There is no 'one-size-fits-all' solution to the issues facing Industrial Equipment due to the scale and diversity of the sector. Global operations rely on international supply chains which are under immense pressure, while different regions and markets mean many different reactions to the COVID-19 crisis.
Right now, business continuity and prioritization is the focus
The scale of the impact on supply chains eclipses anything most Industrial companies have had to deal with. And right now, companies must ensure the most resilient supply chain possible whilst protecting their workforce. This requires them to:
(1) Establish a command center and begin rapid response deployment
(2) Rapidly adjust operations and continue response cycle
(3) Establish an ongoing operating capability
All of this must be done with a specific focus and prioritization on their customers' core needs, as client-centricity continues to be of the essence.
At the same time Industrial Equipment companies must enable virtual work whenever possible to protect their people while ensuring highest levels of productivity. This change in the current ways of working will clearly stress existing IT infrastructure and systems.
System resilience is of the upmost importance putting even more pressure than before on technology teams and IT infrastructure across the whole enterprise.
And digital channels must be leveraged to their fullest extent to keep commercial links with customers and partners as well as the products, machines and assets in operation.
But cash is becoming critical
The potential of lockdown is looming, and based on current cash reserves, Industrial Equipment companies can only afford a full lock-down of business for a maximum of 2-3 months.