The global coronavirus pandemic has indeed forced companies, large and small, to rethink their strategies, with those who have adapted well enjoying minimal impacts to their business.
That also doesn't mean they have to be content with what they have; keeping up in the game will be important, especially given the unpredictable nature of the times and unknown challenges that lie ahead.
"Technology will also play a great role in bridging the gaps in the market and it will also play a huge part in helping businesses understand the needs of their customers more. Hence, the changing business landscape will be a challenge for the most part."
Loyica - a company that helps businesses integrate digital transformation into their ecosystems - was soft-launched last year. Homadi says progress has been "great" and they were "welcomed warmly".
"Our customer base has been steadily growing and we have been receiving positive feedback which is what drives us to continue improving our services," Homadi said.
Loyica is also the developer of Saphyte, the first customer relationship management (CRM) software from a UAE-based company. It entered commercial operations in the second quarter of 2020 and aims to have a user base of over 10,000 by the end of the year.
The pandemic has forced businesses to take their operations online, and this has been a "great opportunity" for Loyica to introduce Saphyte and show these firms the benefits that can be reaped from it.
The times are also an opportunity for companies to band together: Picking the right tech provider can have a profound impact on a business.
"Most startups have learned from the past when it comes to adjusting to uncertainties and we think they are doing well," Homadi says.
Most of the startups Loyica has partnered with have adapted to the new normal by tweaking their business models, increasingly integrating technology into their operations - and it's also an opportunity to prove reliability.
"Due to the setbacks caused by the pandemic, we've been giving our 100 per cent to our clients who need us now more than ever," he added.
Loyica is also looking to expand to other markets. At present, it is heavily concentrated in the Middle East, but is looking at the wider Mena region, the Indian Subcontinent and other untapped global regions to extend its footprint.
"So far our leads and clients have been coming from different industries. Our product's adaptability [and] customisation features allow us to cater to the unique needs of a business regardless of its industry," Homadi said.
He also reminded that being in a business has a greater responsibility of ensuring products and services are to benefit the greater society. "Always keep yourselves in check and study your competition. Never forget to evolve and change your product for the better."
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