ABSTRACT
The COVID-19 pandemic has demonstrated how vulnerable the world remains. It is an unparalleled public health concern impacting every industry. While some have developed the willpower to fight back, others will have difficulties going back to normal.
Customer demand patterns are shifting, global supply chains are rerouting, and governments are acting in ways they never anticipated. All things considered, companies will be forced to reimagine their business strategies to fit these unpredictable market conditions.
The purpose of this white paper is to answer key questions related to the way business strategies in Financial Services, Insurance, and Management Consulting are currently being redefined.
We’ve surveyed an average of 20 Executives aligned to Business, Corporate, and Transformation Strategy in the United States, and we hope that their answers will shed some light into what the world might look after the COVID-19 pandemic.
KEY FINDINGS AND TAKEAWAYS
For some executives, the pandemic has offered more TIME – a precious commodity in the
world of business – to focus on matters such as:
• Strengthening the company culture
• Analyzing team strengths & weaknesses and putting together an action plan
• Helping clients deal with such times of uncertainty
• Implementing various apps to streamline workload
• Accelerating deployment capabilities that were once slow to adopt with technology
(e.g. Cloud, SAP, Oracle, Workday)
COVID-19 has given our respondents time to think about what’s working and what’s not at their company. The bad news is, keeping teams united has proven to be challenging, for all of the industries targeted in this white paper rely on direct interaction and collaboration.
A major change spotted during our analysis was the switch in roles from executive to
life-coach, especially in the area of Management Consulting, where clients – now more than ever – need reassurance that the pandemic won’t affect business continuity as long as they are open to adapt to the new normal.
95% of our respondents highlighted that embracing technology and learning to master the art of video conferencing has been essential to business continuity.
Out of 20 executives interviewed, 80% mentioned that digitalization and process automation will pave the way for smart strategizing post-
COVID-19. Data needs to be brought together under one platform to become more seamless, more accurate, and easier-to-access for teams to make better business-related decisions.
The pressures brought on by the COVID-19 pandemic is forcing companies to act fast, become more proactive, and truly believe in the power of
digitalization. Getting comfortable with online sales, working from home, and keeping teams together remotely hasn’t been easy. However, the key to recovery depends on a company’s willingness to accept and embrace change. This time around, change is about technology, virtual communication, and data analytics. Implemented correctly, they can enable and sustain productivity.
Stay tuned for part 2