Even before COVID-19 hit the world, things were considerably changing – thanks to technology – welcoming tech-powered, smart solutions. Everything was subject to evolution from advancement in soft robotics to conceptualization of self-driving cars and from easy data management to seamlessly managed business operations.
When coronavirus cases began to emerge at the end of 2019, people across the globe did not realize the severity until their loved ones began to die and their businesses began to shut down. The outbreak of this deadly virus instilled great fear among the world’s population.
Considering the situation of the world, nobody could imagine things to go in one’s favour. With people dying, being laid off, businesses incurring significant losses and even shutting down. There was just no hope left.
The Shocking Stats
With all this going around the world, the results of a study by Oracle NetSuite shocked everyone. While in one part of the world, the companies were having a hard time surviving and staying afloat, the businesses in the United Kingdom were able to maintain stability across their companies and observed an improvement in their performance.
The Oracle NetSuite Study
Before the study results came in, the world believed that every individual or company was dealing with the same kind of challenges. Companies across the globe were finding it hard to make it in the industry, and people were struggling to make it past the day without being infected.
Surprisingly, the study brought some very unexpected results for the conditions of the corporate sector of Britain.
The results of this report were, indeed, very shocking.
As per the report;
- More than three-quarters of the businesses, making 83% of the total companies, could stay afloat and make considerable profits during the lockdown stage.
- The results were similar to a report generated just before the Pandemic, resonating that this Pandemic didn’t cause much harm to UK-based companies.
- A study to gauge the business performance during the Pandemic was conducted. Results showed that many companies did surprisingly well during the Covid-19 Outburst. Their workers stated that their respective companies were able to maintain their growth and profitability amidst the Pandemic. The study involved more than 2000 participants (the British employees) as well as:
- 83% of the Benelux employees
- 82% of the Spanish
- 80% of Germany
- 78% of the Nordics with 73% of French
- 72% of the Italian
- The growth also varied by industry. Advertising and marketing took the lead, followed by software and technology, professional services, manufacturing, and retail.
- 65% of the UK employees and companies expect to observe a growth in the annual revenue, while 15% believe there will be no change in the growth.
These stats, revealed by the Oracle NetSuite’s study, stirred hype across the world. Businesses in different parts of the world were failing to survive. The success of the UK-based companies made every business owner interested in the solution.
The performance of a company during uncertain situations depends immensely on the way they react. Of course, a company that has prepared a system that can withstand the changing dynamics of the industry will survive, while a company that does not accept ‘change’ will suffer badly.
The companies in the UK survived because they embraced the changing dynamics of the world. Instead of resenting it, they accepted the fact that they have to adjust their operations accordingly. Failure to do so will lead them to a downfall, eventually leading to a complete shutdown.
To survive, the companies welcomed the concept of working from home and remote teams. It was not a new concept but was very rare. Many companies have previously not favoured this business model as it meant too much flexibility to the workers, leading to low productivity.
One of the reasons companies could switch from the traditional business model to a modern one was accepting smart solutions like ERP. An ERP is a customized solution that can be integrated with the existing technologies and implemented to offer companies a boost in efficiency and productivity, even though employees weren’t physically present on-premise.
By developing a business model that allowed team members to work from home and let the companies take onboard remote workers without struggling to manage remote employees, businesses laid the foundation of an uninterrupted operational system. Be it strict lockdowns or increasing infection cases, the companies in the UK were able to get past it without hurting their productivity.
The solution here was adjustability and reaction.
Changing the business model made survival possible amidst a pandemic and opened doors to better opportunities. The business model with remote working and hybrid teams proved so beneficial that only 14% of the employees stated they would want to return to physical workplaces when asked. It indicated that the majority of the employees and companies wished to continue following this business model post-pandemic. Because of solution providers like Folio3, the companies could implement a fully customized and highly integrated software system that could meet all their business needs, thereby helping businesses achieve growth objectives against all odds.