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14Apr

Is Your Business Adapting To Change?

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In a time fraught with uncertainty, it is essential that businesses are proactive instead of reactive. Businesses that understand the importance of agility and adaptability will successfully navigate the times. With changing market conditions influenced by technology and unprecedented events, businesses will benefit from having a strong change management system in place.

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Why Is Change Necessary?

Numerous businesses operating in the global marketplace have undergone organisational changes in their business models, products and services as well as leadership structures to remain competitive.

Organisational change is borne out of a need to develop a niche, to address a consumer need or to leverage growth opportunities. It is an imperative step if businesses want to remain profitable and relevant.

In light of the repercussions of an unmanaged coronavirus (Covid-2019) outbreak, businesses are experiencing the brunt of a destabilised supply chain, vulnerable employees and liquidity issues. Such situations reinforce the need for change adaptability to be internalised and useful for future storms.

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How Can Branding Help The Business?

During challenging times, it can be helpful for the business to rebrand its public image through positive associations. For instance, LVMH converted three of its perfume manufacturing facilities (servicing Christian Dior, Givenchy, and Guerlain) to produce hand sanitizers - fulfilling the public good of increasing hand sanitizers in the market.

Likewise, Roadbull's pay per use storage, pick & pack solutions solve a specific warehousing problem in the supply chain. By liaising with third-party providers like Roadbull, businesses are maximising their cost-efficiency by only venturing into growth opportunities without fear of incompatible facilities or finances.

By adjusting the business model, businesses can improve their customer services and relationship management, effectively rebranding the public image.

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Reinvention To Address Changing Consumer Demands

Today’s marketplace is extremely agile and competitive. Businesses need to solve problems by anticipating trends and innovating to stay relevant. At times, reinventing the wheel requires a change to products and services offered.

Changes happen frequently and businesses need to continually adapt to the new consumer demands to remain profitable. Businesses can continue to maximise their savings by leveraging third-party provider services.

Assuming a company changes its product offering, choosing a flexible fulfilment service provider means your new product storage needs are taken care of and transition is made easy. For example, sunset industry businesses such as print magazines transitioning to digital media to revive businesses will adapt easily with flexible warehousing needs.

In the supply chain industry, the economy has seen remarkable change in e-commerce. From in-store pick-ups to outsourcing fulfilment, businesses that leverage tools and technologies amid change will continue to grow.

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