Strategy Consultation and Finding Success in the Digital Space During this Pandemic Time
In ‘usual’ days, any organization knows how to pilot new digital initiatives, but very few do so at the size and pace unexpectedly demanded by the crisis of COVID-19. That’s because the consumer and business fines for widespread “test and learn” can appear too high in regular times, and the organizational barriers are too steep. Public sector shareholders are seeking instant returns. Finance agencies retain a tight grasp on the funds needed to advance new programs aggressively. Customers are always reluctant to adapt to modern ways of doing business. This intrinsic inertia is mirrored in typical acceptance curves. And corporate culture hinders mobility and teamwork with its heavily grooved silos.
Redesign the business plan at its core
It needs to have an end-to-end view of the market and operating models to go beyond comfort zones. In comparison, your resources are inherently small. Leading companies’ experience shows that focusing on areas that touch more of your business’s heart would give you the most excellent chance of growth. Both in the short and long term, then making slight changes to non-core areas. Organizations that make small improvements to their corporate plan’s outskirts almost often fail fast of their objectives. Tinkering leads to investment returns below the cost of capital and enhancements (and learning) that are too limited to meet the disruption’s outward speed. Their peers have been outperformed by companies efficiently implementing AI instruments and algorithms and concept thinking and using them to redefine their industry at scale. This will be particularly relevant as corporations in a continually shifting world contend with vast volumes of data. Also, look to make fast, precise course corrections relative to their peers.
Supply-chain transparency and flexibility
Near-daily news reports tell how manufacturers worldwide are facing stock-outs amid the recession, such as shortages of toilet paper in the United States. It is also clear that retailers have done a great job. They were navigating through the recession with complete supply chain accountability before the crisis and algorithms to identify buying trend changes. Many of them face their supply chain problems through the downturn and should benefit from their retail peers. Create the transparency and resilience required to deter (or at least mitigate) potential supply chain disruption.
Remote staff and automation
The widely felt desire to draw on the versatility and diversity of remote working is another popular trend emerging. After the lockdown, corporations begin to simplify operations. Learning
how to maintain efficiency to capture the maximum benefit from this real-world experiment would be crucial.
Evolve your business portfolio confidently
Without looking towards mergers and acquisitions (M&A) to move them along, no corporation can accelerate the execution of all its strategic imperatives. This is especially true in the digital strategy, where M&A will help enterprises recruit expertise, develop skills and provide access to new goods, technologies, and solutions and new segments of the consumer and client.
More generally, from economic crisis studies, we know that firms that spend while valuations are down outperformed those that do not.
Learn at the pace of the crisis
However, going boldly doesn’t suggest moving thoughtlessly. It is strongly interrelated with courageous behavior and the desire to learn. The real-time capacity to learn during a crisis is the one ingredient that can quickly turbocharge your ability to scale.
Take a new cadence
Leadership teams need to rapidly learn what is and is not successful and why in circumstances of intense confusion. As soon as they emerge, this involves recognizing and learning about unknown elements. Leading organizations had also accelerated their learning pace before the crisis as part of a quickened corporate metabolism.
Quicken your data reviews
Start by assessing the pace at which you check the available material. On a weekly (or more frequent) basis, you can review several information sources to determine the changing demands of your clients and business partners, as well as your results. For recently evolving data about your workers, your clients, your channel associates, your supply chains, and the environments in which your organization participates, look at your crisis nerve center as a single source of reality. Then move to secure file-sharing technology such as Box and Zoom to exchange and address perspectives from this quicker data analysis rate remotely.
The rapid change to interactive events and experiences, both within and beyond the organization. It offers an incentive to step up the rate of learning and implementing technology that your company might already have started playing with. So does knowledge, as experimentation scales. The rapid transition to digital will also expose potential trouble spots in your company’s existing technology stack, giving you a sneak peek of how well the “endowment” technology is going to do in the future.