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The 3 ways coronavirus will reshape business

Oct 13
 
Tags: Accenture
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The 3 ways coronavirus will reshape business

The coronavirus pandemic will have three main long-term effects on business, according to Accenture. They are the reshaping of global supply chains, a growing technological gap and the emergence of more thoughtful, human leadership.

Global supply chains

Many businesses were simply not prepared for the disruption that came along with COVID-19. As well as the very real risks posed by the virus, breaks in the supply chain became the norm. While many companies had backup suppliers to turn to, the majority had not considered the value in spreading these connections across different countries to mitigate the risk. 

Growing technological gap

More companies have adopted digital communication and tools including cloud computing to help make processes more efficient. While this is possible in some sectors, it is not as simple in others and could result in a technological gap, where only the elite are able to do their jobs remotely.

Rachel Barton, head of strategy and consulting at Accenture, said: “The resilience within the way that businesses operate was relatively low and the cost structures that supported businesses were too high. I think out of this period, we will start to see glimpses of change that really, we could have thought more carefully about many, many years ago.”

Human leadership

In the long-term, some employees will return to offices, but the pandemic will leave the door open for those who don’t want to. They have proven they can work independently in their own homes and will see no reason not to continue in the future. This will present both challenges and opportunities for employers, who will need to do more to tempt top talent to their organisations, but will also be able to spread their net wider geographically.

As things return to the ‘new normal’ after the pandemic, some things will go back to how they were, but many will be changed irrevocably. Business is likely to be one area that has seen such as shift.

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