The impact of COVID-19 is rippling through every layer of our social fabric. No one can say how long the crisis will last. Still, one thing is for sure — the “normal” of recent years will be reshaped by powerful forces that not only trigger another turn of the business cycle but more so, restructure the economic order.
While government restrictions may begin to lift, giving a semblance of normalcy, the shift in how people work, buy, and engage with their favorite brands will remain for some time. For instance, fear of contagion is leading many to favor digital payments over cash, while physical distancing is prompting organizations to embrace video conferencing and collaboration tools.
The challenge for enterprises is how to position themselves, prepare for new ways of operating and servicing customers, and innovate for long-term value.
Industries are already in the middle of transforming into a new normal, spurring sweeping changes. The unprecedented response to the pandemic will include improvement and proliferation of telehealth offerings with better at-home testing and diagnostics products and the ubiquitous adoption of wearables. A push for a digital transformation will rise, as a natural result of the increased digital interactions between people. Supply chains will be revisited, and business continuity planning will be top of mind. Since customer and employee access have been impaired, banks will need to shift product mix, employee skill sets, working models, and channel delivery. As the crisis continues, some industries will continue to grow, some will need to reinvent themselves, and others will shrink.
Downturns create opportunities. Despite continued uncertainty, the crisis has shortened the launch of customer-facing Q&A bots to deflect traffic and streamline requirements. Furthermore, automation that reduces chat queuing and messaging handle times are becoming must-haves.
To maintain business resilience and seize the upside, we have ramped up our Digital Solutions, including Automation and Artificial Intelligence (AI), to provide a solid background for business continuity models. Our business expertise combined with technological advancements in Natural Language Processing (NLP), Robotic Process Automation (RPA), Voice Assistants, Chatbots, Self-Service, and AI, provide the right balance of High-Tech and High-Touch.
At Teleperformance, we believe that only businesses with the agility and adaptability to meet volume spikes, market changes, and business disruptions will thrive in the new normal. At the same time, big players and nimble innovators alike will need to balance technology adoption with creative approaches to maintain a sense of community and shared culture, especially once we reach the other side.