3 Ways Companies Successfully Managed the Drastic Ups and Downs of 2020
COVID-19 has decimated business around the globe in unprecedented ways, and the companies that have most effectively handled the crisis did so by reimaging their business model. In many ways, the crisis has spawned opportunities for those organizations that stepped up their game. Furthermore, those companies appear to be better suited to deal with the new normal of a post-COVID reality that those that did not adapt.
Companies looking to take lessons from COVID should look to those companies that found success by revamping operations, reimagining the organization, and leaning into digital transformations.
1) Revamping Operations
The COVID-19 pandemic has radically altered consumer demand for just about every product and service. It has also uncovered fragilities in local and global sourcing operations. Concurrently, it has been striking impressive how quickly many businesses have adjusted, and in the process, ushered in radical levels of visibility, speed, efficiency, and consumer connectivity.
Moving forward, most successful businesses will have revamped their processes to safeguard against a broad range of prospective shocks. This new degree of operational resilience can be costly. However, industry leaders have shown how Industry 4.0 technologies can enable greater flexibility at approachable costs.
2) Reimaging the Organization
When COVID truly hit society, companies were pushed into working in new ways, and many were able to respond. Much of this adjustment came from shifts in the organizational structure. Rather than leaning on a bureaucracy, the most successful companies prioritized goals, focus and rapid decision making.
As we now move into a post-COVID-19 reality, leaders should not look to return to the past. The ways the companies adapt will go a long way in determining their competitive advantage moving forward.
One key hallmark of businesses that have effectively adjusted is a strong sense of their own collective identity. In these companies, leaders and staff members often have a common sense of purpose and a strong company culture. They have bought into what the business stands for and the ways to collectively achieve goals big and small.
Successful companies have also shown a deep understanding of matching talent to the most integral business needs.
3) Accelerating Digital Transitions
In the last few months, there has been a change in how we interact with family members, do work, receive medical care and conduct a lot of normally routine transactions. These transformations have marked an acceleration in the shift to digital technologies, at spectacular scale and speed, in just about every industry.
Consumer behaviors and demands have shifted considerably and will still do so. To evolve, businesses have to rapidly reconsider customer journeys and quicken the creation of in-house digital solutions. Also, businesses should integrate new data capture capabilities and develop new models that enable faster responses.
We Can Help with Your Post-COVID Reality
At Quanta, we’re working hard to help our clients’ transition into the latest, and hopefully last, phase of the COVID-19 pandemic. Please contact us today to find out how we can support your organization.