How are the Companies Adapting to the New Reality?

Companies with teams dedicated to innovation, organizational structures that allow for agile decision making and that quickly migrated to teleworking, are those that have best adapted to the new commercial reality.

Tuesday, December 8, 2020

The pandemic brought about a scenario of changes in the business models, the companies had to apply radical changes in an accelerated way in order to successfully face the challenges represented by the changes in people's habits.

Due to the covid-19 outbreak at a global level, the way companies operate, the way teams work and the consumption habits of customers were transformed in an accelerated way.

Innovation in the lines of business was a fundamental pillar for companies to face the new challenges that meant the birth of a new commercial reality.

According to research carried out by Americas Market Intelligence, not only the native digital companies were able to properly face the change in business reality, but there were also traditional companies that adopted strategies that allowed them to stay alive.

Whether they are natively digital or traditional, there are common features among the companies that have been successful in recent months.

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Vanesa Meyer, Vice President of Innovation and Design for Visa Latin America and the Caribbean, told that in this context of change, the companies that managed to adapt have innovation rooted in "... their organizational structure. In some cases, we see innovation very connected to the corporate strategy, with an extensive use of agile methodologies. This allows them to have a much more agile culture and less aversion to risk because failure is allowed and seen as an opportunity for learning."

The digitalization of operations is another feature of these companies. Meyer said that in this new business scenario "... the fact of implementing the use of digital tools and agile methodologies could make the new modality effective without impacting their plans and even accelerate the solutions they had been working on."

The article says that "... 60% of the companies surveyed have a team dedicated to innovation, while 89% incorporate innovation into their own business models. More than 70% of the teams of the main innovators use an agile methodology to accelerate the improvement and development of products and services."

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