Importance of Business Continuity during COVID-19 and Implications on Business & Industries afterward!

November 20, 2020 - 10:06 am - Post by Zignuts

Importance of Business Continuity during COVID-19

The COVID-19 crisis has changed life revolutionary for all of us in the past few months, weeks, days and is now changing by even hours. With travel bans, lockdowns, and exacted quarantines, it seems that the ripple impact of this pandemic on the social and economic fronts will be long term and the world will require a lot of time to be back to how we knew it. This coronavirus pandemic is an alarming call for companies and smart leaders must focus on strategies, policies, and processes how they can best protect their employees, customers, and operations during the crisis and at the same time maintain business continuity.

During times of crisis, Business operations—the intelligence engine of an organization—They actively analyzing their efforts to assess the right levels of support for their people. But the impact of the COVID-19 crisis is not limited. It’s time to think about Business continuity and collaboration models. Leaders need to think about infrastructure, employees, customers, operational and community with the aim of managing an organization that has to face new difficulties and uncertainties and wants to ensure continuity of business & operation. 

Some recovery plans that being tested by rapidly evolving challenges during the crisis such as travel restrictions, and remote working becomes a reality.

How Zgnuts Technolab can Support Businesses During COVID-19 Crisis

Even for a remote-first organization like Zignuts Technolab, it is also essential to provide employees with guiding principles on how best to maintain their work during this outbreak. Remote working increases as a means of practicing social distancing empowering people to deal with any quickly evolving situation. Remote working, working from home (WFH) – which may be the most suitable approach to avoid infection by limiting contact among employees – can be the most challenging. 

Extending your capabilities

When considering WFH environments, companies need to make sure that the team has the essential tools, processes, and people required to perform their tasks available to them at home. From an IT perspective, this means Collaboration tools, Network access, Company databases. 

Effectively communicate remotely

Use real-time digital communication tools across the teams & levels of the organization via Zoom, Google Hangouts & Skype for example – and everyone must have their video on.

Customer Demand

Revenue within many businesses will be affected by reduced customer confidence. Businesses need to focus on how to achieve customers’ objectives & on-time delivery satisfaction through uncertainty — is key to a successful transition from unpredictability to trusted relationships.

Essential Business continuity

Coronavirus (COVID-19) is spreading quickly around the globe, companies are scrambling to protect & support their teams to build new processes. For the continuing work, we have to adapt the latest IT business continuity plan, different ways of working & collaborating.

But the important thing is to conduct disaster preparedness for different unforeseen circumstances in tandem with operational work. 

Quick Decisions & Adapte collaborative approach 

With COVID-19, each business will require a quick decision to address these risks individually and collectively. We extensively adapt and make quick decisions like work-from-home policy & use collaborative tools for seamless communication with business partners, stakeholders, and team.

Remote Working Teams

It’s clear that enhanced work with remote teams leveraging virtual environments. Business continuity with remote teams is more flexible by allowing new ways of hosting meetings, reducing travel, preparing for increased absenteeism, and extending new remote work conditions. Every employee can communicate through digital tools & map overall progress. It is a useful form your company can enhance the work for a long-term perspective and improve the business continuity strategy.

Implications on Business & Industries afterward!

Even though coronavirus placing pressure on the global economy, there are some who are viewing gains out of this pandemic at least temporarily, if not permanently. Let’s have a look at some of those sectors.

Cloud Computing

Cloud computing and applications have been proliferating across enterprises nowadays. Presently, Employees & teams bound to their homes and to improve agility and expedite innovation as well as meet consumer demand & expectations, businesses will have to be migrated workloads to the cloud using cloud-native development and automation technology.

The attempt to continue operations during the COVID-19 pandemic few organizations go through a very rapid digital transformation project, to embrace the cloud and mobility trends. If we look at the various layers of the cloud stack, a picture is emerging:

IaaS: Infrastructure as a Service (e.g. AWS, Azure, Google Cloud Platform, Alibaba Cloud).

PaaS: Platform as a Service (e.g. AWS Elastic Beanstalk, Heroku, Google App Engine, Engine Yard).

SaaS: Software as a Service (e.g. Google G Suite, Office 365, Salesforce, NetSuite).

Video Conferencing & Collaboration

To keep social distancing, Video conferencing has always been a key component in the formula to success for a business hoping to communicate with clients, remote teams, etc. Ensuring effective communication, video conferencing is more effective in meetings & collaboration rather than email, written communication. Video conferencing helps organizations engage with internal teams & employees. 

Microsoft has announced to support the increasing demand for video conferencing and remote working, the Microsoft is providing a free six month trial for the premium tier of Teams too.

Take the example of a video calling app like a Zoom; it has seen a huge rise in usage since the spread of the virus started, bringing in more active users than ever before. It is also being used as an E-learning solution where students can join & study from home, ensuring they do not miss out on their syllabus.

Electronic Payments

With the COVID-19 pandemic, Consumers are more ready to adopt digital wallets and contactless payments. Companies such as Visa, Mastercard, and AMEX  have cut their forecasts for revenue due to the credit cards carry more types of bacteria than even coins or cash. Mobile transactions would see long-term growth as consumers shift their spending behavior to avoid contact with the disease in the short term. 

More customers are likely to switch to online shopping to buy the products they need, and more customers will buy online for the first time in different categories, like groceries. As well as many traditional shops only taking digital payments so, in the future, this can force consumers into using digital payments.

Customers that have never transacted online such as the aged will now have to adopt this digital payment and will learn new behaviors. There will be a huge opportunity for future growth by hooking previously non-engaged customers.

Ecommerce

The daily lives of citizens impacted due to the COVID-19 pandemic, the more likely people to buy goods/services from the eCommerce app & gain an advantage of a wider choice of goods/services, competitive pricing, etc. E-commerce is also providing many benefits for Small, and Medium Enterprises (MSMEs), by providing them access to a large market, beyond geographic borders, providing a level playing field for competing with larger players, etc.

Online grocery delivery

While the government imposes lockdown to fight coronavirus infections and COVID-19, can you order grocery items and essentials items online and get them delivered to your house? 

With the rush on Hypermarkets & malls persisting as the days turn into weeks, online grocery delivery startups & companies are seeing a surge in popularity.

The Telecommunications Industry

The telecommunications industry is important to today’s society working seamlessly, though it has traditionally been ignored. Customers have expected the internet to work without thanking the importance of the telecommunications industry. Telcos are viewed as boring companies, paid little attention in everyday life.

Thanks to people trying to entertain themselves, work from home, or access educational resources the telco industry has been thrust into the attention. Authorities are putting in measures to protect these valuable assets, not only to ensure consumers are able to continue their daily lives but so emergency services can continue to function, or research labs can collaborate to create a vaccine.

The telco industry underpins the success of almost every element and facet of society, and now the networks are under pressure, everyone realizes it.

 

Endnotes

Thinking of video platforms outside of streaming, YouTube is enjoying particular success. There are people who are trying to entertain themselves, along with gathering millions of hours of information, where some being much more accurate than others, on the pandemic itself.

Lastly, from the perspective of the gaming, this is back to the boredom conundrum. Usual entertainment venues are shut down, pushing the need to entertainment up for the consumers. The likes of Microsoft Xbox, Google Stadia and PlayStation are likely securing additional subscriptions as well as in-game purchases.