils down to risk aversion. In fact, 69% of CMOs have stated that they “… either seek to conserve the status quo or will only take risks within limited barriers …” But acting too cautiously, to the point of avoiding a drive forward, isn’t necessarily the safest or most optimal decision.

Pressing that reset button might seem like a gamble, but the real threat here is not jumping on this unexpected opportunity. Reworking those budgets to reallocate into areas such as technological advancement could improve assets, benefit teams, and streamline internal processes.

Final word

This is the enlightenment era of technological advancement. It’s an AI revolution and being left behind isn’t an option.

Content Bloom is offering a free consultation to business owners seeking to learn more about the ways technology platforms and partners remove risks and add opportunity. For more information contact us here.