The global economy is experiencing turbulence due to the unexpected disruptions of Covid-19 has caused.
While some countries have eased lockdown measures, Kenya is still under acute economic inactivity and it is hard to tell when things will get better, with a ‘new normal’ being birthed. The effects of the new order have been a mass loss of jobs, closure of businesses and mangling of supply chains. I have seen many families staring at a bleak future since their livelihoods have been taken away.
But despite the current economic contraction, businesses must learn how to survive these times, have the right technologies to help them sail the stormy waters, and adopt best practices for business continuity post Covid-19.
While technology promises to help companies build resilience and realign their policies with Industry 4.0 demands, employee upskilling and reskilling will be key in wading through the tough times.
Business agility is now a matter of principle. Even after retrenching, businesses will have to shift their mindsets, automate most processes and hire staff who exhibit a multiplicity of talents. With the rise of a contact-free economy, business leaders will need to embrace e-commerce to respond to changing shopping and consumer behaviour created by the pandemic.
CUT COSTS
In such an environment, cloud computing becomes inevitable. It will help firms cut off rent and several administrative costs that are incurred by physical offices, a major chunk of expenditure. However, cloud-based services will come with new pressure for providers to make them affordable, available and cyber-secure as Kenya’s cost of internet keeps reducing.
We are already witnessing collaborations and partnerships around fintech and communication, which are lowering the cost of money transactions and conducting meetings. That won’t change.
Emerging technologies, which have been at the forefront of ushering the country to the brave new world, are fast erasing traditional business models and the corporate scene must now treat them as a business enabler.
The faster businesses adapt and embrace digital transformation, the easier they will find ways to deliver results and keep employees on payroll.
RESILIENCE
To cover financial, commercial and operational resilience, firms are already being compelled to customise their business continuity plans as further incremental and radical shifts in all aspects of life being experienced.
A laissez-faire attitude towards business management can no longer survive but the new order presents a historic opportunity to conduct a truthful appraisal of all systems of operations.
This is a moment to change how we think about the future of work, integrate the lessons we learn from the pandemic into our style of crisis management, and prepare the younger population for an environment which has gone cashless, automated, virtual and fully digital.
In the new decade, any aspect of business that still relies on traditional ways of management cause a regrettable, catastrophic crumple of the entire business.
The writer is a 4IR journalist at NMG;@faustination
