There will be a significant change noticed in the trends and practices in business management in 2020 and the years to come because of the COVID-19 Crisis. These trends will impact growth to a great extent and therefore you will need to know the drivers to ensure that your business moves in the right direction.
Here are a few clear trends that will emerge and impact the growth of a business in the coming months:
- There will be an increase in the adoption of new technology like remote workforce monitoring and employee engagement applications. Therefore, anything that you plan to do in 2020 for your business should be made keeping these technologies in mind, because it will not only increase your productivity level but will also ensure business growth.
- There will be a lot of use of cloud technology. Cloud computing will make businesses more collaborative, agile, scalable, and efficient. It will also reduce costs.
- With the extensive use of smartphones, there will be an increase in the use of mobile apps for business. There will be many companies that will be looking for mobile apps to digitize business processes.
- There will also be extensive use of big data analytics in these few years which will help businesses to make smarter decisions based on specific investments and innovations.
- Supply chains will be shorter and more regional. Big economies like China may not be able to supply to small economies. The disruption unleashed by the new coronavirus is different. It has highlighted country risk at an unprecedented scale. Nobody could have foreseen what would happen when the world’s second-largest economy, (China) went offline and completely shut down external logistics connections.
- Entrepreneurship will accelerate. While some sectors like tech and shipping were stable, small family businesses have been hit hard, and there are high unemployment rates among youth. These factors will lead to a boom in “survival entrepreneurship.” History shows that this kind of entrepreneurship—a traditional path of immigrants—are more durable than startups created by entrepreneurs who are affluent and have good PowerPoints.