The pandemic shook our worlds and ushered in a variety of small and big changes. In the business world, companies had to change the way they function and adapt their operating models to the new reality to respond to these rapid, sweeping changes.
The pandemic gave rise to severe business challenges like the collapse of customer demand, significant regulatory modifications, supply chain interruptions, unemployment, economic recession, and increased uncertainty about the future of companies. However, it’s 2022, and we’ve survived the pandemic. It is now time to suit up and revive your businesses by adapting to the changes in the business landscape.
We’ve curated a list of changes that have happened in the business after the pandemic. Read on to find out more!
Companies have started investing in a hybrid infrastructure, especially in the meeting rooms to be set up for really good hybrid working when the team is split between home and the office. This is to allow a seamless flow of work and cater to the hybrid model of work (half-office, half-home) that is here to stay. For businesses that haven’t adopted this yet, one way to do so is by re-investing cash you save from reduced business travel or office capacity into getting high-end, good quality, hybrid infrastructure.
Another crucial reason to invest in hybrid infrastructure is that it allows for social interactions. It is necessary to host not just meetings but also hybrid social events so that employers do not lose the benefit of building relationships.
The world was geared towards an online existence even before the pandemic hit. However, the pandemic accelerated the process. Without everyone spending more time at home, businesses have to adapt to cater to the behavioral changes of customers. One way of doing it was incorporating digital mediums of conducting business like e-invoicing and processes receiving e-invoices.
Electronic invoicing (e-Invoicing) is the exchange of an invoice document in an integrated electronic format between a supplier and a buyer. This eliminates the previously heavily paper-based and labour-intensive process. It also reduces human error, which increases costs and processing lifecycles for businesses.
Another critical aspect is the receipt of the previously mentioned e-invoices. It is critical to organise e-invoices that you have received to make retrieval easier if the need arises. Platforms such as Easyap, for example, offer to receive e-invoice process services that allow you to store all of your e-invoices in a centralised mailbox, regardless of format.
Surviving the pandemic was no easy feat. Companies had to work with reduced revenue, staff terminations, and life, in general, slowed down. But now, in the post-pandemic world, businesses are reviving and it’s time to make some smart changes.
One such smart change is adopting an “Accounts payable outsourcing” approach. It occurs when a third party is hired to manage your company’s AP process. These BPO providers have all of the tools and technology required to handle all of your company’s accounts payable functions. While handing over control of your accounts payable may seem daunting, outsourcing accounts payable to a trusted partner has the potential to provide numerous benefits such as time and money savings, access to new payables solutions and tools, improved workflow, and increased security.
Barring any further unexpected crises, businesses can begin to look forward to shaping their futures rather than simply surviving the present. To effectively transition into the new normal, assess the changes in the business landscape and implement smart differences such as hybrid infrastructure, digitization such as e-invoicing, and smart moves such as accounts payable outsourcing.
“The price of inaction is far greater than the cost of a mistake,” said Meg Whitman, serial entrepreneur and former CEO of eBay and HP. So, don’t make the mistake of remaining static in the face of global change. Accept the new normal that the pandemic has brought and thrive!