As many parts of the world cautiously reopen by easing travel restrictions and lockdown policies, Nigerian companies have been urged to stay ahead of trends, and remodel business operations to leverage window of opportunities amid COVID-19.
In a report by KPMG Professional Services, titled: “COVID-19, and Global Mobility – Outlook for the Future,” the firm said there is a need for companies to stay ahead of the curve by embracing the new normal to ensure survival. According to the report, COVID-19 among others, have made it imperative for entities to refocus their value propositions.
“We must stay ahead of the curve by embracing the new normal, because the pandemic represents a rare but narrow window of opportunity to reflect, re-imagine, and reset our world.
“There is no gainsaying the fact that the COVID-19 pandemic has changed the world forever. However, it is not all doom and gloom as people will become resilient and will continue to evolve to address this challenge and future challenges to ensure continued survival,” it stated.
According to the report, the supply of migrant labour, which is the driving force of a globalised economy and thus an essential element of the global economy, has been adversely affected by the pandemic.
It said with the easing of travel restrictions and lockdown policies, there are signs of greater dependence on technology, cost optimisation, and reduced need for travel, among others, which would ultimately impact businesses and disrupt operations across sectors.
The report maintained that COVID-19 pandemic is a humanitarian challenge that will have lasting effect on how people live and work, indicating that organizations will continue to implement measures to recover from the losses brought about by the pandemic.
Consequently, these would also lead to cuts in travel budgets, as greater dependence is placed on using cutting-edge technology to facilitate virtual meetings and collaboration.
Organizations are also expected to continue to leverage technology in service delivery, and ensure the sustained engagement of their employees.
Additionally, huge investments are expected to be made to provide required technology tools to achieve significant results with limited physical contact.
The report therefore, urged companies to brace up, noting that only prepared businesses would compete favourably in the emerging business model that the global pandemic has presented.