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5522

We were attending a conference of business leaders in Germany when I noticed a curious thing. Of the 50 odd CXOs and senior management folks I met during the conference; a vast majority introduced themselves with a Dr. prefix before their name. When I enquired about this to a colleague in the Berlin office who also had a doctorate, she explained to me how Doctorate is seen as the highest level of expertise a person can have in their field of employment in Germany and Western Europe. Even more curious, I asked her why a business leader or a tech leader spends so much of their energy getting a doctorate; isn’t that for academicians? She laughed and told me that it is just one of the ways to get a ‘Dr’ prefix before one’s name! For an economy over-indexed towards specialization and a nation obsessed with perfection, there is no better way to signal one’s expertise and climb the echelons of a corporate career than getting a doctorate. The truth is that there are multiple ways of acquiring a doctorate degree for business and tech leaders. It is through a DBA or Doctor of Business Administration, which is the preferred route since one can easily pursue a DBA while working.  Universities across Europe offer DBAs since there are so many takers and have hence created a curriculum that can be managed alongside one’s tight schedule at work. Internationally accepted and common ways of pursuing a doctorate world over include Ph.D.: Doctor of Philosophy, DBA: Doctor of Business Administration, EdD: Doctor of Education, MD: Doctor of Medicine, and EngD: Doctor of Engineering. Germany, every year, churns out 29,000 doctorates and the vast majority of them join their industry. It is this pedigree of leaders with deep thinking ability and an eye for detail that ensures that the German industry and businesses are high on innovation. In fact, Berlin has one of the most dynamic startup cultures in Europe with companies making a global impact. Interestingly the German & European education systems have figured out ways of letting people enter the employment phase early, while allowing them to upskill in parallel pursuing Master’s and Doctorate while working. This is where a DBA or Doctorate in Business Administration becomes a phenomenal idea. Multiple top Universities across Europe- especially the UK, Germany, and Switzerland have started offering DBA to business and tech leaders and ones aspiring to be one, allowing them to super specialize in their domains. Individual doctorate programs which have a combination of thesis and instruction led curriculum ensures one can pursue the program in the subject one is already working on and hence reducing the additional pressure. Another best part is that these programs have evolved to majorly online, allowing even international students to pursue the same. Such an idea will be greatly beneficial to our country where we have so much of a dearth of highly qualified people, not because of the lack of energy or enterprise but just the lack of options. With DBA degree courses available on online platforms like ours, make it easily accessible and offer a good return on investment as compared to an offline degree. This course is carefully designed for working professionals who are looking for a transition into the C-suite and senior management roles while looking at becoming experts in their domain of choice. The professional doctorate degree also allows candidates to practice in the field and advance to leadership positions. With the help of such online DBA programs, India can also have an increased number of Doctors from business and tech-driven roles who have the coveted ‘Dr.’ title to their name in record time. As a nation, our strength is our people, the best human resource available across the world who can solve complex problems in record time. All we need to do is to arm them further with courses and opportunities like this that are on par with other western countries.

