The business world was already facing digital transformation when the pandemic broke out. On the other side of world-changing events, running a company looks very different. We are more reliant on technology and virtual communication than ever, and the hands-on approach that drove some industries has been supplanted in favor of digital tools.
Although some of the uncertainty has leveled off last year, companies are still recovering from the economic downturn they faced as a result of the pandemic. This is especially true in the retail and consumer goods world, where many companies have faced delays in warehousing or challenges in moving to e-commerce models.
Entrepreneurs need to reassess existing business processes and make sure they are the most efficient and effective strategies to differentiate themselves. This is what it looks like in practice.
Use tools to accurately predict and reduce waste
Artificial intelligence is changing the way we think about companies, and for the better. Recurring tasks that would take employees hours to complete can now be automated using artificial intelligence. For example, antuit.ai helps consumer goods companies and retailers predict the number of products it will take to meet customer demand. The leading brand helps consumer goods companies create accurate forecasts to predict inventory and reduce waste.
Another tool, FathomHQ, doubles as an AI-powered CFO, providing you with forecasts and recommendations, all based on your current books. Accurate forecasting is essential in a post-pandemic world as buying habits have changed significantly over the past year. Without accurate data analysis, consumer products companies will end up wasting money on inventory.
While too many entrepreneurs focus on growth and expansion, they ignore creating efficient systems to their detriment. AI-powered tools can help companies minimize wasteful spending and focus their efforts on developing a strategy based on accurate data.
Sharpen your focus and minimize distractions
Distraction is the enemy of efficiency. The most influential (and therefore most effective) companies are those that have a clear direction. The pandemic caused many companies to focus their efforts on selling smaller products or services. This shows the hospitality industry, which has faced some of the most severe constraints and challenges over the past year. In order to stay afloat, many restaurants have shortened their menus and offered a smaller selection of dishes. This helped reduce wasted resources and lead time, saving the company money while still responding to customer needs.
To recover from the pandemic, you need to reduce undue efforts and sharpen your company’s core values and mission. A combination of strategic steps (like refining key menu items … or services) and using data to make decisions will help you not only recover from the pandemic, but thrive.