iCrowdNewswire Feb 9, 2021 2:54 AM ET
Businesses and organizations must navigate the operational and financial challenges of the Covid 19 pandemic while quickly addressing the needs of their customers, suppliers, people and any other stakeholders. Failure to navigate these challenges can very well lead to ruin for the company in the long term. Hence, it is important to outmaneuver uncertainty and counter these challenges as soon as they emerge.
This article delves into the expert insights from Israel Figa paired with concrete actions that your business can take to transform monumental complexity into change that is meaningful and efficient.
Operations Impact of Covid 19
With the current COVID pandemic, basic changes in supply chains, consumer behavior, and paths to market are taking a significant toll on businesses and companies. Responding to this coronavirus crisis has highlighted the requirement for leaders to hasten the embrace of value chain transformation and agile working ways to assist in outmaneuvering uncertainty.
According to Israel Figa, when you become an Intelligent Enterprise, what that means is that you shift from top to down decision-making. You transition towards pushing teams that are guided by actual purpose, powered by technology, driven by data and supported by cloud for quicker speed to market. It asks for removing inflexible structures and building and organization that is porous with modules that you can simply plug and play. Intelligent Enterprise has the capacity of continual adaptation and dynamic self-management. It is particularly developed for resiliency, agility and growth.
Israel says that when you adopt a distributed model (global services), it can also assist large businesses across industries such as media and communications and oil and gas to reduce any enterprise risk. By using human machine models for automating repetitive tasks where each person is a knowledge worker, can facilitate in serving and positioning businesses for growth right now and after the COVID-19 era.
In addition, the supply chain is extremely important nowadays. It is vital for companies and businesses round the world to create a quick response to tackle existing disruptions and to reshape and repurpose supply chains moving forward future. This is possible by increasing both responsibility and resilience.
Strategy Impact of Covid
Currently, Chief Executive Officers of businesses and companies worldwide are faced with competing and overwhelming challenges and uncharted territories as they carry on navigating the COVID-19 pandemic impacts. Several companies are already taking strong actions to emerge stronger from this pandemic which can caused problems galore in the business world. These leaders are encountering this crisis with a certain reinvention spirit. As per Israel Figa, what they are doing is accelerating transformation in the digital domain, setting cost structures (variable), and incorporating agile operations.
However, lately in the last couple of weeks, the landscape has considerably altered, with the Covid crisis continuing to increase in certain markets and recurring in others. In this uncertain period, the steps for reinvention and reopening remain unaltered. That said, it is important that businesses should now take into consideration how the pandemic’s strength, progress or recurrence in various geographical areas is affecting their recovery strategies.
Businesses should outsmart any uncertainty by correcting their course time and again as the circumstances change. This entails that they perform a reassessment of assumptions, evaluate certain scenarios again and bolster their ability to sense and then respond accordingly.
Organizations and businesses globally are facing considerable disruption in their workforce owing to the Covid 19 pandemic. All companies virtually are still in the process of determining how we are will work in the long and short term as communities and workforces try to perform and function while struggling to handle what is taking place in their daily lives.
Chief Human Resource Officers across various industries are rising to the stern challenge. They are assisting organizations and people navigate significant workforce shifts. These include the pressing need to transition to a remote workforce to empower and safeguard employees, establish business permanency and serve customers. For instance, the current important need for virtual care visits and messaging in the healthcare industry.
Chief Human Resource Officers expertise in creating agile workforce tactics is vital to keep the worldwide economy viable and assisting individuals and their families survive right now and in the foreseeable future financially. Israel Figa agrees and it is true that opportunities are constantly emerging as industries and businesses work together to keep folks working.
Organizations, people and communities require fit-for-purpose strategies today that can change as the global economic and health environment alters. Businesses, citizens, governments and non-profit entities all play key roles in creating a systems-minded and human-centered approach that encourages workforce resilience.
In light of the current COVID-19 pandemic, business leaders have to quickly act to optimize the resilience of their respective companies. They can do this by rebalancing liquidity and risk while assessing new growth opportunities that come out of the downturn.
Israel Figa believes that immediate action is required to address liquidity challenges in the short term. Action is also needed to solve for profitability and costs and come up with funding for investing in new opportunities. Many Chief Executive Officers are faced with declining revenues and sales and greater costs. Interventions to acclimatize might need investments in critical technologies, people and processes. For some businesses these days, liquidity has in fact become a matter of sheer survival in face of the prevailing Covid 19 pandemic.
Actions that are taken now can have an instant and direct impact on the business’s survival, how swiftly it rebounds from the worldwide downturn, and its sustainability and financial health moving forward.
There is no doubt that almost every business has been impacted by the COVID-19 pandemic with varying levels of severity. Hence, it is of paramount importance for every company and business to come up with efficient strategies that will help in navigating the drastic Covid business impacts. This is necessary for them to ensure their survival and growth in the unpredictable and uncertain times of today.