COVID-19 pandemic this year has had a huge impact on the survival of all aspects around the world. Especially, companies and businesses that rely on consumption levels as their main income. Even one of the developed country in Asia, Singapore. Particularly, the economic activities of the country which depends much on the companies and businesses operating there. The pandemic is enough to make difficult situation for businesses, some of them even went bankrupt. Efforts were made to keep the company operating. One of them is changing the business strategy of the company entity.
So, what are the businesses strategy changes made because of COVID-19 pandemic?
One of the effects of this pandemic on business strategy is the use of digitalization processes in companies. Companies are starting to accelerate digitalization in the work process of each employee. This pandemic has caused various companies to require their employees to work from home to minimize contact between employees and contain virus transmission. Thus, each company maximizes the use of digital technology in business activities. For instance, meetings using video conference. According to data by the World Economic Forum, Singapore has accelerated digitalization in its work process by 100%.
Furthermore, the acceleration of digitization in the company’s work processes also affects other aspects, namely working remotely. This provides more opportunities for employees to work outside the office. Technological advancement has been supporting this activity. Therefore, 95.5% companies provide more opportunities for employees to work remotely.
Another business strategy change in running their companies is that they begin to accelerate the implementation of upskilling and reskilling programs for employees. This pandemic triggered employees to develop other skills that are relevant to new technologies and the needs of this industry. For example, the use of technology. According to the data, 68.2% of the respondent companies began to accelerate the implementation as a response of the pandemic.