COVID 19
Recovery and reinvention continues
Many Corporate are already taking no regret actions to emerge from the pandemic stronger. These leaders are facing the crisis with a sprint of invention- accelerating digital transformation, establishing variable cost structures and implementing agile operations.
But in recent times, the landscape has changed, with the pandemic continuing to peak in some markets and returning in others. Amidst this uncertainty, the steps for reopening and reinvention remain unchanged, but companies must now consider how the pandemic's progress, strength or recurrence in different geographies is impacting their recovery strategies.
Impact on customers
With COVID 19, customers habits are changing, with these emerging new habits, organizations have an opportunity to accelerate the digital platform, by expanding existing offerings and creating new developed products and services to attract customers towards newly designed products. Like retailers are providing contact less delivery or self pick up for food industry. This acceleration will force organizations to reimagine their digital strategies to capture new market place opportunities and digital customer class.
Impact on Workforce
Change in customer behavior impacts on high scale on workforce working and its management. Organizations globally are experiencing unprecedented workforce disruption. Virtually all companies are still determining how we will work in the short- and long-term.
Organizational development should be there to develop agile workforce strategies is critical to keeping the global economy viable and helping people and their families survive financially now and in the future. Opportunities are emerging as companies and industries work together to keep people working.
People, organizations and communities need fit-for-purpose plans today that can evolve as the global health and economic environment changes. Businesses, governments, citizens, and non-profits all play critical roles in establishing a human-centered, systems-minded approach that promotes shared workforce resilience.
Impact on Operation
With the COVID-19 crisis, fundamental changes in consumer behavior, supply chains, and routes to market are knocking companies off balance. Responding to the pandemic has underscored the need for leaders to accelerate the adoption of agile ways of working and value chain transformation to help outmaneuver uncertainty.
In current scenario, supply chain is critical companies need to develop a rapid response to address current disruptions and to repurpose and reshape supply chains for the future by increasing both resilience and responsibility.
Impact on Finance
COVID 19 has made working capital cycle longer than before for most of the corporate, main issue in this pandemic to manage these stretched cash flows, only two ways to get control over this finance impact is to reduce the operational cost with man-machine support and with digital marketing support expand business geographies as well as by adding new clientele for incremental topline. This is must do actions for the survival of companies in pandemic situation.
Impact on Industry
All industries have been impacted by the COVID-19 crisis, with varying degrees of severity. Some have stronger defenses, while others will struggle to return to a constantly shifting normal.
Consumer demand patterns are shifting, global supply chains are disrupted and remain under pressure, and different regions, markets and governments are responding uniquely to the COVID-19 crisis. Companies must continuously adapt to new and uncertain market conditions. Informed by daily conversations with our clients, we offer industry-specific advice on what leaders should consider doing now and next.
Impact on Technology
Companies need to develop a rapid response to address current disruptions and to repurpose and reshape supply chains for the future by increasing both resilience and responsibility.
As businesses juggle a range of new systems priorities and challenges- business continuity risks, sudden changes in volume, real-time decision-making, workforce productivity, security risks-leaders must act quickly to address immediate systems resilience issues and lay a foundation for the future.
Once we reach the other side of this pandemic, it will be important to establish long-term strategies for greater resilience and to apply lessons learned from the experience to create a systems and talent roadmap that better prepares your company for future disruptions.