In response to industry disruption and volatile market conditions, many businesses are now favoring long-term resilience over short-term performance.
I’m not only talking about pandemics, but also about climate change and geo-political power shifts. While the world has always been in a state of change, there was seemingly more stability than there is today. Now disruption is the status quo.
The pace of change requires more resilience in business models too. Technology will continue to develop and change the behaviour of people, businesses, and our surroundings. Risk and profit are now more closely aligned , so you may need to trade some of your business performance for resilience. In other words, your focus may need to shift.
Business models that are easy to adapt and adjust to different situations will be a winning formula. Such models will likely also have more scenarios included and need more frequent change and adjustments.
People are your greatest asset, so making sure they know what to do and how to take action in different situations is key. The more complicated situation is, the simpler the plan should be.
Businesses that are able to utilize and take advantage of data – as well as that have a strong focus on the four key factors listed below – will most likely emerge stronger in the years to come.
“Work will never be ‘normal’ again… Employees are coming in with more expectations that the employer should support their core needs: Having more autonomy and more connection,” says Cristina Banks, Director of Interdisciplinary Center for Healthy Workplaces, the global research Centre at Berkley University of California.
Here’s the thing: we used to discuss whether business strategy and IT should be merged.
Due to our new ways of living, working and consuming, the core of a business is closely related to the apps it uses. This is fuelled by an increasing number of IT Vendors using open APIs that enable agility, customizing and scalability – ultimately increasing the value from IT.
“There has been a shift in demand from brick-and-mortar retail to e-commerce” according to the report ‘E-commerce in the time of COVID-19’, published by The Organisation for Economic Co-operation and Development (OECD). The report also states that “the COVID-19 crisis is likely to have long-lasting effects”.
We are living in the era of data, where you can add a sensor to almost anything. But optimal use of data is not just about pushing a button and – as if by magic – gaining decisiveness and all possible competitive advantages.
Before you can use the data, you first need to clean it up and assemble it in a manner that provides value to your service or business. This is valid for both structured and unstructured data, and it needs be mirrored in your business strategy. In today’s world, it’s all about creating value through data either as more and live insights or as automated solutions that bring about a human zero-touch operation.
The extensive use of data and technology in exploring new business opportunities is a killer combo providing possibilities that start-ups are grasping.
Thomas has a passion for business performance - working in the triangle of Business, Technology and People from strategies to execution.
These days Thomas is our global leader of Digital Consulting serviceline across the Nordic countries and with global deliveries. Digital Consulting has broad expertise and provides services within Digital and Customer Experience, Cloud, Data Management and Analytics and Business Applications.