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Most firms are operating in a very different way due to COVID-19 and these new operations seem to be stable.
This crisis has obviously provided an opportunity to experiment with new formats, digital forums, new ways of communication, measures etc. and these are already becoming normal business practices.
For those firms where cost reduction is not the main focus, they are designing and developing new services, products and workflows to secure a market advantage.
New collaboration and communication patterns are emerging and all businesses must adapt accordingly. Flexi-time, working from home and online meetings show us that existing processes, tasks, projects can be delivered in a very different (new) ways with same effectiveness if not better, whilst costs and spent resources (travelling, office space, time spent on meetings) are dramatically reduced. It will be interesting to see which become the ‘ new normal’.
Customer habits are always changing anyway, by definition, so those firms who can steer, manage or follow these transformations could be the winners – especially if they can generate and lead these changes and innovations.
Managerial roles and functions have changed. Some roles have actually became (unofficially) very important and leaders must recognize these employees to draw new organisation charts as needed.
Leaders of the new normal must increasingly rely on digital technology and data driven analytics to be successful, while of course being mindful of the human factor.