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:
- Companies must adopt a leadership role in the fight against the coronavirus and restarting the economy
- The disruption of the pandemic has led to a shift in customer expectations, thus, companies must plan to win over this new customer
- As customers and employees have made the rapid shift online, companies are under pressure to continuously innovate their digital capabilities
- The pandemic has disrupted traditional operations; it’s time to transform old practices to reflect new customer expectations
- 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