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Against the backdrop of a number of economic, political, environmental, social and technological trends triggered by the covid-19 crisis, organizations and businesses will face a “new normal” in the post-corona era. Experts from Monitor Deloitte indicate the impact this new environment will have on business and operating models.
In his study titled “Reinventing to Thrive“, experts from Monitor Deloitte to highlight how the business environment is set for a wave of disruption across all aspects of it. Some of these disruptive forces have been around for some time and are accelerating due to the health pandemic, while others are new trends due to the changing expectations of consumers, leaders and people.
The authors group twelve trends shaping the new normal into four domains:
Customers and channels
Consumer confidence
Customer confidence and buyer behavior will take time to return to pre-Covid levels, and there may be permanent adjustments in category spending, channel preferences and service fulfillment and management expectations. Customer sentiment will be more influenced by business behavior, demonstrated levels of security and whether they “trust” products, services and businesses.
Also read: McKinsey & Company outlines the impact of covid-19 on consumers.
Design focused on values
As a result of the Covid-19 crisis, awareness of green, ethical and sustainable products and services has become a trend that has become the norm. Consumer preferences are shifting to products, services and solutions that are valued by how they are designed, and go beyond consumables to include the entire ecosystem in which consumers interact. Buying local is not necessarily a reaction to nationalistic views, but rather a shift in what consumers value.
A new generation store
The shift to virtual and digital customer interaction models has accelerated business model adjustments, requiring rapid investment in sales, fulfillment and service management capabilities. Contactless models, e-commerce platforms, virtual and remote services, self-service, cognitive agents and intelligent automation are trends that have become mainstream. With this shift in the model comes the requirement to adjust the channel mix and how best to create the customer experience.
Value chains and operations
Offering lighting and security
Supply chain lighting technology, risk management and business continuity strategies have been saviors for many companies hit by the shocks of supply disruptions, but many companies are left scratching their heads. The fragility of global supply across many value chains has highlighted the need for more robust systems that provide visibility across the extended value chain, along with improved planning and control tower solutions to better perceive and respond to issues.
Business continuity
As borders and value chains close or slow down, many businesses are looking for continuity strategies for their core operations. On-shoring, re-shoring and in-sourcing of critical operations are all strategies visited and deployed as businesses review their manufacturing and operational practices.
Advanced analytics and automation
Intelligent and robotic automation across business operations is accelerating with increased deployment of cognitive technologies to support increased levels of demand in some industries and across business activities during the crisis. Further investment in advanced analytics and technology, including sensors and 5G, will lead to better operations and more data-driven decisions.
Work and the workforce
Work redesign
Work redesign could be the most significant disruption resulting from the “great lock-in”. Organizations have been forced to examine how work practices, processes, policies, enablers and workforces are able (and willing) to meet the needs of customers and stakeholders. This trend requires companies to address what tasks are required, how best to assign them, and the most appropriate configuration of how these tasks are delivered.
Virtual and flexible work
It is highly unlikely that the way workers work will return to “normal”. Flexible, remote and virtual work has upended many industries, forcing a surge in digital workforce tools and flexible working approaches. Remote working has proven to be beneficial and has opened up opportunities for organizations to consider how they will re-engineer the organization and workforce to the ‘new normal’.
Adaptive organization
Businesses have been striving to incorporate agility and adaptive practices for years. The immediate shift to remote, virtual and global access has enabled leaders to move to organize and interact around networks based on how people work and behave. A key feature of favored organizations in the “new normal” will be a shift away from formal hierarchies and silos to multidisciplinary teams with interconnected ways of working, led by orchestration versus task managers.
Also read: How work and the workforce will change for the better after corona.
Technology and infrastructure
Accelerated transition to cloud and platforms
To support remote and agile work, businesses have accelerated their migration to the cloudvirtualization and adoption of cloud-enabled platforms. This shift provides greater flexibility to employees while strengthening system resilience, security, and unlocking new forms of benefits and business model opportunities.
Integrated physical and digital assets
As more physical “things” become connected and technologies such as IoT and 5G mature, the monitoring and integration of physical and digital assets and infrastructure will grow, unlocking insights and providing new sources of information and business opportunities. Advances in the capabilities of “digital twins” open up the possibility of new services, growth into new markets and alternative sources of benefits.
Cognitive and AI
The widespread adoption of cognitive technologies such as machine learning, neural networks, intelligent automation and the broader domain of artificial intelligence will transform almost every industry and the way businesses compete and operate. How these technologies enable intelligent and personalized interactions between customers, suppliers, workers and the organization will drive the future of work and how it is done.
The Monitor Deloitte report was written by Jeremy Drumm (Managing Partner of Monitor Deloitte Australia), Giselle Hodgson, Alexander Tan, Jean-Marie Voon and Ben Coffey.
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