How Has COVID-19 Impacted the Business World: The Top Trends

By Hannah Harrison  |  

2.5 min read


he COVID-19 (coronavirus) pandemic has impacted everyone. This has left small businesses wondering how they are going to be able to maintain their revenue streams as unprecedented numbers of people file for unemployment. As the world continues to recover from this pandemic, there are a number of shifts that are taking place in the business world. With many people being forced to work from home in an effort to maintain social distancing practices, many have wondered if this is here to stay.

An Increased Adoption of New Workforce Technologies

Because so many businesses are having their employees work from home, there is going to be an increase in the adoption of new workforce technology. This includes employee engagement applications and remote workforce monitoring technologies that allow businesses to keep track of what their employees are doing. After all, if employers are not physically in the office, businesses want to make sure they are still working hard. With this in mind, any changes that business is making 2020 should consider the application with these technologies. Not only can they be used to increase employee productivity but they can also ensure the future growth of businesses.

The Growth of Big Data and Analytics

While big data and analytics were already becoming a bigger part of the economy, the pandemic has only expedited their adoption. During the past few months, many businesses have only seen revenue come in through the online portal. The good news is that this is more trackable. This allows companies to collect more data on their customers, providing an opportunity to uncover new trends. As a result, businesses are relying more on big data and analytics than they ever have in the past. With online sales already poised to pass brick-and-mortar sales, companies looking to maintain an edge in the current environment need to ensure they leverage big data and analytics.

Modern Technology Is Driving Business Decisions

Finally, the pandemic has also demonstrated how businesses need to marry business strategy and people strategy to remain ahead of the competition. Workforce management means reskilling the entire workforce to work remotely. An agile workforce can stay on top of their work from almost anywhere; however, businesses need to provide their employees with the right tools and training. This means artificial intelligence, cloud computing, and improved efficiency that allow businesses to make decisions based on actionable information more quickly. Businesses that are best able to leverage these tools and train their employees will be well-positioned for years to come.

The Future of Business Is Now

While new technology such as cloud computing and artificial intelligence is going to continue to play a role in the growth of the business world, these major trends have been driven by the recent pandemic. Given the uncertainty in the current economic environment that has been created by this public health crisis, it is important for businesses to keep these trends in mind in order to compete effectively as the world continues to shift.

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