It is clear Covid-19 reshaped society, politics, and how businesses operate today. From a business perspective, an important takeaway from this continuing health crisis is that businesses who want to survive must never stop thinking innovatively, pushing for new market disruptions.
While many of us never saw the Covid-19 pandemic coming on the horizon, we will surely not forget it in our lifetime. Moving forward, the lesson learned is that one’s ability to anticipate setbacks, forecast trends, and plan accordingly with a sound level of implementation will define your readiness to pivot and, ultimately, your business’s success.
For the last ten years, the business world has been focused on growth through creativity and technology in these main areas:
A company experiences digital transformation when it integrates digital technology into business operations at every level, fundamentally changing processes and how value is delivered to customers. It can also be referred to as a cultural change that requires organizations to persistently challenge the status quo, experiment, and be unwavering when faced with failure.
Business innovation is when an organization implements new processes, services, or products that have a positive return. This can include improving existing methods or practices or scrapping old ways of operating for entirely new procedures.
Agility is defined as either an individual’s or company’s ability to remain flexible when faced with new developments, continuously adjusting the company’s and/or brand’s strategic direction, while developing innovative ways to generate value.
Professor Howard Stevenson, the godfather of entrepreneurship studies at Harvard Business School, defines entrepreneurship as: “the pursuit of opportunity beyond resources controlled”.
Businesses had three viable ways to proceed during Covid which determined their outcome:
- Businesses who implemented the pursuits above to some degree and were operating sustainably before the pandemic were able to bear the hardships of the crisis and even grow.
- Businesses who quickly pivoted their business strategy during the pandemic felt the impact of the crisis but survived.
- Businesses who rejected these pursuits and maintained a traditional ideology failed.
It is a well-known fact that global and local economies do not grow every day, and all organisations face difficulties. As Nasim Taleb describes in his book The Black Swan, events will arise that are so rare that even the possibility that it might occur is unknown and will have a catastrophic impact when it does. As with the pandemic, an event that seems to have come out of thin air, will be explained in hindsight as if it were actually predictable but was not.
It may not always be a global health crisis, but other disruptors may realise from an international economic crisis, such as the Depression of the 1930’s, a world war, or climate change. The face may be different, but the impact can be felt the same. Some businesses will fail not because of Covid or other calamity but because they ignored trends. Covid just sped up the process or, what some could say, the inevitable.
For GBSB Global, digitalization, innovation, agility, and globalisation are core values that must be implemented on each level of business operations to weather the theoretical storm.
Below are examples on how GBSB Global transformed and scaled its curriculum in the past two years in anticipation of the coming necessity for professionals armed with the tools to meet today’s business needs.
Four years ago, GBSB Global launched several digital programs like our MSc in Digital Business and MSc in Digital Marketing. They were not so popular from the onset because students found it hard to comprehend how a digital career could be built.
Fast forward to today, and we see an increasing rise in digital programs as the employment market is experiencing a lack of specialists with an in-depth understanding of digital business.
Our Masters in Digital Education Management is one such program we recently developed to meet industry demand. Remote learning is booming, and very soon newborn unicorns in education will be ready to pay millions for top employees able to manage edtech businesses.
In the world of finance, we are also paying extra attention to Masters in Blockchain programs, because we believe that it’s not only about buying and selling bitcoins for a profit – it is about revolutionising the financial ecosystem worldwide and transforming how the consumer relates to money.
Automation is an important sign of digitalisation. Businesses that still rely on outdated manual operations will be left in the past and deemed archaic. As a business school transforming the way in which we in fact teach business, we continuously invest our efforts into implementing digital tools for students on each level of our collaboration. Starting with admissions, students apply online using our modern CRM system.
Further in their academic careers, students will engage with applications like Grammarly and Perlego, enhancing their digital literacy.
The past two years were defined by uncertainty, and we realized conventional education was becoming less attractive. Restructuring our business programs, GSBB Global became more flexible by giving students an opportunity to change campuses, switch to blended or online learning all while maintaining the same standard of education across all levels of education, programs, and on all campuses.
All our employees have an intrapreneurial spirit. Hiring a team of like-minded entrepreneurs to work for an organization is key to the development and success of an organization. No matter what career students choose in the future, we encourage students to foster a growth mindset and motivate them to apply for our G-Accelerator program, helping students realize their ideas and entrepreneurial potential.
While the Covid-19 pandemic has had a tremendous impact on personal lives, economies, and businesses around the globe, there are lessons we must heed to be better prepared for the future to grow as a society and civilization. Businesses must make calculated predictions and implement new actions to not only stay relevant but ready themselves for the unknown.
As it is predicted this will not be the last global health emergency and as history shows there is no definitive assurance other hurdles will not arise to throw us off course. From wars to famine, inflation to technology, change is the only guarantee we must embrace. GBSB Global is ready at the helm graduating professionals that will meet the occasion and traverse the challenges that lay ahead.
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