Adapting to Forced Innovation
Innovation requires an impetus that makes a firm adapt to a new way of doing things, without which the firm cannot survive. Just like the need to transport products and people led to the invention of the wheel, that is how forced innovation in firms works. The COVID-19 pandemic presented disruptions, some of which made it extremely difficult for some businesses to operate. As difficult as these changes were, they ignited innovations, implying that businesses would operate differently than they were during the pre-pandemic period. COVID-19 unleashed unsurmountable challenges to business organizations, but many of them have demonstrated the capacity to innovate and become resilient in the future.Our assignment writing help is at affordable prices to students of all academic levels and academic disciplines.
Adapting to Forced Innovation During the COVID-19 Pandemic
One of the major innovations during the COVID-19 period was the integration of online and offline channels to facilitate business. The COVID-19 pandemic hit businesses across different sectors, but the businesses that relied solely on physical, brick-and-mortar establishments took the worst hit (Moon et al., 2021). At the height of COVID-19, many customers were hesitant to go out to shop due to the fear of getting infected. Such fear presented an opportunity for businesses to invest and grow their online presence while orchestrating an omnichannel presence (Moon et al., 2021). Businesses that implement an omnichannel experience will benefit from increased customer satisfaction and loyalty in the future. Research shows that 56% of customers prefer to research and make a purchase through their mobile phones, while 63% prefer the convenience presented by multiple channels (PWC, 2023)
Jack Ma’s Alibaba is one such company operating an omnichannel system. Having launched an e-commerce platform (Tmall) one year earlier, the COVID-19 pandemic presented the company with an opportunity to adopt both offline and online channels. Since few customers frequented the company’s brick-and-mortar stores to purchase the Allbirds brand, the company transferred staff from physical stores to fulfill consumers’ e-commerce demands (Alibaba, 2020). Alibaba is one of those companies that experienced limited disruption to business due to their quick innovation in the face of the pandemic.
Moreover, the COVID-19 pandemic led to the adoption of data-driven decision-making solutions. Data-driven decisions refer to decisions made based on insights and evidence derived from relevant data (Sungheetha, 2021). Before the COVID-19 pandemic, data and analytics were central to making key business decisions. However, once the pandemic hit, businesses had to ramp up their technological investments to receive real-time data that would eventually assist in decision-making. The need for real-time data was necessitated by the fact that market conditions were changing quickly during COVID-19, hence the need for a system that informs the business of such changes to avoid significant losses.
One of the companies that leveraged data-driven decision-making during the COVID-19 period is Freeport Inc, an American-based mining company. Led by Harry Conger, the company’s president and COO of Americas, Freeport has made valuable decisions based on data, eventually saving the company from significant losses (Smaje, 2020). For instance, the company planned to inject $200 million into its Arizona mining plant, hoping that investment would help expand the mines and help the company get more revenue. However, copper prices started dropping during COVID-19, forcing Freeport to divert capital to AI investment (Smaje, 2020). The AI model has since produced multiple positive results. Freeport no longer relies on its mining history to determine operations but instead leverages data collected by the AI model to determine optimal investment.
Another impact of COVID-19 is that it encouraged businesses to adopt CSR interventions. While some companies took advantage of the pandemic to engage in profiteering activities, some resisted the urge and instead adopted CSR interventions. Most companies focused on offering interventions that would bring immediate benefits to victims and the general public. Subsequently, these companies have adopted CSR as a marketing strategy.
Telecommunication companies such as the UK-based Vodafone engaged in CSR measures trained at gaining customer loyalty and trust during the pandemic. Under its CEO, Margherita Della Valle, Vodafone introduced a range of CSR initiatives aimed at helping the company gain customer confidence during the pandemic (He & Harris, 2020). One of Vodafone’s interventions during the pandemic was to offer unlimited data bundles to its pay-monthly customers to make the situation easier, especially for those who lost their jobs (He & Harris, 2020). Subsequently, the company has realized that CSR is an important business innovation as it bolsters customer satisfaction and loyalty. Even customers who did not need the offer are impressed that the company they patronize is helping ease the pain caused by the poor economic conditions.
Conclusion
The COVID-19 pandemic was an impetus for companies to develop innovative solutions to get a competitive edge and survive during the pandemic. One of the forced innovations adopted during the pandemic was an integration of offline and online channels in e-commerce. Since customers feared stepping out to shop out of fear of contracting COVID-19, an omnichannel system came in handy. Also, COVID-19 led businesses to rely on data-based decision-making to cope with market uncertainty caused by the pandemic. Another forced innovation resulting from the pandemic was the adoption of CSR as a marketing strategy.
References
Alibaba. (2020, May 18). How Brands Have Embraced Digital Transformation during Covid-19. Alizila.com. https://www.alizila.com/how-brands-have-embraced-digital-transformation-during-covid-19/
He, H., & Harris, L. (2020). The impact of the Covid-19 pandemic on corporate social responsibility and marketing philosophy. Journal of Business Research, 116, 176-182.
Moon, J., Choe, Y., & Song, H. (2021). Determinants of consumers’ online/offline shopping behaviours during the COVID-19 pandemic. International journal of environmental research and public health, 18(4), 1593.
PWC. (2023, February 16). Global Consumer Insights Survey: PwC. PWC. https://www.pwc.com/gx/en/industries/consumer-markets/consumer-insights-survey.html
Smaje, K. (2020, August 12). How six companies are using technology and data to transform themselves | McKinsey. Www.mckinsey.com. https://www.mckinsey.com/capabilities/mckinsey-digital/our-insights/how-six- companies-are-using-technology-and-data-to-transform-themselves
Sangeetha, D. A. (2021). COVID-19 risk minimization decision-making strategy using a data-driven model. Journal of Information Technology and Digital World, 3(1), 57-66.
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Question 
Based on the learning resources from this module, previous modules, and additional research, prepare an overview of how business leaders were forced to adopt innovation. Try to provide at least three examples of business leaders who were forced to make innovative changes due to the pandemic. Try to provide as many specifics about the issues, changes made, how they adapted to change, and any ongoing innovation efforts.
Adapting to Forced Innovation
Please use APA when writing the paper. The paper should not be longer than three pages and be a concise executive summary.