After a roller-coaster 2020, businesses of all sizes are trying to sustain and reset for growth and the coming year will be one of innovation, recovery and renewal, according to a new report.
The unforeseen circumstances owing to the pandemic tested the organisations on their readiness to pivot and adapt to the changing situation in 2020.
“While 2021 is unlikely to look like any recent year in history, it may be remembered as one in which life slowly began to return to normal after one of the worst pandemics of the modern age,” said Mankiran Chowhan, Managing Director, Indian Subcontinent, SAP Concur, an expense, travel and invoice management solutions provider.
2021 will usher in the era of responsible business travel and sustainability.
“Travel providers, including hotels, airlines, rail providers, ridesharing, and car rental services, may require travellers to disclose their COVID-19 health status until a vaccine widely adopted,” Chowhan said in a statement.
In addition to an individuals’ actions, companies will play a major role in supporting the employee experience while traveling. Leaders will need to adapt and be flexible as they aim to meet employees’ needs.
Chowhan said that the companies need to embrace digitalisation and automate manual financial processes enabling employees to cut down on menial tasks and focus on more meaningful and strategic priorities.
The distribution of vaccines cannot come soon enough, as many small to mid-sized businesses are fighting to survive the economic effects of the pandemic.
Many small businesses have permanently shuttered due to the economic fallout of Covid-19.
At the same time, the pandemic has created a new context for commerce—gaps in the marketplace have created opportunities for new business.
“We will see more small businesses embrace digital commerce, changing the point of sale and/or moving from physical to online sales completely or in part.
“This will create new options for people to ‘shop locally’ to support small businesses and enable small businesses to fill gaps in crucial supply chains,” Chowhan said.