MOVING INTO 2022
updated on Wednesday, 9th March 2022
The year 2022 was a watershed moment in the economy's post-pandemic transition into the endemic age. On the contrary, it does not appear to be as simple as it is. Businesses are impacted by a number of factors that combine to form a single problem. One of them is the recognition that business patterns are shifting. As a result, it creates a level of hypercompetition among industry counterparts.
It is nice to establish a comprehensive grasp of the concept of "Hypercompetition". Richard D'Aveni originated the phrase in corporate strategy. It effectively represents a dynamic competitive universe in which no action or advantage can be sustained for an extended period of time.
To summarise, "Hypercompetition" is a critical component of the emerging global digital economy.
KEEPING AHEAD OF DIGITAL TECHNOLOGIES
According to a 2019 Tech Pro Research study,
70% of involved stakeholders either had or were working on a digital transformation strategy. While most businesses had comprehensive digitalisation plans that spanned over several years, the pandemic forced businesses to shorten those processes within a few months.
Due to the initial restrictions, consumers turned to the virtual world for shopping, networking, and recreation. It seems like you've done all you could during the pandemic, 2022 could be the opportunity to develop a long-term digitalisation approach to provide maximum value for consumers online.
Establishing a strong virtual presence, digital marketing, and unique software solutions are among things that should be on your to-do list for 2022 and beyond.
According to the OC Tanner Institute’s 2022 Global Culture Report,
Jobs that demand a lot of contact and interaction are better managed at the office, but tasks that require creative thought or focus may easily be done from home.
Suggestion: Allowing employees to provide feedback while providing clear expectations may help an organisation have a more satisfied, productive, and engaged workforce.
Many business executives were taken aback by the pandemic. While globalisation, digitalisation, and technology upheavals were bound to make the future challenging, the hastened transition brought about by the infectious pandemic surprised even the most pessimistic forecasters.
There is no denying that companies should now offer better flexibility to employees, whether it is working from the office, remotely, or through a hybrid approach. Yet flexibility extends beyond when and where employees work. It is also about the type of job they are required to fulfill both at work and at home.
While there are many challenges, there are also many possibilities. Leaders can navigate the uncertain whirlwind of the pandemic by streamlining and redeveloping business processes at every level, enabling new era of growth and success throughout 2022 and beyond.