Staying ahead of the curve
Isavella Evripidou, Founder and Chief Executive Officer of GCIE Corp explains how investments in human capital and technological infrastructure will sustain the firms competitive edge.
How has your business performed in post-pandemic 2023? Have you been obliged to seek new business models and markets?
In the post-pandemic era of 2023, our business has experienced a significant transformation. The pandemic has brought about unprecedented challenges and opportunities, and we have had to adapt and innovate to stay ahead of the curve.
Despite these challenges, we have been able to maintain our market position and continue to grow our business. We have done this by focusing on our strengths and building on our core competencies. Allow me to list below some of the main points:
In terms of financial performance, we have demonstrated resilience and agility in managing our operations. Despite the initial setbacks caused by the pandemic, we have reported improved financial results in 2023. This is attributed to strategic cost management, innovative business models, and a focus on digital transformation.
One of the key trends observed in post-pandemic corporate business is the accelerated pace of digital transformation. We have increasingly invested in technology to enhance our operations, improve customer experiences, and streamline processes.
Exploration of New Markets
The post-pandemic period also witnessed a concerted effort to us to explore new markets and diversify our revenue streams. With shifts in consumer behavior and preferences, we sought opportunities in emerging markets and untapped demographics. This involved strategic market research, consumer behavior analysis, and targeted marketing efforts to effectively engage with new customer segments.
Employee Well-being and Remote Work
The concept of remote work has become more ingrained in corporate culture as a result of the pandemic. We, as many other companies worldwide, have embraced hybrid work models that offer flexibility to employees while maintaining productivity.
Consumer Behavior Shifts
The pandemic has significantly influenced consumer behaviour, leading to shifts in purchasing patterns and preferences. We have adapted our marketing strategies and product offerings to align with these changes. E-commerce and digital sales channels have witnessed substantial growth as consumers continue to prioritize convenience and safety.
Have you invested in (a) technology and (b) more human resources this year? Do you anticipate doing so in 2024?
Our company recognized the importance of leveraging technology to streamline processes and improve overall performance. As a result, we allocated substantial resources towards upgrading our technological infrastructure. This included investments in advanced software systems, automation tools, cybersecurity measures, and data analytics capabilities. By embracing cutting-edge technology, we aimed to enhance our service offerings, optimize internal operations, and provide a seamless experience for our clients.
In addition to technology, we also focused on expanding our human capital. We hired new talent across various departments to strengthen our workforce. These new hires brought diverse skills and expertise to the organization, enabling us to broaden our service portfolio and meet the evolving needs of our clients. Furthermore, we prioritized employee training and development programs to ensure that our team remains equipped with the latest industry knowledge and best practices.
Looking ahead to 2024, we anticipate continuing our investment in both technology and human resources. As the business landscape continues to evolve rapidly, we recognize the importance of staying ahead of technological advancements. Therefore, we plan to allocate further resources towards adopting emerging technologies that can drive innovation and improve operational efficiency.
Similarly, investing in human resources will remain a priority for us in 2024.
What are your predictions for your specific profession and the overall economy in 2024? Do you expect the overall Professional Services sector to maintain its leading role in economic activity in Cyprus in the next few years?
My predictions for administrative service providers and the overall economy in 2024 are subject to various factors, including global economic trends, technological advancements, government policies, and industry-specific developments. Some of them are:
The overall economic outlook for 2024 will depend on a multitude of factors, including global trade dynamics, geopolitical stability, technological innovation, and monetary policies. Additionally, factors such as inflation rates, employment levels, consumer spending patterns, and business investment will play a crucial role in shaping the economic environment for administrative service providers.
I believe, in 2024, administrative service providers are likely to experience significant shifts driven by technological advancements and evolving business needs.
The workforce dynamics within administrative service providers are poised to undergo transformations in 2024. The integration of remote work arrangements, flexible scheduling options, and digital collaboration tools will continue to reshape traditional office environments.
The regulatory landscape governing administrative service providers is likely to evolve in response to changing business practices and technological innovations. Compliance requirements related to data privacy, cybersecurity protocols, and remote work arrangements may undergo revisions to address emerging challenges in a digitally-driven business ecosystem.
Cyprus has a well-established professional services sector. This sector has traditionally played a leading role in the country’s economic activity due to its contribution to various industries and the overall business environment. I believe the professional services sector is expected to maintain its leading role in economic activity in Cyprus in the next few years, under several key factors: Economic Environment, Legal and Regulatory Framework, International Business Hub, Technology and Innovation.