by Arjun Mohan

26 May 2022

Blogs

5425

We’ve successfully made it through 2021 and stepped into 2024. But as many will agree, the journey hasn’t been an easy one. Across the globe, people from all walks of life, be it teachers, students, self-employed individuals, professional workers, or artisans – the pandemic affected everyone in some way or the other. And while each person’s journey through the past year has been different, one thing has remained common for all – upskilling.  2023 brought us face to face with one pressing truth – anything can happen to turn our lives upside down at any point in time. However, if you have the right mindset to learn and adapt to your surroundings, things will get much better, if not easier.  The lockdowns and self-quarantine periods have pushed us to limit human contact and embrace the digital way. From essential shopping and food delivery to education and office meetings – our everyday physical interactions and activities turned into digital events. Each and every sector of the industry has undergone a massive transformation since the pandemic started, forcing people to rethink their strategies and innovate new solutions to cater to the emerging market demands. One of the biggest adaptations in the past year was that teachers and educators – who’ve always taught through the physical classroom-learning model – had to embrace digital tools and platforms like G-Suite, TED-Ed, Zoom, ClassDojo, and Edmodo for teaching students online. Teachers weren’t accustomed to using digital tools for teaching, but they learned how to do it when the situation called for it. This is the kind of adaptation and the willingness to learn that the modern industry demands.   Why is 2024 the year of Upskilling? Since 2024 was a trendsetter of sorts for all industries, tangible changes have occurred across the entire industrial canvas. It feels as if overnight, we’ve had to shift all our focus and energies to the digital domain for everyday tasks, education, and office work. Naturally, learning, reskilling, and upskilling have been the staple requirements for both students and professionals. While upskilling allows students to gain the hottest trending industry skills, it enables professionals to increase their knowledge base and market value. The present market scenario has become such that anyone who doesn’t possess the latest industry knowledge and skills is bound to become obsolete. If you wish to remain relevant in the game, you must upskill and reskill to enrich your knowledge and develop new skills.  According to the World Economic Forum’s The Future of Jobs Report 2018, nearly 54% of all employees must undergo reskilling and upskilling by 2024, of which 35% would require at least 6 months of additional training, 9% would require reskilling of at least 6 -12 months, and the remaining 10% would require skills training of over a year. Programming, technology design, software development, business intelligence (BI), business analytics (BA), data science, artificial intelligence, machine learning, cybersecurity, cloud computing, augmented reality (AR) & virtual reality (VR), and project management, are some of the highest-grossing and in-demand skills in 2024. Apart from technological skills, companies want their employees and new recruits to possess a wide range of ‘human’ skills, including creativity, analytical thinking & innovation, active learning, negotiation, communication & interpersonal skills, attention to detail, resilience, adaptability, and complex problem-solving. Management, leadership, social influence, and emotional intelligence are a few other human skills that companies and organisations value incredibly.  However, today the paradigm of learning and development can no longer stay confined to classrooms and corporate training sessions. Companies and employees both must actively invest their time and efforts towards professional training and certification programs. Typically, certification courses and training programs are designed to cater to specific upskill demands of students and professionals. The curriculum is highly industry-specific, focusing on the latest topics, interest areas, tools, frameworks, and applications to help learners gain a comprehensive understanding of the domain they wish to pursue.  At upGrad, this has forever been our prime focus – to identify the trending industry topics and fields of study and design best-in-class certification courses, ranging from short-term diploma programs to full-fledged undergraduate & postgraduate degree programs. Our programs are designed in collaboration with some of the most reputed and well-established educational institutions in the world. Also, our teaching approach is quite unique since we believe in combining theoretical learning with practical experience gained through case studies, assignments, and projects.  Learning & Development: What to Expect in 2024? Upskilling – As I’ve been saying since the beginning of this article, upskilling and reskilling are the prime focuses of 2024. Upskilling not only teaches professionals how to be proficient in leveraging new-age technologies and tools but also allows companies to attract top talent and boost their employee retention. When organisations encourage their employees to upskill/reskill, it shows that they’re genuinely invested in helping their employees become better professionals. Eventually, your employees become fiercely loyal and highly productive assets of your company.  