“Collaboration & co-creation - way forward in conducting business in the new normal”
Shrugging off the disruptions of the year gone by, businesses and agencies are looking for a strong revival in 2021. Over the next few weeks, Adgully – as part of our annual TRENDING NOW endeavour – will be presenting the strategies and views of a cross-section of industry leaders as they go about reclaiming lost time and market opportunities and build for a stronger future, armed with the lessons of 2020.
Dr Monica Khanna, Director, K J Somaiya Institute of Management, lists the major trends that will dominate the year ahead, which include collaboration & co-creation, Digital transformation of businesses, Rapid recovery of business opportunities, and more.
Outlook for 2021
Some of the major trends that I see in 2021 are as follows:
- The realisation that collaboration and co-creation are the way forward in conducting business. This could be within and outside the ecosystem of the business among various stakeholders.
- Adaptability, agility, multi-tasking and resilience are important attributes for employees and organisations to ensure their survival and growth. This could mean breaking down of traditional hierarchies within the organisation to enhance speed of decision making.
- Digital transformation of businesses – at the same time ensuring that it includes consumers and business partners who still follow the traditional methods of conducting business. This implies use of inclusive growth strategies.
- Rapid recovery of business opportunities.
- Businesses will focus on innovative ways to develop new or modified supply chains to deliver value to the end consumers.
- Businesses will analyse changes in consumer behaviour to assess whether these changes are a temporary phenomenon or the new normal.
- Business will become conscious of community well being along with their profit motive
Key learnings from 2020
- Never take life and living for granted – change will always be the new constant.
- Risk assessment, risk management and strategic planning for the future are important organisational functions.
- Always have alternate plans ready.
- Carry people along with you – an engaged, empowered and motivated team is the biggest organisational asset.