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COVID-19: impact and opportunities for businesses

Published on 22.04.2020

The pandemic caused by the spread of the novel coronavirus, a health disaster that has forced more than a third of the global population to stay at home, has totally shaken up every aspect of society, business and the economy.

Like never before, companies are having to rethink their structures to gain a competitive advantage as soon as the crisis has passed. This will involve many actions and huge challenges, but returning to traditional models is now unthinkable.

COVID-19 has accelerated some phenomena that have been in progress for some time, i.e. digital transformations that were still slow and not homogeneous. To make sure that you are ready for the shift, it is important to take advantage of this period to invest in your company, in staff training and create a new company culture.

Critical issues for businesses during the coronavirus crisis

Without a doubt, the COVID-19 pandemic has revealed all the existing problems in current business models, helping managers to realise the urgency of the digital shift. It is not easy to suddenly switch to smart working and working from home, especially if you are unprepared and do not have the appropriate online infrastructure.

Now is the time to deal with certain critical issues, such as the lack of training for associates and employees on these new ways of working, the poor reliability of IT structures and the lack of direct contact with suppliers, business partners and customers.

Opportunities arising from the COVID-19 emergency

While the current situation is extremely shocking, the health emergency has revealed several factors that could have a positive impact in the short and long term. In particular, the implementation of remote working, with not only a few employees working from home but entire departments.

This forces companies to redesign their internal and external procedures and systems but it also enables them to reduce costs, increase productivity and create flexible models that are more in line with modern demands.

The backwardness of their infrastructures compels them to accelerate their investment, optimising their resources for cloud technologies and platforms that support remote working, from video conferencing to remote project management.

The compulsory quarantine also enables companies to study new solutions to communicate with customers digitally, finding suitable options to maintain relationships remotely. It is equally important to design innovative marketing strategies to update the business and adapt it to the new requirements.

The digital transformation: how to make sure that you’re ready

Every crisis, even the toughest and most painful, puts companies and people at a crossroads. You can use this opportunity to map the customer journey and to review the business process, making sure that you are ready when the crisis is over.

Even a slight delay could cause serious damage, permanently compromising your chances of re-entering the market and capitalising on the strong upswing that will take place across all financial sectors.

There are many things to do, from implementing new cloud technologies, training staff on smart working and working from home, to strengthening IT infrastructures and integrating scalable SaaS systems.

Companies need modern and flexible business models and structures, strategies based on data analysis and artificial intelligence, more automation of processes and a new company culture. It is time to focus on tools to reach out to the customers in the most efficient way, facing the reality that it is now time to look carefully at this aspect.

Tinext can support you through this difficult process, helping you to equip your company so that it can handle the necessary changes and transformations in the best way possible.

Discover how Tinext can help you