Finding clarity amidst the chaos.
The Coronavirus outbreak is first and foremost a public health crisis that has exacted an enormous toll on lives and livelihoods across the globe. The ‘New Normal’ unfolding in its wake is neither static nor certain. Senior leaders need to reimagine their pandemic response, shifting away from the idea of planning to capability building – quickly and at scale – to shore up the longer-term resilience of their organizations, and thrive in a new world of making and working shaped by discontinuous shifts.
Companies having already moved quickly to protect their employees, customers and supply chains in the immediate aftermath of the outbreak must now plan for their longevity in a landscape of shifting uncertainties. This means preparing for a ‘new normal’ that is not static, rather, set to be shaped by multiple, evolving forces. First there is the virus itself – changing understandings of COVID-19 have seen idiosyncratic and divergent regional responses with countries reopening unevenly amid warnings from WHO and CDC that we could see a resurgence of cases in the fall during flu season. Second, regulatory complexity looks set to rise as governments commit to huge stimulus packages that prioritize the local. Third, the work force has fundamentally changed; remote teams are now the norm but low-paid workers remain vulnerable and businesses are finding it hard to develop the capabilities they need to meet the demands of this extraordinary moment.
Companies need to think and act across multiple horizons and timeframes. Look to address your immediate and near-term challenges while inbuilding adaptability and agility into the very fabric of your organization, allowing you to incorporate lessons learnt quickly and accelerate decision-making in response to shocks to your operations and the changing priorities of your customers. Returning to the old way of doing things will not be an option in a world set to be characterized by turbulence: it is those who commit most to adaptability and agility as lasting ways of working that will create the most value.
This page collates our thinking on the pandemic, drawing together ColdAxom insights on the effects to business, and resources for use by senior business leaders in defining their recovery and re-tooling initiatives.
Sentiment towards the sector was badly shaken by the 2008 crash but banks’ response to the pandemic presents not only the opportunity to be part of the solution, but to rebuild public trust. Scale up a people-centred customer service that meet customers’ urgent needs with empathy while significantly scaling up the amount being loaned to SME’s.
There are early indicators of improving traveller sentiment in some parts of the world, but travel patterns will change in the near term. Target adapted offerings at discrete categories of consumers most likely to travel and build their confidence through making visible the actions you have taken to ensure their safety.
COVID-19 has forced an accelerated shift from the physical to the digital but this has not isolated the software industry from the impacts of the pandemic, given that end-customer budgets have contracted. To secure their top line, companies must double down on their renewals and retention lifecycle process discipline.
Even as shops re-open, regulations and safety measures are likely to diminish the ‘touch and feel’ appeal of physical shopping channels for the foreseeable future. Refine and scale up your digital channels, not just for selling, but for launching authentic, personalised communications that can maintain customer relationships and build communities from afar.
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