How COVID-19 Pandemic Change Businesses Around The Globe And The Role Of ERP Software?
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The covid-19 pandemic has changed the business dynamics around the globe. Businesses experience severe disruptions that cause them to lose billions in revenues. Many businesses cannot continue their operations as the disruptions get serious throughout the world.
As these disruptions cause businesses to lose on the other hand it has completely changed some traditional norms of business operations around the globe for a greater good. “Necessity is the mother of invention” is the truest saying in this case.
Organizations search for new methods, techniques, and operational mediums to operate in the environment without being physically present in the market. For that reason, the pandemic era is considered to be the boom of the eCommerce industry around the globe.
The concept of virtual reality (VR) and augmented reality (AR) emerges in the business fraternity and gets massive attention from both sellers and buyers. Global supply chain problems and other such hurdles make developing countries struggle for their needs and help them attain self-dependency in some regards. Other than that, the lopes and leakages in the traditional business operations are also exposed during the pandemic era making organizations solve these deep-rooted issues.
In the evolution of business during the Covid-19 Pandemic ERP software played an important role. It helps businesses to catch up with the speedy evolution, and massive changes in the operations.
In this article, we will discuss how the Covid-19 Pandemic changed business operations and the role of ERP software in it.
How Covid-19 Pandemic Changes Businesses?
In this part of the article, we will try to answer the question of how the pandemic changes businesses around the globe. Following are some major changes that happen during the pandemic.
- Lockdown Encourages Online Selling
- Acceptance Of Remote Working
- Increase In Use Of Technological Tools
All the above-mentioned changes in evolution are related to the Covid-19 Pandemic.
Lockdown Encourages Online Selling:
After the Covid-19 Pandemic hit the world economies we experienced a harsh lockdown in the world to stop the spread of Coronavirus. The lockdown hammered business operations and halted all kinds of business operations.
Businesses are allowed to operate for a very limited time. Furthermore, the enforced shutdown of markets, malls, and other retail operations decrease the sales and inventory outflow from manufacturers.
Most businesses heavily rely on their physical stores and operations. These restrictions cause immense pressure on the very existence of the business. After months of struggle, they realize that the only chance to survive during this pandemic is to move toward a dynamic approach.
eCommerce had already expanded in that period but the pandemic encourages businesses to shift their operations towards online selling. Businesses that are already in that space shifted their resources to the massive expansion in this space while other organizations started to explore this marketspace.
According to studies, more than 67% of consumers’ habits have changed since the pandemic. On the other hand, 20-30% of the businesses have moved to the digital space during the Pandemic, and 10-20% of grocery stores have moved to eCommerce platforms.
Acceptance Of Remote Working:
As the lockdown prevails for months the working life of people gets disturbed. Organizations face massive drawbacks because of incomplete tasks as they cannot make their workforce work from their office space.
The concept of remote employees emerges when organizations ask their employees to work from their homes instead of being physically present. The employees found this feasible and easy as compared to risking their lives during the pandemic.
Although, some professionals are required to be physically present in their workspace. Doctors, Nurses, Engineers, and other such people used to work from their offices risking their lives for us. Let us all appreciate their dedication and sacrifice.
Companies started to use the internet as their medium of communication with different apps like Zoom, and Google Meet communicate. The acceptance of remote work helped both employees and employers to explore this new opportunity.
The business operations get on track after weeks of complete halt. Even after the pandemic has faded some organizations are still practicing with remote employees as they are proven to be more efficient.
Increase In Use Of Technological Tools:
The Covid-19 Pandemic taught business organizations about the importance of technological tools in business operations. When the pandemic hit the economies, and businesses shifted to remote working shifts along with the eCommerce approach the use of modern tech tools was imminent.
Businesses started to use technological software and analytical tools to explore and manage their business operations. Enterprise Resource Planning Software and Point of sales software are the popular tools that are used by businesses.
These management solutions are popular for their distinctive features and adaptable integrations that make them adjust to different business models in different market spaces.
Different solution providers get into the market with unique and dynamic features designed to compensate for different challenges faced by businesses during the pandemic. Businesses in underdeveloped economies face a shortage of advanced management solutions but with time the space is filled by various ERP software providers and other software development companies that focus on management solutions.
Role Of ERP Software During Covid-19 Pandemic:
As we have discussed earlier, management solutions played an important role in the normalization of business operations around the globe. ERP software is among the major factors in this regard.
ERP software is developed to make sure that it automates, digitalizes, and fastens the business operations to meet new challenges faced by changing business dynamics. The Role of ERP software is determined by its surging demand by businesses of all kinds and sizes.
As new approaches are explored like the Omnichannel approach that includes businesses operating in online and offline channels to accommodate all their needs at once ERP software is surging in demand. And as the demand rises the number of ERP software developers is increasing, developing innovative, and customizable ERP software that suits your business needs.
Following are some major roles ERP software plays during the Pandemic.
- Technological Substitute For Business Operations
- Advance Modules In ERP Software Creating Analytical Approach
- Dynamic Approach With Highly Adaptable Nature
Technological Substitute For Business Operations:
The major role that ERP software plays during the pandemic is as a technological substitute for business operations. ERP software is integrated with dynamic modules and integrations that have helped businesses during the hard times.
ERP software is designed to digitalize the manual operations of the business to help companies manage their manual operations through a digital platform.
The ERP software is a digital platform that allows users to operate it without the hassle of hectic paperwork and manual operations.
In the absence of all labor force in an office, businesses are operating with 30-50% employees as per the lockdown policies for office operations. Organizations suffer losses due to the absence of a labor force, but ERP software operates with minimum input required from the employees thus it helps organizations compensate for the absence of employees.
Advance Modules In ERP Software Creating Analytical Approach:
ERP software carries advanced analytical modules and tools that are designed to formulate complex tasks for the business. These tasks involve all major sections of the business. Some popular ERP software modules that helped businesses are
- Human Resource Management
- Financial Resource Management
- Inventory Management
- Sales Management
These modules carry advanced tools that help the executive management of the company create a management system that is more productive and efficient than traditional systems.
ERP software gives an analytical insight into the company to create a well-detailed and analytical approach to running business operations.
Dynamic Approach With Highly Adaptable Nature:
Another major role that ERP software plays during the pandemic is creating dynamic approaches for businesses with its adaptable nature. Businesses of all natures and sizes are demanding ERP software, usually, management solutions need to be customizable to work along with different organizations.
ERP software is a highly adaptive software that works with all types of business. ERP Software creates a dynamic approach for businesses in this highly competitive business fraternity. Although some ERP software is highly customizable it allows businesses to get a customizable software to get full control of their operations.
CISERP, Helping Businesses In Pakistan:
CISERP is one of the leading ERP software in Pakistan that has been serving the business industry for years. CISERP has the fastest implementation plan that allows its users to implement the ERP software for their business in 25 hours. Moreover, CISERP offers different modules that include Inventory Management, Payroll Management, Account Receivable & Account Payable Management, and General Ledger.
Almost all major business industries are using CISERP, some popular industries include the Manufacturing industry, Textile industry, and Insurance industry. Furthermore, CISERP has two different versions, cloud and on-premises ERP software that provide options for companies to select as per their needs and demands.