Businesses must be relevant, resilient, and reinvent themselves to outmaneuver uncertainty
The Indian economy has entered a phase of prolonged chaos as COVID-19 continues to disrupt our economy. Extended periods of uncertainty and unpredictability are complicating the return to business. In these "never normal" times, unprecedented supply and demand volatility will continue to be a challenge, along with changing customer behaviors. Adapting to these changes requires companies to understand that most of the new trends are irreversible as customers look for opportunities to switch to alternative suppliers, substitutes or buying channels. Furthermore, businesses in some sectors are staring at prolonged periods of low demand that could lead to significant decline in revenues, spiraling costs and derailment of planned future investments.
Leaders must realize that legacy business models will not help them survive, let alone recover.
To outmaneuver uncertainty, businesses must go beyond the short-term and quick-fix solutions to problems. Reinvention, not just recovery, must be the goal. Organizations that re-architect themselves by fundamentally changing their technology and business models to become digital natives will most likely emerge as winners in a post-pandemic world.
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