3 min read
Another year has passed - a year unlike any the world has ever seen. So many unexpected things happened that we wouldn’t have dreamed of seeing our lifetimes. A new status quo was needed and we took the responsibility of creating it.
In the context of business, though, what exactly did we learn? And after all those lessons, what’s the way forward? As the year closes, it’s time to explore this.
The rearview mirror
When the pandemic rolled around, no one saw it coming- especially not the businesses. As a result, everyone was on their knees with their heads bent, trying to figure out what to do next. But, before that could be figured out, there was another big question- what will the world be like now?
The answer wasn’t difficult to figure out. Everything would be digital. So now, businesses had to scramble to arrange work-from-home for everyone and resolve security issues while they were at it. Where it was reserved as an option in the pre-COVID world, it was now a necessity. Those with no digital platform to perform their work on had no choice but to sit in the uncertainty of employment.
Many companies had to rethink existing processes to allow the business to operate in this extreme situation. This was a new kind of innovation that companies had to undertake in addition to the breakthroughs already expected of them in their industries.
It certainly wasn’t a piece of cake being a business with fighting spirit in 2020. There was lots to pull one down.
The way forward
All the challenges and setbacks of 2020 coalesced into the following crucial lessons. Each business can add its own unique flavor to them and implement them. A failure to do so might result in the business becoming obsolete.
- Ensure business continuity
Customers are more used to interacting in a digital way now. The dream of cashless economies has more or less been realised. People are more likely to make payments through a digital provider than give or accept cash unless absolutely necessary. So, if people are going completely digital for something as mundane as everyday payments, then it is imperative to increase digital capabilities and automation to meet them digitally elsewhere as well. In the long run, this only increases your business’ resilience.
By now, businesses would have a good enough understanding of the situation and their industry to know where they stand. Hence, it is time to make an early critical review of existing processes and identify improvement opportunities before it’s too late. Now that the business’ survival is ensured, it is time to prepare for growth. Make sure that the improvements are tested and delivered by the third quarter of 2021 the latest. You can seek help for the discovery and diagnosis of these improvements from 3rd party companies focusing on processes improvement.
- Enter into partnerships
Rome was neither built in a day nor was it built alone. Instead of trying to do it all on your own, look for strategic and experienced partners who can accelerate digitisation by improving the most critical steps of the process. Experienced partners will help you in positioning your processes against your peers. They will also provide personalised market insights and assist in assessing opportunities along with a realistic path to make the most of them.
With the above three steps on repeat (and tweaked as needed), the way ahead becomes clear. The only thing left to do is to build upon the new foundation that 2020 has given us. To continue to leverage the transformation that COVID-19 has forced us to embrace. How we do this is a matter of personal choice.
As a company, we’ve worked with tens of insurance companies before and during the pandemic. We’ve witnessed the transformation they’ve undergone and aided them through it. To know if we’d be the right partners for you, too, head here to have the question ‘why Spixii?’ answered.
We look forward to working with you in 2021!