Virtual learning – Since no one is sure when our lives will get back to normal, we’ve to adjust ourselves to the “new normal” and accomplish as much as we can virtually and digitally. Educational institutes as well as companies will actively engage in creating quality digital content to promote virtual learning and training via podcasts, webinars, etc. Workplace collaboration – With work-from-home becoming the new norm, there’s hardly any scope for social interaction among employees as was the case in an office setting. However, work cannot suffer. Employees must learn how to use collaboration tools and platforms, how to be in sync with cross-functional teams, and communicate effectively with their colleagues. Learning Experience Platforms – In keeping with the present pandemic situation, recruiting, onboarding, service orientation, and training have all gone digital. Thus, the demand for learning experience platforms that offer a highly social, personalised, and digital learning experience for users is bound to skyrocket. These platforms are particularly useful for large enterprises/corporations since they integrate multiple learning resources within a single portal.  Data-oriented learning – While there’s no surprise that data is king now, in 2024, data will be a core aspect of corporate learning and development. Companies are eager to use data insights not only to find innovative business solutions but also to create a workforce of the future.  The learning model is fast-changing from a standalone approach into a consolidated culture of continuous learning coupled with active engagement. How to Upskill? For anyone who wishes to steadily rise through the industry ranks, learning and upskilling are continuous processes. Although the beginning may seem overwhelming when you have little idea of where you want to venture, taking baby steps makes the process much more streamlined. Here are 5 simple steps to Upskill in 2024: 1. Identify your Goals This is the first step towards upskilling. You need to figure out which direction you wish to take. To figure out your goals, you must deliberate on which field of study interests you, what career profile you aspire for, what are your career goals, and where do you see yourself in the long run. This holds specifically true for students as they’re about to begin their careers. However, for professionals, upskilling goals primarily revolve around career transition, rising above their present ranks, or increasing their professional value.  Hence, no matter where you stand in your career graph, it is crucial to determine how you foresee your career and what you want to accomplish from it. 2. Identify Future Skills  If you wish to upskill, why not choose a skill that’s here to stay? Future skills essentially entail those skills that have a significant bearing on our present and will continue to influence the industry demands in the future as well. As I mentioned earlier, artificial intelligence, machine learning, blockchain, data analysis, software development, project management, digital marketing, healthcare & nursing, and law, are some of the top skills to look out for in 2024. Thankfully, upGrad offers top-notch courses and programs in each of these trending fields – no wonder why we’re India’s largest and most well-liked online higher education platform!  Once you’ve identified the future skills, pit them against your career goals. See which skill domain fits your bill and proceed accordingly.  3. Figure out your Strengths and Skills You must be well-aware of your biggest strengths and professional skills. While gaining a diverse range of skills is excellent to stay ahead in the competition, it is also important to align your upskilling goals with your existing skill set. After all, you don’t wish to be the Jack of all trades and Master of none, right? When you chart your upskilling path according to your skills and interests, you hold a greater chance of increasing your market worth. By choosing a course that aligns with your skills and interests, you’ll actually look forward to your learning sessions, take part in peer-to-peer interactions, and collaborate with your peers. 4. Use your Network Optimally If you aim to acquire industry-relevant skills, what’s better than seeking advice from people who’ve mastered how to analyze the industry graph? This is where your network connections step in. Use your connections to gain industry insights, make new connections, and gain commendable advice on what’s the best pathway for upskilling. Talking to people and gaining their insights will help broaden your point of view and maybe even put things into perspective. So, make sure to use your connections to the fullest! 5. Choose the Ideal Upskilling Program Now that you’re fully aware of what you want, what your strengths are, and which domain you wish to upskill in, it’s time to choose the perfect upskilling course/program that will help you materialise your aspirations.  When choosing a course, compare and contrast the course curriculum, benefits, and career support options of different institutions or learning platforms. This will help you get a 360-degree view of what your options are, thereby, helping you make an informed decision. Make sure to pick a program that offers ample scope for your personal and professional growth.  Final Thoughts… Upskilling is not another buzzword but a reality of the present world. The more open you are to learning new things and developing new skills, the faster you can climb up the promotional ladder. Upskilling helps enrich your knowledge base, keeps you updated with the trending topics in the industry, and who knows, might even get you that promotion and salary hike you’ve been hoping for! Learning and upskilling do not have to be something you “must” do to survive in this cut-throat competition, they can be fun too – the secret is to find your passion and calling!

