The COVID-19 Pandemic struck businesses across all industries indiscriminately. While that left most small and large companies in a blanket of despair caused by lay-offs, shut-downs, and economic crises, it also proved what actually made some of the other companies successful and resilient as they emerged out stronger.
A pandemic has the potential to overturn how organizations function and having survived one, it is only fair to start rethinking and redesigning our fundamental frameworks. Because that is the only way we can ensure getting back to generating revenues and booking profits isn’t an impossible mine to mine.
With multiple countries reaching the final stage of passing the COVID-19 vaccine, we are hopeful that the pandemic is closer to its end and there’s no better time for planning and executing this required transformation.
Through this blog, we will first gain a cross-industry perspective on the factors that can help boost profits for businesses in a generic fashion. We will then move on to view some of the industry-specific changes that can radically help transform a pandemic defeat into a feat.
Question Of The Hour: How Can Businesses Continue Boosting Their Revenues?
The first step to economic revenue is understanding that the process is going to be gradual and results, eventual. It involves a cycle of damage control, restructuring business models, reimagining organizational hierarchies, and empowering a business to stand back on its feet. Here, we have compiled five indispensable mantras for post-pandemic revenue-boosting.
1) Recovering Revenue
Recovering revenue refers to capitalizing on immediate opportunities and minimizing losses before a business can actually go into the profit-making phase after a pandemic. SHAPE is one such approach that is being largely turned to for recovering revenue. In a nutshell, it refers to:
Acceleration of technology
Purpose-driven customer strategies
2) Focusing Business Strategy To Digital
With new technologies and digital channels empowering all streams of business, there’s always a digital strategy that can prove to be better in terms of generating revenue than conventional ones.
Mc Kinskey had recently mentioned in its report that the engagement across industries has increased by about 13% through online channels whereas 96% of companies have shifted their new business model to be digitally proactive.
3) Building a Resilient Supply Chain
Reworking on supply chains to be more resilient, better managed and diversified, and preferably technologically upgraded, is literally the foundation pillar to recovering revenue or booking profits.
The biggest flaw was easily visible due to this pandemic when several businesses took the fall as their only source of supply was China. A reimagined supply chain would have multiple sources, several safety checkpoints, health protocols, and cost-optimized alternatives.
4) Developing Robust Crisis Management Protocols
In order to ensure that your workforce is running with full productivity and efficiency, you will need to assure them of their safety, and the same goes for the customers who entrust you with their needs. Developing a crisis management protocol will give each stakeholder of your business a cushion that can make bouncing back a lot easier.
Post-Pandemic Industry Scan: What Do Businesses Need To Differently Post Pandemic?
Now that we’ve covered the generics, let’s have an industry-specific discussion on what changes can set particular businesses on their path to recovery.
One of the worst-hit industries, the automotive sector is estimated to suffer billions of losses as travel slowed down during the pandemic. However, with a smart transformation on the cards, businesses can be prepared to survive in the new normal.
- Integrate zero-based income statements to emancipate their degrees of freedom in budgeting by working around a ‘survival minimum’.
- Generate greater recurring revenue streams by shifting focus to on-demand mobility along with software and OTA upgrades to match up to the demands of the younger spending consumers.
Advanced Manufacturing Industry
Manufacturing is predicted to be one of the industries that would perhaps never return to the pre-pandemic normal with most major organizations hoping to develop a hybrid model for their production and non-production processes. Here’s what can essentially help the scenario:
- Overcoming forecasting challenges is perhaps the most cardinal change that this industry should be looking at, especially considering their need for better systems for navigating disruptions similar to a pandemic.
- Improving workforce agility important to eliminate workplace uncertainty and optimize working hours to maximize production.
Health and Pharmaceuticals Industry
Several studies including that of McKinsey confirmed that boosting revenue in the healthcare and pharma industry can be overwhelming, given the drastic demand in immunity-building medication that will continue to soar even after the pandemic is put to rest. Business upgradation will become indispensable to thriving, and here are three key factors that can help:
- Tech modernization, a given transformation that most healthcare facilities need to adapt to as a part of evolution, is especially needed by the Pharma sector as well to catch up to the need for mass production.
- Price transparency tools not only need to be in place in the revenue models but also regularly tracked and educated about the patients to gain loyalty.
Food and Agriculture Industry
The pandemic shoved one of the steepest downward trends in some of the most commercial crops across the world, but while being the industry with the most uncertainty, agribusinesses are still expected to use the pandemic as a golden opportunity in crisis. Here’s how:
- Embracing mergers and acquisition strategies can prove to be immensely helpful in stabilizing uncertainties and pumping in cashflow.
- Transparency and increased openness in the international food supply market is the key to overcoming the challenge posed by the disruption in a demand-supply chain.
Energy and Natural Resources Industry
The energy industry’s approach has by far only been to de-risk business models and cut down losses at all costs. However, even as recovery from the pandemic is on the cards, the volatility in the revenue recovery curve in this industry is expected to be continued. Possible resistance strategies include:
- Infrastructural adaptation and shifting to Cloud and other technologies that largely automate the various processes will save the risk of being left high and dry in times of crisis.
- Adopting 60:40 flexibility human resource models with about 60% permanent core is being discussed as the most viable solution that could gain ground.
Your Solution To Next-Gen Technological Transformations And Business Scaling: Dodder Engineering Consulting
Regardless of which industry you belong to, 2020 has been a reminder that our business approach needs to change, and fast. The advancement has accelerated and the competition is far more cut-throat than ever before. Why walk alone on this journey when you can have a globalized, skilled, support system to guide your business at every step?
At Dodder Engineering Consulting, our team’s expertise spans a commodious range of consultancy services right from procurement, strategy development to cost, and organizational transformation. Bring fresh perspectives, innovative mindsets, and dynamic success to your business by joining hands with us. Let’s rebuild your business’s roadmap to make 2021 a year that flourishes your venture like no other.