Page 28 - Banking Finance September 2020

ARTICLE

Key Challenges faced by Businesses & do the business. The use of digital infrastructure playing a
major role. By the way of virtual assistance, the educational
Economies institute has started classes through digital platform.
With the pandemic bringing business & industries to a halt
because of the nationwide lockdown in most of the Digital Infrastructure & virtual assistance- In the field of
countries, promoters are storming their brain how to training & development also the virtual trainings are
continue the business in these circumstances. Whether we replacing the physical classroom training, where no
need to wait for government lift the lockdown or need to movement of the students is required and simply by sitting
search some alternatives for survival? The business & at their home they can take the advantage of the online
industries those are having enough core strength to survive, trainings. The online retail chains are now having an added
that we call here as business immunity, they have a room advantage. They are already having an enough digital
to wait for lifting the lockdown. infrastructure, now with some relaxation in the lockdown
they have started to supply the grocery and other ordered
But many business particularly small retailers and the small-
items on the apps and websites.
scale industries, those are employment intensive industries
having a direct impact on overall economy, these cannot be In the Media & entertainment industry, OTT platforms like
put on hold for a long time. For this reason, governments in
Hot Star, Netflix and Amazon Prime have seen a significant
many countries has decided to relax the lockdown in steps. increase in usage. The media houses & the producers are
Indian government also has also decided to relax the
presenting content through these OTT platforms and it is
lockdown with certain restriction to restart the business very popular also. The relaxation has not been given to
activities that are in hold after the nationwide lockdown.
multiplex yet, and the film industry is feeling pressure. At
this point of time few producers have decided to release the
The key challenges that the businesses are films on OTT platforms. COVID-19 has enforced upon us a
facing during the pandemic are- digital transformation. The IT industries have adopted the
Y Forming the strategies for moving forward in the concept of Work from home and that model is best suited
restricted environment. to the industry like information technology.

Y Adopting the business model with digital infrastructure.
The feasibility check - Before adopting a business model it
Y Safety and well being of their employees. is very important to check the feasibility of that business
Y Keeping a healthy mind-set with all around negativity. model because the market conditions are changing
continuously. The cost and benefit analysis is also having a
Y Keeping the workforce motivated & engaged.
great importance before adapting any business model.
Y Disruption in the supply chain. Business need to evaluate the impact on the sales &
Y Decrease in demand due to all around lock down. revenues with a new model.

Despite all these challenges, one thing is certain that the Remote working and Work from Home (WFM) - Businesses
business must go on. Business & economic activities should are facing the challenges from ensuring safety of employees
continue and to ensure continuity, industries have been for restoring of the supply chain. They have to seek
forced to reconsider their moves & strategies, forced to possibilities of remote working with the help of technology
adopt new business model, forced to make themselves fit and digital infrastructure. The organizations, those who had
for survival and that is exactly Charles Darwin has said- "The enough digital infrastructure before the Covid 19, they can
concept of survival of fittest". perform better than their peers and the companies.

The changing business Model Those who do not have a digital infrastructure with online
The industries such as retail, education, media & presence, are struggling. Since, it is difficult to predict how
entertainment and information technology witness a sea long this epidemic will last, it is important to be prepared
change in their business model and in the way, they used to for all scenarios. Businesses need to make alternative plans

28 | 2020 | SEPTEMBER | BANKING FINANCE