by Arjun Mohan

03 Jan 2022

Blogs

5205

Last year brought unprecedented and unforeseen changes across the world. One industry that found itself amidst this was education. Being a part of the industry, it was easy for me to observe circumstantial transformation, but I have to be honest, 2020 was a lot different. Covid-19 has been a defining moment for all industries, more so for higher education. Upskilling was always on the cards for many students and professionals but never had it been inescapable. MBA notably received a jolt from the blue. Overnight, students who landed on campus had to refrain from attending classes physically or, sadly, head back home. Dreams were shattered, or at least, it felt like it.  Then something miraculous happened, something that the education industry has long been predicting and investing in but didn’t think would be applicable at a moment’s notice. Never has the term ‘being agile’ gained so much practical importance as it did in 2020. Thankfully enough, India was already preparing for the growth of e-learning. Lectures moved from wooden desks to the virtual world on Zoom. Professors traveled from their bedrooms to living rooms to teach students seated miles away and, at times, in different countries.  Related Read: Covid and its Impact on Education As the demand for e-learning continues to grow, the incapacity of a traditional MBA is glaringly visible. The on-campus MBA module relied heavily on set methods of teaching and a physical syllabus that didn’t adapt quickly. As opposed to that, an online MBA is more flexible and sensitive to the changing landscape. Come 2021, and on-campus MBA institutes are taking note. Universities that are tens of decades old are seeing online MBA courses as a practical and attainable option. Online MBA is no different from an on-campus MBA Certain myths that are constantly associated with online MBA include high price points, lack of collaboration with peers, lack of exposure to real-world situations, lack of credibility of online degrees, and very simply, the lack of quality education. Today, I see all of the above being busted. An online MBA has proven to be more affordable than an on-campus one. Think of all the costs you would be saving up on – accommodation/rental (since students are willing to relocate to a new city for an MBA), travel, food, among many. What’s more? You don’t have to give up your chances to earn while you learn. The opportunity cost of not having an income while pursuing an MBA on campus is perhaps one of the most important, and with an online MBA, students don’t have to worry about it anymore. Online MBA is different from offline MBA that has shifted to online during the pandemic. The online curriculum includes a lot more than just lectures and one-way communication. Activities are designed keeping in mind the limitations of not being physically present, and students are encouraged to collaborate with their peers all the time. Just like in an offline MBA, projects are assigned that enable collective growth. The case studies that are discussed in on-campus classrooms are taken up effectively in virtual classrooms, too. The myth that students lack growth due to no physical interaction has been proven wrong time and again. The third, and perhaps the most baseless in my opinion, is that degrees obtained through online courses are not credible. It couldn’t be further from the truth. Universities across the globe understand the need for and advantage of online learning. Credible universities offer online MBA courses. Reputed institutions like SP Jain and NMIMS in India and Deakin Business School, EU Business School, and Liverpool Business School offer accredited online MBA courses. And these are just a few. In my own experience at upGrad, I’ve been lucky to see first-hand some of the best business schools offering quality online MBA education at par with the on-campus course. Recruiters are embracing Online Education The pandemic forced upon us drastic measures, the ripples of which were felt through the education industry and affected all stakeholders in the higher education industry. These stakeholders don’t just include university, students, and parents. They involve the workplace and community at large, too. Stakeholder Map of Higher Education Recruiters, one of the stakeholders, are adapting too. There were no campus recruitment drives in 2020. But companies still hired fresh graduates through virtual interviews, and they continue to work from home by staying connected digitally.  Organizations no longer found it lucrative to make the extra effort and spend more by conducting physical recruitment drives. More companies were a part of the placement process because they had access to a broader graduate market online. Similarly, graduates had access to more recruiters. 