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How an Intelligent Enterprise Must Navigate the Economic Impact of Covid-19

Since the COVID-19 pandemic has taken over the world, it has become an even bigger challenge for businesses to address the needs of their clients and workforce while efficiently navigating the operational and financial challenges of the virus.

The global economy came to a halt as countries all over the world were forced into lockdown in hopes of containing the virus. Supply chains were disrupted, and a number of businesses were even forced to shut down all together. According to the International Monetary Fund Managing Director, the coronavirus pandemic will push the global economy into the deepest recession since the Great Depression, with the world’s poorest countries suffering the most.

Although it is a relentlessly difficult and overwhelming time for businesses and customers alike, it is also a time leaders can use to take actions and decisions towards driving meaningful change to benefit both their business and the society that they have a social responsibility towards.

The unchartered waters caused by COVID-19 are pushing CEOs and business leaders to turn their enterprises into intelligent ones by shifting their focus to a new way of doing things; business practices now have a more culturally and socially sensitive and responsible approach along with a renewed brand purpose.

Becoming an Intelligent Enterprise means shifting from top-down decision-making, empowering teams and giving them a shared purpose, and eliminating micromanagement by enabling individuals to adapt and manage their productivity themselves. All these things allow the whole organization to grow at a faster rate by helping its individuals grow and see new horizons.

Clearly, the new way of working, i.e. working remotely has brought a major change in the way employees work with each other in an organization. Hierarchical structures, workplace politics, micromanagement, and many such obstacles have been eliminated to quite an extent and have been replaced by a rather cooperative, caring, and proactive culture.

Intelligent enterprises have understood the gravity and uncertainty of the crisis, and are prepared to deal with it in agile ways by adopting models to increase productivity and diffuse enterprise risk.

Author: Sarah Anderson

Date: June 06, 2020