From Reaction to Reimagination: Leading Strong in the New Reality

Business leaders across the world must come to terms with the fact that there is no returning to normal
again, with the pandemic going for more than seven months in many countries across the world and
countries like England and France already in the second phase of lock down, it is looking like business is
gradually adjusting or in the process of doing that.

The pandemic is a good example of fundamental discontinuity. Based on the outcome of a survey
conducted by Henderson Institute, an arm of Boston Consulting Group, among 300 companies, it clearly
shows that most companies have taken action to keep employees safe and to respond to the economic
shock, while a only few are thinking futuristically in terms of the long-term impact on their business.

The report went ahead to categorize the approach different segment of the surveyed companies are
taken using four key metrics viz; reaction, recession, rebound and reimagination. Most companies have
taken multiple measures to protect the health and safety of the employee and ensure business
continuity, more than 80% of the companies have created a digital hub for disseminating information
and at the same time develop a flexible working plans while providing the necessary infrastructure for
their employees to work with it. However, less than 10% of the companies do not have any planned
actions, nor planned to take anyone soon.

Many than half of the companies surveyed clearly shown that they have measures in place to weather
through the possibility of a recession. Their approach was to conduct scenario analysis to validate their
liquidity stance while the second approach to weather the recession was to implement a cost discipline
plan. We also observed that the ratio of the companies that planned to take action and those that have
taken action is higher than the ratio of the companies that have not taken any actions.

In terms of rebound back to normal, fewer than half have taken measures to prepare for a potential
rebound of demand. Less than 50% have a conducted a top-down scenario assessment of demand
rebound and develop a plan to ready the supply chain for a potential rebound. There is a close margin
between the companies that have taken action and the companies that planned to take action in regard
to rebound their supply chain demands. Although some companies are planning to take action, they
have yet to restructure their business for a post pandemic world. Modifying the sales-channel mix and
restructuring of the supply chain saw the least planned action by the surveyed companies.

Despite all the above, we still clearly believe that the path to business recovery is battling to be won for
all business leaders. The pandemic has accelerated the existing trend and posed fundamentally new
challenges, few critical imperatives are, however essential to win the battles’ viz;

Combat Covid-19

at the front line of this fight are businesses, hence it is critical that business leaders
must play a bigger role within the society to quickly defeat or minimize the spread of the virus.

New Customer Acquisition

the outcome of many of the present disruptive historical events is the long-
term shifts in attitudes, behaviors and pattern of demands, business must be well positioned to provide
services for this new demand both from existing customer and new customers.

Accelerate Digital

the demand around digital transformation by companies has become very imperative
due to the pandemic. The pandemic has pushed employees and customers online at an unprecedented

Transform to Thrive

the shock of the pandemic has disrupted operations across the organization, giving
companies an opportunity to take a fresh look at every aspect of the business.

Shape the Future

the pandemic has renewed emphasis on how organization acts within society, making
non-market factors an increasing important dimension of strategy.

Leave a Comment

Your email address will not be published. Required fields are marked *