Rules to Follow in COVID-19 Impacted Economic Environment

We all know that Coronavirus has impacted everyone tremendously. So, without wasting any further time, let's see the rules to be followed by Vendors for retaining their existing clients and thereby ensuring business continuity

“Perfect is the enemy of good, especially during crises when prompt action is required.’’

Rule 1: Communicate and Maintain Transparency
Keep communicating with your clients. Be transparent about the status of the project and how you will try to deliver. Full disclosure should be the watchword of every outsourcing provider. If your cash flow position is straining your operations, let clients know. If your staff’s productivity is dropping, keep the client in the loop. If connectivity is spotty, sound the alarm. Make sure your clients see that you are doing the best you can, and stay strong.

Rule 2: Care for Your Team
The pandemic has put a spotlight on the relationship between the health and welfare of people, and productivity. Suddenly, the ability to communicate, support, engage ,and align with employees has taken on paramount importance. Clients are taking note; after all, their success is tightly tied to the way you manage your teams.

Rule 3: Be a Good PARTNER
Now is not the time to pull the trigger on a force majeure clause but to show that you can be a trustworthy long-term partner. Proving to the client that you are all in and working collaboratively to solve any problem that arises will be rewarded post-pandemic.

Rule 4: Be Flexible
Adjust and shift staff as per clients' business volumes changes. Businesses in healthcare and essential supplies need your higher support now.

Rule 5: Ensure Security
Outsourcing clients’ worst nightmares are data breaches, so security and data privacy is table stakes. Make sure your WFH operating environment is unassailable.

“If you’re going to disperse your workforce remotely, make sure you have the protections in place to     safeguard your networks and data.’’

Rule 6: Avoid Selling
Clients are focused on keeping teams together and obtaining some reasonable level of productivity, not expanding scope. Today’s best sales strategy is to be a good partner for the duration.

Areas of Opportunities in IT Outsourcing

Now we will explore possible areas of opportunities that the Vendors should target for securing additional work and increase revenues.

1. Switching to WFH
COVID-19 pandemic has pushed many organizations worldwide to undergo digital transformations, which includes shifting to digital technologies to manage everything from business processes to customer engagement. Conventional wisdom and long-held “orthodoxies” have been challenged during the pandemic, requiring many changes—many of which may have led to better performance. It’s necessary to align IT systems and support to evolving work requirements. Setting up an adequate infrastructure to allow employees to work from home was the most common challenge faced by every organization. Issues in providing adequate laptops, connectivity, and security access led to a slower shift to the work-from-home environment. So it is vital to create software and processes to support the WFH environment. This pandemic has also made many organizations realize that some manual processes are NOT acceptable. Even a small volume of manual processes can create disproportionate difficulties. Digital processes are NOT “nice-to-haves” BUT “must-haves.” Continuation of manual processes or legacy systems that are not agile will not be a viable option moving forward. Thus, this is an opportunity to transition to automated systems, such as moving to electronic invoice submission and payments, tools to work and collaborate virtually.

2. Enhancing Security
Security and data protection or risk were also among the top challenges faced during the pandemic. While moving to the WFH environment, companies in financial services, insurance, and health care—with significant PII or PHI data—had the most risk and data security challenges. As such, they were slower to move to WFH due to immediate data security and privacy concerns. To succeed in these difficult conditions, these organizations implemented short-term technology solutions to address potential security concerns and secure sensitive data. However, going ahead, it will no longer be an option to ensure data security only within the four walls of an organization. It will likely be imperative to invest in the tools, technologies, and process changes that can help de-risk data security concerns for remote work. Organizations should continually be updating their technology infrastructure and consider migrating to the cloud to improve data security and agility.

3. Education Sector
With remote working also comes remote learning (Remote Classes). Until date, this was considered to be limited to higher studies, but it is becoming a need for primary & elementary education as well. Such educational institutions should look forward to developing an integrated system through which they can impart regular classes remotely with an integrated RDMBS through which they handle all student’s data including progress reports, daily work, etc. and at the same time maintain transparency with parents. Mobile apps can be developed for remote examinations where volunteers can act as proctors.

Our final thoughts - Resilient Leadership and grabbing opportunities quickly will play a pivotal role in helping businesses overcome this difficult situation.

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