1. THE CHANGES OF THE HUMAN RESOURCE LANDSCAPE
Working-from-home was one of the most significant challenges brought by the COVID as governments globally are forced to implement restrictions to control this virus’s infections. But even after these restrictions were relaxed, working-from-home has become preferable to many individuals worldwide.
While companies wanted to get their employees to come back to their offices, 239 scientists globally have signed an open letter to the World Health Organization (WHO), calling for new safety measurements because the virus can be airborne.
Many employees in a lot of companies became more productive during the lockdown because they were working from home. They loved this model because they felt more free and independent, while other employees struggled with balancing the needs of work against domestic challenges from working at home.
On another note, consumers’ spending patterns and buying behavior have also changed. A lot of online businesses have gained a lot of customers. Consumers have now developed certain expectations and gotten used to ordering their goods online. Which means that this approach will demand a change in thinking and the re-engineering of business processes to adapt to the new business landscape?
2. THE CHANGES TO THE BUSINESS LANDSCAPE
COVID affected a lot of international trade and slowed it down. Supply chains have been stopped globally since production activities that require the workers’ physical work and presence cannot continue during lockdowns. With no production, companies have been affected negatively, and many countries needed to reassess their self-sufficiency.
Businesses can consider building up an intelligence engine underpinned by crucial data points on inventory production and management. It will facilitate updates in a faster way of the risk profile in a continuous manner and ensure that management can get the right intelligence to make timely and correct decisions.
Businesses should focus on their employees, customer engagement, and supply chain management. Still, they will also need to protect their IT assets and recover critical data and evaluate overall short-term liquidity.
3. THE CHANGES TO THE DIGITAL LANDSCAPE
Technology is being used in a rapidly advanced way. Digitalization can bring about benefits such as having stronger collaboration among employees, having more streamlined processes, and greater outreach to consumers. It also causes vulnerabilities to cyberattacks as points of interaction shift online.
Critical digitalized processes such as transaction processing are often targets for cyberattacks. In this case, businesses must get the assurance that their technology infrastructure and designs are resilient. As an example of that, through vulnerability assessments and penetration tests. At a minimum, reviews on cybersecurity controls or IT general controls should enable management to have a baseline for assessing risks against the cost of preventive measures.
Telecommuting plays an integral part because the employee is not connecting to the same network available in his workplace. In addition to that, periodic cybersecurity scans based on state-of-the-art tools can be an effective defense against cyber threats that would have ordinarily bypassed usual virus detection tools.
4. THE CHANGES TO THE SAFETY LANDSCAPE
These short days’ widespread use of technology has opened up a cybercrime box as a side effect, as discussed earlier.
People may pass in more significant pressure to commit fraud as they struggle with poor financial performance in their businesses, the loss of jobs, or even adverse remuneration changes. The intense financial reporting pressure can cause one to cross the line finally. Fraud typically occurs when opportunity, pressure, and rationalization are aligned.
In conclusion, companies shouldn’t ignore the risks arising in the new landscape brought on by COVID19. Businesses that stay alert, and adapt to new opportunities while successfully navigating the risks caused by this pandemic, could very well profit and become more successful and productive.