2021 seems to be heading in the same direction with new lockdown restrictions in place. With offline MBA candidates also being hired online, there’s no distinction between opportunities available for traditional and online MBA graduates. Both have equal access to jobs and have a wider market now to choose from. Digital advancement coupled with forceful adaptation of new techniques has leveled the playing field for hiring online MBA graduates. Covid-19 has radically transformed Online MBA Coping with the crisis was an industry-level effort. No single stakeholder worked alone but in tandem with measures implemented by another. The first to take action was the government when it declared the lockdown. The ensuing ripples led universities, students, parents, and recruiters, among others, to react. Several institutes turned to virtual learning to continue education uninterrupted. It was vital for them to adapt to these trying times, and I’m glad the internet came to our rescue. With nations locked down for months, universities worldwide turned to remote learning, setting up digital infrastructure overnight to accommodate student needs. In all my time as part of the industry, I’ve never seen such extreme measures implemented so quickly. As the months progressed, I came across new trends in the e-learning sector. For one, demand for online courses, especially MBA, shot up. I believe this resulted from the desperate need to upskill and remain competitively employable in the challenging labor environment. Companies were forced to lay off employees while others seemed to head down a similar route eventually. Those who could prove valuable to the organization through a varied and progressive skill set were bound to survive. Over time, stakeholders acclimatized to learning digitally. It proved beneficial for students as they could learn at their own pace at home while pursuing other interests. Staying locked in all day gave us ample time to rethink and reflect on our career choices. A lot of working professionals are pursuing online MBAs now that they have the time and flexibility. Online MBA courses can be completed in a shorter period, too. Why do you need an offline MBA then? Students are getting an MBA degree faster and earning while learning! India has improved leaps and bounds with investments in internet infrastructure in the last few years, giving students easy access to online learning. I can proudly say that upGrad rode the digital transformation wave when it started in 2015 and has provided qualitative e-learning courses ever since, including online MBA classes from 2020. The current scenario is reasonably uncertain. I’m reading reports of students having to defer a year to attend an on-campus MBA once the pandemic subsides. That is a big sacrifice to make! Losing one full year of learning and growth while also deferring opportunities is critical to any student or working professional’s career path. They won’t just be losing 365 days. They’ll be losing so much more. But with an online MBA, they don’t have to take this risk. Why would anyone want to take a risk when the option available is just as gainful? Universities are taking note of these changes and planning to continue investing in online MBA. They’re reviewing the syllabus to lay out more choices for students. Subjects that aren’t a part of on-campus MBA are finding their way into the online MBA curriculum. UI, UX, Artificial Intelligence, and even Covid-19 are some of the new subjects being introduced. With various options to choose from, online MBAs are more attractive. Trends in e-learning For decades, MBA has been the frontrunner in building more employable graduates, making it a popular course to pursue. Often, I’ve encountered discussions on how an on-campus MBA is better than the online options. Well, I gladly declare that Covid-19 has blurred the lines between an online and on-campus MBA. Research by the Graduate Management Admission Council or GMAC showed that online MBAs were already rising in popularity before the pandemic. Demand for these courses had grown ever since 2017. And with the changes that Covid-19 has brought, online MBA is now more popular than ever. Some key trends that I’ve observed over the last year will likely continue in the next few years. Higher investment in online learning technology such as cloud computing, artificial intelligence, artificial reality, and virtual reality. These will be useful in lecture delivery as well as feedback and examinations. Upskilling is likely to be in demand. Organizations will be on the lookout for those who can provide more value. Online MBA will continue cannibalizing traditional MBA as it’s more flexible and adaptable. The average age of MBA students will change. No longer will access be restricted to the younger age group of 24-25 years. Those in their 30s will also have the option to participate in online MBAs. The graduate market will get much more competitive as companies will have complete access. In conclusion Online MBA is well set to take on traditional MBA courses. While they may not wholly replace on-campus education, they will be more prevalent in the years to come as more stakeholders participate in the growth and diversification of the education sector. Covid-19 disrupted the world in ways we never knew about before and presented challenges that neither students nor educational institutions were completely equipped to deal with. If stakeholders need to stay ahead of the curve, an online MBA is the way to go.

