Digital to navigate through COVID and beyond. Get back on your feet with the new normal.
Future of business post COVID
As the economies around the world continue to reopen despite the COVID pandemic, at the time of this writing the official counts of cases and deaths crossed 4 million and 280,000 respectively although many reports suggest that these numbers are being severely under-reported by atleast a factor of four to five.
Reopening the economies and businesses is an experiment never done before in memorable human history and organizations need to be sure to learn and adapt fast to developing situations.
As business Inc. re-opens sector-wise , back on its feet and cushion the damage being done to the economy, IMSS examines opportunities, strategies and insights into future of the industry.
Recovery means different things for different people
For leadership teams, recovery is measured by various parameters, it initially will mean restarting and then recovery will mean reinventing operations in a dynamic and constantly shifting world. Successful companies will define recovery by balancing resilience, improving adaptability and prediction for future emerging trends. The basic questions businesses need to ask themselves are:
- Is your business agile enough to adapt to changes from strategic planning to operational responsiveness ?
- Is your leadership team insightful enough to predict the future trends from periodic forecasts to continuous monitoring of industry trends for trigger events ?
- Is your operational team resilient enough to withstand any unforeseen shocks from both short-term efficiency and long-term resilience perspectives ?
Back to work is a function of demand and supply
The question is not actually as simple as restarting an existing business, but more close to starting a new business. As the economy changes its core, organizations need to start by understanding the demand-side first. Only by gauging the demand, leaders can configure the business systems – supply chains, service operations, production, distribution models.
Without this foundational information, leaders may not accurately proceed to understand their workforce needs and bringing back different groups of workers to their jobs. Leaders must understand how COVID affected their direct customers demand and how shifts in end-markets are affecting them and how their supply chain / logistics have affected. These questions shall help leaders estimate how to redeploy their workforce to suit the changed market and business conditions.
“Businesses now must navigate in post COVID world by re-strategizing ops, building digital capabilities, establishing digital+data culture to stabilize, reopen, engage and grow along with their customers.” — Dr. V. Gopalakrishna, Strategic Advisor, IMSS
The rapid migration to digital during worldwide lockdowns driven by the pandemic will continue to fasten through recovery phases. Organizations need to accelerate digital capabilities to keep pace with markets.
COVID recovery is Digital
Customer behaviors and preferred interactions have changed significantly, and while they will continue to shift, the uptick in the use of digital services is here to stay. Companies will need to ensure that their digital channels are on par with or better than those of their competition to succeed in this new environment. Companies that lag in digital capabilities will be substantially disadvantaged during the recovery.
Historical data and forecasting models will be of little use to predict where pockets of demand will emerge and where supply will be necessary. New data and completely rebuilt analytical models will be essential to steer operational decisions. Refocusing and accelerating digital investments in response to evolving customer needs, using new data and AI to improve business operations, selectively modernizing technology capabilities to boost development velocity, and increasing organizational agility to deliver more quickly.