We wanted to pass on a summary of an article on the digital-led recovery from COVID-19, that gives an interesting insight into the questions our leaders are facing.
I think it will be useful for conversations to ensure clients are post-crisis ready.
Act early, be bold and decisive to accelerate your digital transformation and reach the next normal sooner.
There is no denying the scale of change that we are experiencing and the speed at which this is happening is a once-in-a-generation shift. With all the uncertainty of what the future will look like, there is one clear and concise message; the future is digital and the time is now.
There is a belief that there will be a significant acceleration towards digital and tech-enablement and given how fast change is occurring, waiting for signs of recovery could be too late. Even before COVID-19 there were plans in place for digitisation, we just needed the proof of the level of vulnerability we were all facing.
Some will pull back, make cuts and focus on riding out the storm while others are taking decisive action to ensure that they are stronger when this ‘ends’. Research and experience (in crisis) has shown that companies that moved early and decisively do best,
Do the projects that had no time before.
The questions that need to be asked to help prepare for the recovery phase are:
- Do you have a clear view of where value is going to be and a road map that will get you there?
- What opportunities exist and how can you accelerate into new markets or new customers?
- What does a more agile operating model look like? Have you identified what elements of your current way of working will be preserve?
- Do you have the resources (internal and external) ready for when the recovery starts?
- What investments are most necessary to accelerate and thrive in the next normal?
We think that businesses and organisations need to be ready, the signs or ‘recovery’ are there, and we are perfectly placed to help them as we have a lens over the majority of industries.
Reference article source: McKinsey