The Indian economy, severely disrupted by the pandemic, is gradually finding its feet again. After hunkering down to let the initial storm pass, organizations in India continue to ride the waves of supply and demand volatility and even more rapidly evolving customer behaviors. There are clear signs of revival with healthcare, IT and FMCG sectors leading the way, and auto and capital goods hoping the current uplift is not just pent-up demand. Finally, months after the onset of the crisis, we can dare to plan for a world post-COVID-19.
While the economy weathered the storm, but headwinds remain. Today’s big challenge for companies is to stay relevant through purposeful business transformation, even as changes in customer behaviors and patterns become irreversible. With virtual interactions and work from anywhere emerging as the norm, Indian businesses must rely on digital intelligence to stay relevant to customers, investors and the workforce. Naturally, pre-pandemic ways of working and legacy business models cannot help companies thrive, let alone recover.
Ultimately, the goal is reinvention, not just recovery. Organizations that re-architect themselves by fundamentally changing their business models and technology architecture to function like digital natives and demonstrate empathy for their customers and trust for employees will most likely emerge as winners in the post-pandemic world.
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