Revival & Survival: Businesses have rolled up their sleeves to go back to the frontlines
Prepared or not, India has to gear up for an exit strategy for the lockdown period. It is definitely a changed world that India is entering now, and we will have to learn to live with the Coronavirus in our midst.
A lot has been written, debated and discussed over how much the economy and business operations have been hit. We, at Adgully, aim to look at the revival story. What does it take to jumpstart an economy? That is the great narrative that we are following up as part of our ‘Revival and Survival’ series.
An upbeat Neena Dasgupta, CEO and Director, Zirca Digital Solutions, talks about how in the midst of all the chaos, companies are dealing with finding smarter and more creative ways to engage with clients, customers and even with their own employees.
What does the new normal look like? How much has the COVID-19 crisis disrupted business operations?
The Coronavirus pandemic is a crisis that has put businesses in a state of shock, and its consequences continue to be felt even as we inch toward June 2020; and if we talk about the advertising world in particular, we haven’t been spared either. While the picture hasn’t been rosy, business hasn’t come to a standstill. In fact, in the midst of all the chaos, companies have had to deal with finding smarter and more creative ways to engage with clients, customers and even with their own employees. Since the initial shock, businesses have had time to realign themselves, prioritise and roll up their sleeves to go back to the frontlines and get the industry back on its feet.
What should be the blueprint for a post-COVID-19 economy?
A large part of a post- COVID-19 scenario will be dealing with the aftermath of the virus. The pandemic has forced organisations to reflect at the way they’re being run and to reinvent themselves. As opposed to yearly trends which make their mark sooner or later, with no clear path laid out, I imagine there would be a paradigm shift in the way we look at business. I see supply chains, digital payments, cloud computing and the entire digital ecosystem being bolstered. If we drill down further, the next 2 years are going to be about revival (fiscal prudence) instead of expansion. Many businesses in the MSME space are going to struggle with funds and any shortage of credit in the system may push the Banking and Financial system to look towards the Government to fund this revival.
What are the 5 key measures needed to ensure a speedy business revival for the digital industry?
The digital industry is no stranger to sudden changes. A breeding ground for rapid innovation, the industry tests your resilience and agility. In the current scenario, businesses also need to be flexible enough to handle the change in spending pattern and consumer sentiment. A significant shift in policies in favour of digital will make things less challenging.
How are you strategising for the remaining quarter of this financial year 2021?
Our focus remains on effective communication. In spite of the tremendous challenge our world has faced and continues to face, it remains bucketed into two segments – buyers and sellers. As long as there exists a platform of need and the willingness to pay for this need, businesses will continue and even thrive. Our drive will be to ensure that we are able link the two.
How do you visualise the economy and your sector a year later? How much would it have recovered by then?
Our expectation post lockdown will be the revival of the economy, albeit in a phased manner. The virus and its spread will continue to play a huge role in business continuity and every organisation is going to be planning in stages or scenarios. While it is going to be difficult to predict how things will pan out, what is sure is that all initiatives will be implemented to boost customer spending. Organisations will be aggressive in their growth strategies, while supply chains will be developed to respond to disruptions. The leadership is going to play a huge role in maintaining the trust of their clients, community and their employees.