Change is the Name of the Game: 5 COVID-19 Takeaways for Risk Managers

It’s clear the COVID-19 pandemic changed every aspect of our lives. We’ve changed how we live, how we work, and we’ve even changed what we wear. But for a business leader, the pandemic has fundamentally shifted how we operate our business — at least it should have. While some companies may have adapted their day-to-day operations during the pandemic, there are greater lessons to be considered in how we approach technology and efficiency. As IBM states in its COVID-19 and the Future of Business report, “Old barriers are being brushed aside under the pressure of unrelenting disruption, rapidly evolving customer expectations, and an unprecedented pace of change.” Business leaders can no longer afford to drag their feet on this front. To understand how lessons from the pandemic should be accelerating your company’s speed and flexibility, read below.

#1: You can and must roll with the punches

If there’s anything we’ve learned in the past 20 months, it’s that we must be adaptable and flexible in all areas of our lives, especially our business. Keeping up with technological changes or advances allows us to discover what new tools we can implement to stay up to date with our evolving environment. The example of COVID-19 vaccine mandates and protocols fall squarely in this category. Organizations face the imperative of keeping employees safe. Regardless of the position currently taken on COVID-19 vaccination, many are starting to track employee vaccination status—and deploy protocols based on this information. It’s a guarantee that the world we live in is constantly evolving—and as such our technology needs to adapt and evolve as well. It’s important we stay up to date with technological trends, mandates and adjust our business as needed.

#2: You can get out of your comfort zone

It’s amazing how often a business leader doesn’t understand why their process is a certain way—that it’s just the way they’ve always done it. Here’s the truth: Just because you’ve done something one way for decades doesn’t mean it’s still the best way. Companies need to adapt with the times and improve efficiencies by creating a unified approach.

COVID-19 prompted leaders to reassess legacy processes and workflows to find increased efficiencies. Due to the dire situation COVID-19 presented, many organizations began creating cross-departmental teams to determine solutions to specific problems or critical issues.

#3: You can lean on technology

For many business leaders, there was a fundamental belief that certain tasks could not be digitally transformed. Whether the reason was a lack of confidence in their technical platform or their skills to use the technology adequately, the reality is that COVID-19 proved that these beliefs are unfounded.

During COVID-19, organizations were forced to digitally transform many of their operations. Opinions that previously hindered and stalled digital transformation initiatives were trumped by the immediate need for change—and the change worked. According to the IBM report referenced above, 66 percent of business leaders reported that they have been able to complete initiatives that previously encountered resistance.

Many leaders also had the innate fear that leaning on technology would mean less jobs. The truth is that technology has helped us work smarter by allowing individuals to focus less on the mundane, routine tasks and more on the higher value tasks at hand. The pandemic, which prompted the majority of the world to stay at home for months, showed us technology can be trusted to assist us many areas.

Leaning on technology and moving to an online, automated system has proven to increase accuracy and efficiency. We can still offer a personal touch in the customer service process, while being smarter about how we work.

#4: You can increase your data security and scalability

COVID-19 has proven that business owners need to rely on SaaS models to grow and protect their business and customers. When the pandemic suddenly prompted stay-at-home orders around the world, employees could no longer go into the office — forcing them to rely on technology to continue operating.

Software can protect businesses from unexpected events that can disrupt operations. In fact, owners can sleep at night with confidence that their business is protected by implementing the many solutions available.

#5: You can lose the paper and pencil

COVID-19 has taught us that we need to have our documents, files and artifacts stored electronically. We must have access to all of our files at all times and from any location—end of story. Storing key documents on the Cloud also allows companies to better protect themselves. CIP Reporting offers a range of risk management tools to ensure your business is protected at all times.

Change is the Name of the Game: 5 COVID-19 Takeaways for Risk Managers

Jump To:

#1: You can and must roll with the punches

#2: You can get out of your comfort zone

#3: You can lean on technology

#4: You can increase your data security and scalability

#5: You can lose the paper and pencil

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