NTT DATA
More from this contributor
Changing behaviours: what companies can learn from the COVID-19 pandemic
The Covid-19 pandemic has had a considerable, unexpected impact on how humans, societies, and businesses function across the globe. As companies struggle to respond to the speed and scale of disruption, a key area of focus has been maintaining business continuity and, in particular, supporting distributed working. Rather than take a reactive stance, however, here we look briefly at the frequency of extreme events, their relative impact, and how the Covid-19 pandemic is different from other crises; we then turn to what we can learn from this disruption and how organisations can build resilience to extreme events as they recur.
The paper investigates:
The impacts of global events, as the world becomes more financially, technologically and socially interconnected.
Who has prospered as a result of the sudden rush to remote delivery and digitisation (and who has floundered).
Why organisations that can detect shifts in consumer behaviour and then, rapidly, change their product or service offering, will capitalise on them. But this requires:
Constant monitoring of the market, consumers, and their drivers; and,
A ‘digital core’ that can work at (nearly) the same speed as these feedback mechanisms.
How too much change (like an extreme event) can cause serious damage to employee morale and commercial results; but driving incremental change, building champions, and using mistakes to course correct and successes to drive uptake, will ensure that organisations can change and adapt at the right pace.
Read on to find out what organisations can and must do to thrive in the ‘new normal’. By understanding what’s different about Covid-19 compared to other crises, disrupted businesses can reconfigure, becoming more agile in order to both detect opportunities and act on them.
