The pandemic is causing us to have a closer look at what we are doing and how we’re doing it. This upheaval in our economic, societal and technological paradigms is obliging companies to change their models to both anticipate and get through a future crisis (resilience) and also to apply the learnings from what we’ve just been through.
Let’s take a moment…
The special circumstances and new practices the pandemic has brought into play are liable to carry on for some time. Mobile and contactless payment, online shopping and distance education are very probably here to stay and will continue to be massively used.
Companies which haven’t already switched to digital will need to speed things up if they want to do profitable business online. Any which fail to do so will find themselves up against new entry barriers placed by digital technologies
Adaptation is the key
Market volatility and the uncertainties arising from the Covid-19 pandemic have made it extremely difficult to estimate the value of a company.
Companies wanting to succeed in the aftermath of the crisis will have to demonstrate their resilience and their prospective long-term growth capacity. Resilience will be determined by adopting a systemic, balanced approach, agreed to by stakeholders, based on a long-term strategic vision and on societal and environmental assets.
In a world where upheavals can be as destructive as they are sudden, it’s better to spend longer on real time, adapting to market reactions, its communication, investments and business.
AI, a new everyday friend?
Nobody could have imagined that a health crisis could jeopardise something as fundamental as the protection of privacy and the laws governing it.
When there’s a health crisis, such as Covid-19, there must be a way for health-related data from our connected devices and from hospitals to be communicated. They can then be analysed by AI and predictive models to identify and treat potential disease carriers be developed as promptly as possible.
Doctors also have great need of these data to help improve patient diagnosis, especially where distance consulting is involved.
We’re all in it together!
What Covid-19 has taught us is that individuals, businesses and governments are all interdependent and nobody can get over the crisis if other countries still continue to suffer from it.
It is therefore vital to boost and keep up collaboration and cooperation between private companies and governments for the ultimate good of society and for the environment. There have already been already signs of this, including the sharp fall in pollution during the lockdown and consortiums that have been set up in just a few days.
While the consumer society worldwide has shown its weaknesses, our shared responsibility is to make sure our growth model becomes more inclusive and more sustainable.
Long and short-term decisions…
Companies have to strike the right balance between short and medium terms to help their return to profitability:
– In the short term, this means acting to maintain the current assets and economic model as far as possible
– In the medium or long-term, they need to bolster the factors that set them apart or create new ones to grasp emerging opportunities and ensure the long-term future of their growth model and capacity.
To successfully achieve this, companies need to have a look at the 5 drivers of creation identified by Fabernovel
–Talents: how to roll out new organisation models to integrate distance working and vocational training.
–Infrastructure: how to make a manufacturing process more resilient by increased versatility and a change in how partners are sourced.
– Customers: how to continue engaging with customers and meeting their needs in a considerably more virtual type of environment.
– The ecosystem: how to develop and maintain a long-term relationship with governments after the crisis.
– The social and environmental impact: how to continue and expand environmental and societal undertakings in the face of strong budgetary pressure.