Transforming for the new reality

How is your company tracking?

Companies have responded efficiently to their employees’ safety and wellbeing because of the pandemic. However, many haven’t initiated a plan to target the long-term impacts the pandemic may have on their business. Boston Consulting Group (BCG) established 8 key recommendations for businesses to address the 5 critical imperatives presented by the pandemic.

The pandemic has led to 5 critical imperatives that businesses should be aware of:

  1. Companies must adopt a leadership role in the fight against the coronavirus and restarting the economy
  2. The disruption of the pandemic has led to a shift in customer expectations, thus, companies must plan to win over this new customer
  3. As customers and employees have made the rapid shift online, companies are under pressure to continuously innovate their digital capabilities
  4. The pandemic has disrupted traditional operations; it’s time to transform old practices to reflect new customer expectations
  5. Non-market factors are an important part of strategy – the pandemic has driven consumers to place a greater value on the role organisations play in society

“How the world will look after the pandemic is up to leaders. Even as they attend to the immediate challenge of the crisis, they do more than merely react to disruptive change. They can shape our new reality.”

Refocus your business by targeting these critical imperatives with BCG’s 8 key recommendations:

  1. Prioritise the health and wellbeing of employees and customers by focusing on their concerns and dealing with them directly
  2. With remote work as the new norm, integrate and advance technology that best fits your people
  3. Take advantage of the reliance on technology by finding new methods of data collation to determine future business trends
  4. Make use of machine learning to tailor your services to your consumers’ needs
  5. Focus digital transformation on establishing long-term value to your business
  6. With an uncertain market, address agility and resilience in your services
  7. Maintain action in your employees by establishing a greater purpose
  8. Broaden your company’s impact to global challenges and be a part of the solution

Find more information on BCG’s critical imperatives and recommendations in their article, How to lead in the new reality, here.