In: Economics
During the Covid-19 pandemic and based on its natural a great deal of businesses has been impacted by it. Also, due to its rapid outbreak working from home and the limitation of travel become vital and critical to limit the spread of Covid-19 as well as the safety of the people. Thus, digital transformation and E-management show its importance and great value in this kind of situation. This pandemic has forced companies and corporations to highly depends on digital technology and E-management practices as millions of people are working remotely from homes.
Requirements
Therefore, as student and based on your understanding you are required to provides three factors that are the most advantageous and beneficent factors that company should have taken during the pandemic and its procedures in order to keep its business alive.
In light of the operational changes that have taken place in most companies or business organizations during the COVID-19 pandemic, most companies or organizations have increasingly adopted digital transformation of most of their operational functions and activities and much of the manual office work which previously required the physical presence of the employees in the offices. In this context, with regards to the sales and delivery of the relevant goods and services to the customers or buyers, the businesses and organizations should also increasingly focus on online sales transactions for the customers and enhance the various online or digital channels for the customers to place orders and conduct all the sales cashless transactions without any physical contact such as the company or organizational websites and other third party retail apps and websites. This could reduce the health or medical risk of COVID contagion for both the customers and the sellers and maintain or actually increase the sales revenue of the companies or organizations. The sellers should also increasingly adopt the home delivery service for the customers to enhance customer convenience and minimize the risk of viral contamination by avoiding excessive crowding in the physical storefronts. Furthermore, the companies or business organizations should also emphasize conducting all the supply chain and logistical transactions and exchanges through digital or online mediums which involves the exchange and supply of various intermediate goods and commodities among various supply-chain agents such as manufacturers, retailers, distributors, transportation agencies, etc. All the supply chain-related transactions and exchange of goods and commodities and inventory and warehouse tracking and monitoring can be conducted online or digitally through Electronic Data Interface(EDI) which would minimize the physical proximity and contact among the supply chain agents. Any supply-chain order placing and tracking should be done through EDI during the ongoing pandemic and must be carefully monitored and maintained by the companies or business organizations. This would also ensure timely and safe movements of intermediate and final goods or products thereby enhancing operational efficiency and smoothness. Another factor that the companies or organizations should adopt during the pandemic is to reduce or minimize the use of physical equipment, tools, machinery, etc. as increasing emphasis has already been given to work from home for the employees during the ongoing pandemic which would potentially save a substantial operational and production costs or expenses for the companies or organizations thereby enhancing their overall or total profit during these tough times, holding everything else as constant. This could perhaps improve the existing liquidity or financial condition o position of many of the struggling companies or organizations.