Pandemic-induced changes will alter the future of business resiliency says Forrester

Published: Friday, 17 July 2020 08:23

According to Forrester, the lasting global impact of COVID-19 will usher in five macro shifts that will permanently alter business and technology. In a new report, ‘The New, Unstable Normal: How COVID-19 Will Change Business and Technology Forever’, Forrester identifies business resiliency as one of these trends.

According to Forrester, business resiliency is becoming a competitive advantage: regardless of any crises, business resiliency allows organizations to deliver on their vision and brand promises.

The changes expected in this area include:

"The pandemic has fundamentally changed the way we do business," said Stephanie Balaouras, VP and Group Director at Forrester. "It has forced firms and policymakers to do things that were previously considered impossible. As a result, business leaders are quickly embracing new, iterative ways to engage with customers, adapting to new ways of working, investing in technology innovation, and revisiting their business resiliency plans for long-term success."

The other four trends identified in the report are:

Safety and convenience influencing future customer expectations: 
The pandemic has affected global consumers in different ways, with their risk sensitivity and desire for convenience varying across region, age, and culture.

Businesses riding the digital engagement wave to create hybrid experiences:

Firms and governments investing in what was once impossible to drive the future of work: 
The pandemic has revealed the ability to do things that once seemed infeasible, including shifting entire workforces to remote working.

• Short term: The firms with the biggest competitive edge will unite humans and technology (e.g., artificial intelligence or automation) to build engaged workforces.
• Medium term: Remote working will boost regions around global economic hubs as firms shed more than a quarter of their city-center/centre office space.
• Long term: The redistribution of work will result in the further global emptying and repurposing of offices.

Smart firms retiring technical debt fast and then riding the tech disruption wave:

The report can be obtained from here.