Survival Strategies for Businesses during Covid-19 Pandemic

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The Covid-19 pandemic has caused serious economic damage. The biggest but often unspoken victims of the pandemic are businesses across the country. In Indonesia, many companies decide to stop their business operation for an indefinite time because the leaders had not prepared survival strategies for businesses in an unpredictable situation as it is today, and they are not able to adapt to the new business environment. However, different situation happens in China.

Under such challenging circumstances, China starts some great examples of business model resilience. Businesses in China are now authorized to reopen by restarting production activities though they have not reached the same level as before.

During Covid-19 pandemic, Chinese companies are demonstrating business model resilience and the ability to see opportunities quickly. In order to survive during this uncertain time, we can explore the lessons from Chinese Companies’ response to Covid-19 and survival strategies for businesses demonstrated by them to stay in business when times get tough and get used to the new business environment.

Chinese organizations demonstrated 2 types of strong business model resilience: Those that leveraged digital providers in their business plan successfully and those with a strong automation foundation. Here are the details:

Partner with IT solution providers to accelerate digital transformation

Many business leaders might shy away from partnering with external parties to achieve business goals, but the fact is that many of these partnerships have proven successful for both parties.

Chinese organizations find creative solutions for emerging customer needs, overcome process barriers imposed by the lockdown, find cost savings, and more. A competent technology providers company can help your business scale cloud or provide payment and digital business platforms. However, business leaders must first identify how they can be used to modify current business models for in line with each business sectors. As your partner, technology providers will help to make it work properly.

Leverage automation for business process successfully

During the coronavirus pandemic, one of financial companies in China invested IT solutions for automating its loan application process, leading to a supply chain product with online application review, verification, online lending and automated approval. This IT solution reduces the approval process time to 30 minutes, making it an attractive offering for businesses, especially for financial sectors.

It is not possible to automate every part of the business, but to make your business operate easier, look for business parts with frequent human error, and slow completion time. Once these parts are identified, work with your IT solutions providers to match them with the key automation technology. Focus on the three key technologies of Robotic Process Automation (RPA), intelligent Business Process Management Suites (iBPMS) and integration Platform as a Service (iPaaS).

Even though the Covid-19 pandemic is not over yet, we must be optimistic. We all must endeavor to stay productive to encourage economic recovery by leveraging various opportunities and innovations. Do you want to learn more about how to prepare survival strategies for businesses during Covid-19 pandemic? Reach us at marketing@phintraco.com for further information or reach us through our social media accounts to stay informed with Phintraco Group and its IT solutions that can support survival strategies for businesses during Covid-19 pandemic:

Source:

https://www.gartner.com/smarterwithgartner/how-successful-chinese-companies-adapted-to-covid-19/

https://hbr.org/2020/06/lessons-from-chinese-companies-response-to-covid-19

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