Whatever industry you are in, the post-covid world means a business environment that demands resilience. Companies that upped their game in the pandemic will be better off and far more ready to confront challenges and seize opportunities than those who did not.
Firms need multiple strategies to do more than just survive in the next normal. Reimagining business attitudes and models is key.
Act with urgency and agility. During the Covid crisis, businesses had to work faster and better.
Executives should take every conceivable scenario into account and create ready-to-go solutions. Quick analysis and creative adaptation will help companies endure escalating competition and lingering Black Swan effects.
In 2020, Accenture found that agile businesses outperformed others and reported an average maturity increase of 15 percent. This trend is only expected to grow.
Collaborate rather than compete. One thing the pandemic has proven is that working together is a great way to survive.
IBM reports that 70 percent of executives plan on working with partners within their industry and 57 percent with partners outside their industry. Big goals become more achievable and all parties can benefit.
As the global economy seeks more resilience overall, companies within the same or even across sectors should work together.
Accelerate the adoption of digital solutions. Over the past few months, digitalisation has helped many to do more than just stay in touch. Digital and automated solutions have kept the world going.
Analysis by McKinsey shows that by 2025 the adoption of new digital products could be as fast as eight weeks.
Digitalisation will mean more than just migrating business processes. Companies should continually analyse market trends and demands to see how new solutions or processes can help them work better, rather than simply being reactive.
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