Top Business Challenges Companies Faced in 2020

Top Business Challenges Companies Faced in 2020

Intro

2020 was certainly not an ordinary year. It had a significant impact on the lives of individuals and the operation of businesses around the globe, created uncertainty, and a variety of obstacles that needed to be addressed and overcome. At the same time, we cannot deny its enlightening nature, which helped and motivated humanity to gain new experience, skills, and companies to digitize their operations and enhance their flexibility. This article provides a brief overview of the top business challenges companies faced in 2020.

Communication

Companies encountered a number of challenges in this unprecedented year. First of all, they needed to find a solution to ensure clear, effective communication and strong, trust-based collaboration with their clients and employees. These factors became more important than ever for organizations in 2020 as social distancing became mandatory due to government regulations and physical meetings were replaced by online ones. Transcosmos offers tailored Business Continuity Plans with home office solutions and regular virtual meetings to its clients and constantly communicates online with its employees too.

Digital transformation

The pandemic has driven digital transformation and has had an immense effect on corporations. Sustainable business practices focused on resilience and adaptability have become crucial and risk management has become part of the companies’ daily operations. For these reasons, in 2020, businesses decided to invest more in technological development in order to survive the competitive market and keep up with technological changes. Expenses spent on digital transformation services and technologies are likely to increase in the upcoming years as well.

Home office solutions

According to the European Commission, only 15% of the employees in the European Union had ever experienced teleworking before the pandemic. In 2020, the circumstances changed, and millions had to work from home while strong security operations for data protection and the safety of employees needed to be guaranteed. This was one of the top business challenges companies faced in 2020.

Mental wellbeing

Maintaining people’s mental health is extremely important as they are the organizations’ greatest assets. Working conditions underwent a lot of changes last year, but companies did their best to make the home office setup ideas effective and comfortable for their employees. At Transcosmos, home office workers are provided with regularly scheduled breaks, online meetings, coaching sessions, huddles, and events. On top of that, they are encouraged to develop morning routines and exercise frequently.

Conclusion

The main priority of companies is to ensure their clients’ and workers’ satisfaction in all circumstances. 2020 was not a different year in this respect. However, it brought new approaches and alternatives to organizations that made them possible to demonstrate their flexibility and potentials in a way that we had never seen before. Transcosmos learned from the lessons and achieved its goals in 2020. For this success, we cannot thank our clients and employees enough for their dedication and hard work.

What kind of challenges did you and your organization face in 2020?

Please let us know in the comments.

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Kitti Ali

Marketing Executive

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