by Arjun Mohan

03 May 2021

Blogs

5089

2020 was nothing short of a roller coaster ride for people across the globe. The pandemic hit the world at such an unprecedented scale, none of us could’ve ever imagined. And the worst part – none of us were prepared for something like this.  Governments, healthcare institutions, medical research institutions, and businesses were deep in turbulent waters. Globally, numerous countries went on lockdowns and everything – right from businesses to education – suffered a massive blow. What’s even worse is that the pandemic worsened the economic, political, and social challenges that were already prevalent.  What Did We Learn in 2020? As people isolated themselves within the bounds of their home, cutting off outsider contact, the global business scenario underwent a drastic change. The past year taught business owners and industrial magnates a crucial lesson – the importance of going digital. The rapid shift to the online platform was one of the biggest changes that the world witnessed in 2020. Companies of all shapes and sizes started adopting and adapting to the online model to cater to the needs of users.  For instance, platforms like Zoom and Google Meet upped their game to accommodate voluminous traffic in real-time. While companies and organizations followed the work-from-home model used such online channels for business meetups, educational institutions shifted the learning model online.  The world is changing rapidly before our eyes. What I’m trying to say is, the only way to emerge victorious in this dynamic age is to have the flexibility and adaptability to align your business to the latest advancements. Your market foothold will only get stronger if you can learn from business challenges and channel your learnings in the right direction.  The key to thriving in this competitive market is to open your mind to new ideas, embrace change, and as they say, “be agile.”  Today, I’m here to discuss the major lessons that 2020 brought forth for business owners everywhere.  2020: A Radical Learning Curve For Business Owners 1. Say “YES” to Innovation During the lockdown and quarantine period, there was a drastic change in consumer behaviour and demands. The modern customer inclined more towards brands that can offer innovative services in keeping with the times. Brands that extend facilities like no-contact drone deliveries, digital payments, and virtual shopping are a hit with consumers.  It is pivotal for business owners to identify the pain points, needs, and demands of their target audience. The next step would be to evaluate the resources at their disposal and brainstorm on how they can cater to the needs of the target market. Embracing AI, ML, and AR/VR technologies is a commendable way to design innovative solutions that allow customers to avail their desired products/services from the comfort of their homes.  2. Agile is the Way to Go A lot of time has passed since industrialists envisioned organizations as machines. Today, thanks to the digital revolution, we’ve shifted from the “machine paradigm” to an agile infrastructure that seeks to cater to fast-changing priorities, rapidly evolving business environments, proactive usage of new-age technologies, and the democratization of information.  Organizations that are flexible and ready to go-with-the-flow can overcome any obstacle. The secret is to retain the core values while rounding the perimeters with flexible strategies that can quickly adjust to address potential business challenges.  Another crucial tenet of the agile paradigm is to build a workforce competent enough to handle learned-based and knowledge-based tasks. No wonder why companies and organizations are increasingly stressing employee training and upskilling to help them cope with the fast-changing times. 3. Invest in Talent-Building  Granted that technological advancement opens up new and exciting business opportunities, but it also widens the skill gap. Every time a new technology takes over the industry, it creates a demand for experts skilled in working with that particular technology. Naturally, if you, as a business owner, wish to incorporate new technology into your business infrastructure, you must instil a learning culture within your organization.  Employees aren’t usually inclined towards working in a company that doesn’t invest in the career development of its employees. According to LinkedIn 2020 Global Talent Trends report, investment in employee training is a top factor while choosing a new job for 36% of Gen Z, 25% of Millennials, 20% of Gen X, and 21% of Baby Boomers. Source  Thus, it is crucial for business owners to invest in employee upskilling and training. As you help your employees upskill or reskill, you build a well-learned, highly-trained, and productive workforce. Also, this effort shows your employees that you care about them – they become loyal to your company. Upskilling enhances the competencies of your employees, ensuring their job security and increasing their professional value.  Online certification programs and training courses are the ideal options for professionals as they offer the flexibility to learn without hampering one’s professional commitments. upGrad has a wide range of certifications exclusively designed for professionals. The courses cover some of the most trending domains, including Data Science, Machine Learning, Blockchain, Marketing, Management, Software & Technology, Sales & Insurance, Health & Psychology, to name a few. In addition to these, aspirants can also choose from numerous courses ranging from MBA, Arts, Education, and Law.  4. Digital Marketing is the “Gold Standard” As I said, the pandemic has drastically changed the way we conduct business today. It has re-shaped and re-moulded the buying & selling process into a more digital-savvy way, across all industries. From small retailers to large companies, everyone has had to adapt a digital-friendly approach with automated technologies to increase customer footfall and overall sales. Physical touchpoints were replaced with digital ones. Companies that failed to do so were left way behind in the race.  