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THE NEED TO EMBRACE INNOVATION AND TECHNOLOGY

In a matter of months, the world has changed forever. The global economy, our businesses, and our personal lives have been transformed. While this may be a gloomy picture to some, others are using rose-tinted glasses to assess opportunities from the pandemic.

Here at YVR Consulting, we fall into the latter category and reflect on this regularly. Not only has the process of getting our products and services to the marketing drastically changed, but so too have our clients and consumers.

For businesses to remain sustainable, market understanding and a need to remain agile in our dynamic environments are essential. Businesses are being forced to do so much more with so much less, and have been forced to embrace and leverage technology which has resulted in organizational culture changes. This pattern will not diminish any time soon and businesses would need to embrace the new way of working moving forward. Business owners and Executives will feel the costly effect of staying in their comfort zones. Now more than ever reassessing business- and go-to-market plans and incorporating the learnings from the pandemic, will give businesses a fighting chance of survival. We have detailed why we believe this is the case:

  1. Advancements in technology.

Globally, the adoption of technology can be witnessed - the redesigning of supply- and value chains, a greater focus on reduced wastage in manufacturing plants, and an overall focus on operational efficiency. This has also been catalyzed by the new way of work, be it remote working or hybrid working arrangements. Employees need access to information wherever they are working from along with effective tools - PCs, laptops, or tablets. Other immediate shifts critical for business contingency are noted: - better cyber security, migration to cloud solutions, and even the incorporation of AI /machine learning to help facilitate better employee output and efficiency. These have contributed to more manageable working hours, a work-life balance, and an even better understanding of customers and their demands. 

With the increase in new technologies, apps, and solutions hitting the market every day, we can anticipate some exciting shifts in the way customers and consumers can experience our offerings through the incorporation of Virtual Reality (VR) too.

The pros of adopting technology far outweigh the cons. Initially, there is a steep learning curve as with any software or technological advancement, but the return on investment in the tangible and intangible form is irrefutable.

Scale, upskilling, alignment, and consistency of messaging have become much easier, not forgetting the monitoring, evaluating, and reporting for businesses which have always been one of the age-old pain points.

  1. A new growth mindset is required.

More and more we are seeing that businesses don’t just have to sell tangible products. Cryptocurrencies, the rise in the demand for NFT’s, and the increase in businesses that aggregate services, prove there is far more opportunity to start and grow a business. Copious amounts of data currently exist for hitting the sweet spot of supply and demand, all at the click of a button.

While technology has shifted the way we get our products and services to consumers, our consumers have been demanding far more from us as providers, this includes an online presence. Consumers need to know that other customers have rendered your business credible, they can compare your offerings to that of other suppliers and there is value in your business as a supplier.

The pandemic has proven that side-hustles are now not uncommon, and there has been a massive increase in the number of small businesses contributing to the global economy.

As exciting as it is to see the number of new businesses, our concern remains the sustainability of these businesses, to survive the dreaded business failure rates in the first four years of operation.  

  1. Cost-effective consulting services are the new norm.

The consulting industry pre-covid was already growing year on year. In a post-covid landscape, this industry is highlighting the digital skills needed for a differentiated value proposition. Remote working, shifting human capital operating models, and accessibility of data are all factors contributing to a “new normal” for businesses and consultants. There is no better time to be thinking about the operational effectiveness and performance improvement.

But how do consultants meet the demands of the “new normal”?

For the most part, market-entry initiatives have never been easier, automation is now high on executive priority lists and leadership engagement and capability are more important than ever. If mid-market businesses are to survive and, grow, consultants will need to be able to integrate innovation and technology into their service offerings.

Agile businesses that have adapted to dynamic environments at the onset of the pandemic are seeing growth and sustainability. Digital solutions that have supported their human capital have been the solution. 

  1. Training and upskilling: Considering remote or hybrid working, new operational procedures, consistent application of operational practices across geographies and staff turnover requires a new way of ensuring capable staff, LMS systems available are on the rise.  
  2. Collaboration for remote working: Instant messaging, better internal communication platforms, and project management programs have helped manage workflow and employee output.
  3. Strategic planning to tactical implementation: It is proven that only 4% of Senior Management know what's happening in their businesses at a tactical level, this is probably lower in a remote environment. YVR Consulting has identified these learnings early in our journey and is proud to be at the forefront of a different type of support that facilitates simultaneous top-down and bottom-up operational performance management – in a single place, at the click of a button. Over 15,000 businesses globally have already been supported through our cost-effective digital business support solutions, for aspiring entrepreneurs, start-ups, or small businesses as well as the medium to large organizations. 

The post-covid world will be an exciting time to adapt to our next generation of change. Contact us to have a discussion on keeping up with the changes for your business.

Yushini Maharaj

CEO – YVR Consulting

yushini@yvrconsulting.co.za

Tel: +2782 377 6950

www.yvrconsulting.co.za

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