Is Your Business On The Right Path To Recovery?

Is Your Business On The Right Path To Recovery?

MANILA, Philippines – The world continues to feel the impact of this pandemic; not just in terms of public life and health, but also in the livelihoods and businesses that bring economies to life. Despite the positive signs in some economies, the situation is very different in others, as the pandemic is re-emerging in many parts of the world. For some countries, such as the Philippines, a relaxation of quarantine restrictions is being implemented to resume business operations and allow more workers to return to their jobs to revive the economy.

According to its latest thought leadership article What to do Now, What to do Next titled “Is It Time to Get Right?” Accenture found that organizations are reinventing themselves as they reopen and begin their journey to recovery. . However, the assumptions that companies previously used to guide their course of action are now being questioned.

“Leaders are reassessing how the progress, strength, or recurrence of the pandemic in different geographic markets impact their recovery strategies. This means adjusting those assumptions, re-evaluating all scenarios, and strengthening capabilities to predict and respond during extended periods of uncertainty, ”said Benedict Hernandez, Accenture’s Asia Pacific, Africa and Middle East Operations Customer Experience Leader.

Charting but correcting your course continuously

According to Accenture, companies are charting their journey into a post-COVID-19 world. An Accenture survey of senior executives revealed that 92% are accelerating investments in digital transformation, while 74% are completely rethinking operating processes and models to become more resilient.

A review of critical uncertainties showed that the world’s ability to handle the virus has increased. But while the actions taken by various countries are pointing them in the right direction, the uncertainties related to the social response have a negative trend. Even with the capabilities to suppress the virus, the public and political will to do so appears to be waning. According to the Accenture report, there are three critical cross-currents that affect company reopening and reinvention strategies around the world. These are:

1. A material change in people’s attitudes. The removal of the strict containment measures indicates a shift from policy to election.
2. An acceleration of regional divergence and a risk of increasing disorder. Multinational companies face different regulatory regimes and challenges in their markets.
3. A dramatic change in fiscal stimulus. Regardless of the case count, policymakers look to the future, eliminating short-term fiscal support in favor of long-term stimulus.

Industries where worker and customer environments have been most affected by the health crisis, particularly those that rely more on face-to-face interactions, will face stronger cross-currents since the shift to a choice phase over health politics. Those with more complex supply chains and exposure to low- and middle-income countries will be the most challenged by accelerating regional divergence. Sectors that have been particularly reliant on government support, such as job retention schemes, will struggle as they are phased out. In contrast, Accenture said that sectors involved in energy and digital infrastructure will be better positioned to support the next phase of recovery.

Current crosscurrents require continuous heading corrections, according to the Accenture report.

1. Keep human needs at the center of your decisions to address change in people’s attitudes. Businesses can do this by monitoring people’s pulse through meaningful, trust-building conversations. Leading responsibly from the front with compassion and confidence will build resilience in the workforce as they adopt new behaviors, mindsets, qualities and skills needed after a crisis.
2. Increase global-local expertise to address the increasing risk of accelerated regional disorder and divergence. Three things to consider include: empowerment and learning from local interventions; reuse capacity at all locations; and leverage smart operations to extract information and data in real time and identify areas for improvement. They will also put in place robust mitigation strategies for all eventualities, including worst-case scenarios.
3. Replenishment for recovery, not relief when there is a dramatic shift in fiscal stimulus. When countries announce economic recovery plans, actively help shape the recovery by repositioning business and offerings to respond to changing local demands.

“The pandemic has not yet run its course and the economic outlook remains unpredictable. As companies continue their journey from recovery to reinvention, business leaders must be able to correct their course again and again, ”said Hernández.

This also applies to industries. In the Philippines, the Philippine Information Technology and Business Process Association (IBPAP) recently reassessed its growth prospects in response to the impact of the pandemic. The industry group worked with The Everest Group on a recalibration study to help achieve growth goals and priorities, albeit recalibrated, including empowerment programs to enhance and develop talent in higher value services and digital offerings.

Accenture recently launched a broad branding campaign and a new company designed to inspire organizations to embrace change to create more value for the benefit of all. This brand initiative, Accenture’s largest in a decade, aligns its focus on security, cloud and digital services to help companies accelerate their digital transformation, especially during this healthcare crisis.

Dubbed “Let Change Happen,” the campaign shows how Accenture aims to deliver on the promise of technology and human ingenuity.

At the heart of Accenture’s purpose, Hernandez explained, is the company’s commitment to delivering on the promise of technology and human ingenuity to help businesses. “In addition to business continuity, supporting the human needs of employees and customers must remain a top priority for companies. This focus on people, along with the ability to iterate and adjust direction forward, will be of utmost importance to all organizations in the coming months, ”Hernández said.

DISCLAIMER: This is a sponsored post.