The COVID-19 situation has made business models around the world to rethink their strategies
The COVID 19 situation, has rendered the industry into an unprecedented situation. Businesses across the globe are now resorting to plan out new strategies to keep the operations going, to meet clients’ demands.
Work-from-Home is the new normal for both the employees and the employers to function in a mitigated manner. Twitter on their tweet had suggested their employees, to function through “Work-from-Home”, forever, if they want to. This new trend can be easily surmised as being effective for a while to manage operations, but cannot be ruled out as the necessary solution, for satisfying the customers and clients in the long run.
Companies need to employ ethically approved ideas and strategies that would assure employees, clients, and customers, without breaching the data.
Learning through Virtual Reality
With the present situation, where social distancing is a must, classroom training cannot be ruled out as the plausible solution for training employees. That’s where Virtual Reality comes into play.
Virtual Reality (VR), which was earlier ruled out to be used in the gaming interface has now the potential to become the face of the industrial enterprise. A report by PwC states that VR and Augmented Reality has the potential to surge US$1.5trillion globally by the year 2030. Another report by PwC states that VR can train employees four times faster than classroom training. Individuals trained through VR has confidence 2.5 times more than those who are trained through classroom programs or e-courses, and 2.3 times more emotionally inclined towards the content that they are working on. Employees trained using VR are also 1.5 times more focused than that through classroom programs and e-courses.
The only drawback in using PwC will be in its cost-effectiveness as it is 47 percent costlier than classroom courses.
By Practicing Ethical AI
Ever since its evolution, one of the major concerns regarding AI amongst clients, customers, and employees is the breach of ethical AI practices. A report by Capgemini Research Institute states that amongst 62% of customers who were surveyed would like to place their trust in an organization that practices AI ethically.
For any organization to keep its business and employees safe during the time of crisis, the development of an ethically viable AI is a must. This can only be achieved by practicing ethical use of AI applications, informing and educating the customers about the practices of AI.
A report by PwC, states that planning out a new strategy in both data and technology, evaluating the ethical flaws associated with the existing data, and only collecting the required amount of data, would help in maintaining trust amongst both the customers and employees.
AI in Sales and Marketing
Given the present situation, sales executives are facing a daunting task of maintaining their operations. However, the use of AI can easily redeem this time consuming and laborious task. With the use of an AI algorithm, the sales executive or manager can identify the higher probable inclination of the client towards a particular service. The AI algorithm would also, help in offering a new product according to the pre-requisite preferences of the client.
Repurposing the Business Model
In the time of crisis, new solutions must be thought about for repurposing business. PwC states that this can be achieved by repurposing business assets, forming a new business partnership, rapid innovation, and testing and learning.
This will not only help in building trust amongst employees but also build resilience within the organization, for the future endeavor.