The recent coronavirus outbreak has had a significantly negative impact on the global economy. Businesses have been forced to close and the UK public have been warned that we are facing a deep recession like we’ve never seen before.
However, as devastating as it has been, there is one good thing to come out of it and that’s innovation. Many businesses worldwide were forced to find new ways to distribute their products and services to the customer. Others found new uses for their goods, which changed their marketing efforts from the root.The fact that people’s needs changed overnight required immediate actions in the field of innovation.
Here, we’ll look at how business innovation has become one of the positive outcomes of Covid-19.
Businesses have been forced to adapt
We live in an era where things change rapidly. If a business wants to thrive in a dynamic environment, it needs to be able to quickly change and adapt to the new circumstances. New technologies and software allowed many small and big businesses to carry out with their usual working process.
The change to social distancing and uncertainty the coronavirus has brought, has forced businesses to adapt. Rather than risk closing down completely, companies have had to look at ways they can continue to operate in this changing landscape.
Just some of the changes that have been introduced include virtual workshops, takeaway services and in-store safety measures such as temperature detection devices. Innovators have had the perfect opportunity to create new solutions to the current changes.
We saw many companies that started offering their products and services online. With having so many different platforms for video talks, businesses could offer their services in a new way. From therapies, personalized one-on-one consultations, and online lessons, many services were distributed to the final customers online.
How top companies have utilised the outbreak
Unsurprisingly, the top global companies have been some of the first to make radical changes. Certain industries suffered huge losses, so it was a race against time to find the best practices to save the business.
Airbnb have experienced huge losses due to the ban on travel. However, they haven’t let this stop them from operating in some capacity. The brand launched a global initiative to help provide temporary housing for frontline workers.
A US based car on-demand cleaning service known as Spiffy, has also adapted its services. The company now offers to sanitise properties and facilities. Since there was a rise in the demand for this kind of service, businesses hurry to adapt their work process and equipment so that they can still thrive under the new conditions.
These are just a couple of examples of how companies are adapting. No one can tell for sure about when the world pandemic will end, so adapting to the new circumstances is crucial.
Seeking expert advice
Innovation isn’t just about creating new products and services. Instead, it is also about overcoming risks and challenges in business. Due to the coronavirus, your business faces a whole new range of risks. So, it’s a good idea to seek advice from professionals at RSM. They will be able to carry out a business audit to help you find the right approach to innovation.
Sometimes it can be difficult to think ahead when you’re in the middle of a crisis. After all, we live in uncertain times and the outcome of the situation isn’t a thing that can be predicted. So, getting the experts in can really help you to see where the business could go with the right innovation.
There were so many businesses, both small and big that were creative enough to come up with a great solution. Customer’s needs aren’t the same as they were before the crisis. They changed drastically, putting the accent on protection, health, and home entertainment. Businesses need to adapt and turn to the products and services that are in demand.
Overall, the coronavirus crisis has had a devastating impact on both the economy and human life. However, it has helped to spur on innovation which could in turn help to protect the economy and strengthen it over time. In order for businesses to survive, innovation has become extremely important.