What does this teach us, then? That online presence is not a choice anymore – it is crucial for the survival of businesses. A large chunk of the modern customer base has been online for quite some time now, and with the pandemic in full swing, the trend only scaled higher. Statista maintains that as of October 2020 there were nearly 4.66 billion active internet users, accounting for 59% of the global population. It further states that in 2020, “online marketplaces account for the largest share of online purchases worldwide.” Source No matter what your business is, try to open your services on online channels along with on-premise interactions. That way, your customers will always have a choice of how they wish to interact with your brand. The more interaction points you include in your marketing and sales funnels, the better will be the customer experience. Since digital marketing includes multiple moving parts like SEO, SEM, PPC ads, content marketing, email marketing, mobile marketing, etc., it will impart a comprehensive outlook to your marketing efforts. There’s nothing better than an integrated and seamless experience for users. More people across different online platforms will learn about your brand and offerings. Ultimately, traffic will pour in from diverse channels, bringing you more business and increasing your ROI.  5. Adopt a People-First Approach A business is built by people. Your employees are your most valuable resource that holds the potential to make or break your business. Thus, it is imperative that you focus on supporting and encouraging your employees. Just as they would stick to you through thick-and-thin, you must reciprocate as well by adopting a people-first approach.  The relationships you build with your staff, vendors, stakeholders, and clients is everything. Without these meaningful relationships, your business will have no foundation. During a crisis we’re facing now, you must take that extra step to make sure your employees feel secure and safe within their working environment. Boost their morale and lend a listening ear to them as and when they need your guidance. This will not only make them feel valued, but also motivate them to put their best foot forward. Do your part and develop relationships based on trust, loyalty, and mutual respect. If you are surrounded by trustworthy people, you can make it through anything, no matter how difficult the situation is.  6. “Listen” to your Customer Did you know that almost 82% of customers are likely to switch service providers if they encounter a bad experience with a brand’s customer support? Unfortunately, this is what it is – if you aren’t able to provide quality products and quick customer support services, customers have tons of other options in the market. The only way to avoid customer churn and retain your existing customers is to actively “listen” to them. Now is the time for data-oriented strategies, from product listings and marketing campaigns to personalized product recommendations – everything should be based on customer data. This means, you must pay close attention to what your target customers are doing online – what they buy, what sites they frequent, what content they consume, what tops their search list, and what are they saying about you and other brands online. In fact, customer feedback is a top priority for all business owners.  When you obtain a 360-degree view of their online behaviour, you know exactly what you need to do. You can use this data to innovate products/services that solve the pain points of your customers, design marketing campaigns that will attract your target audience base, rectify the causes of customer churn, increase customer retention, and create engaging customer-brand interactions.  The bottom line is – you will be able to deliver exactly what your customers expect or demand from your brand.  7. Identify the Right Tools and Technology If there’s one thing this pandemic made business owners realize, it is the importance of technology. From cloud-based tools to state-of-the-art CRM software and peer-to-peer collaboration tools, companies across all parallels of the industry have begun to actively invest and leverage modern tools to optimize workflows and increase productivity. Wise business owners know the importance of redesigning their tech stack by incorporating the latest tools and frameworks.  You should look out for tools that are driven by the top tech trends in the present industry, including Artificial Intelligence, Machine Learning, Cloud Computing, Edge Computing, Blockchain, Augmented/Virtual Reality, IoT, and RPA. The tools in your tech stack will determine whether your business can keep pace with industry trends or whether it will fall behind.  Using the right tools will help optimize your business operations, boost workplace productivity, increase sales, and enhance customer experience & satisfaction. 8. Envision a Different Future Probably the biggest takeaway of the pandemic is that this is the “new normal.” Thus, if you are among those who think that business will return to its pre-COVID state, you are deeply mistaken!  The pandemic has left an almost indelible imprint on the industry as a whole. While it is possible to bounce back to a certain extent, it is not likely that businesses will return to the way it was before. Consumer patterns have changed and so have the market trends. The best course of action in such a scenario is to prepare for the future by focusing on the present. All your future decisions and business strategies will largely depend on the data at your disposal now.  Try to think outside the box and envision possibilities that no one can imagine at present. Be a pioneer in your game – brainstorm on ideas and strategies that will help your company to quickly experiment and scale up according to the situation at hand. Be farsighted and think about your company’s present and future instead of reminiscing of what was.  Final Thoughts Although COVID-19 came as an unprecedented blow, it did teach us a vital truth – anything can happen at any time and it can completely change the course of our lives. Instead of waiting for things to get better or return to “normal”, you must use the present situation as a learning curve. If there’s a problem, don’t complain about it – step up, and innovate solutions that have not yet been materialized!

by Arjun Mohan

15 Feb 2021