Positioning your business for the future of work to ensure overall survivability and long term resilience.
The impact of COVID-19 has been unimaginable from a personal point of view up until the macroeconomic perspective. The unprecedented spike of infected cases coupled with the government restrictions led to closed businesses and a major economic recession. It is near to impossible at this point to look beyond the crisis, but we can learn from a saying from Konrad Adenauer:
“When everybody else thinks it’s the end, we have to begin”
COVID-19 nearly ended many businesses and everyone was forced to rethink each and every detail. The crisis was an opportunity to rethink the entire business strategy as organizations expected to be agile to get the economy up and running. While there is progress along the way, it is important to assess every step and decision taken as there is always an enormous uncertainty after a great disaster. COVID-19 may not be completely compared to a war, but we can get good insights that are applicable to how we can walk to the path of business recovery. One of which is a statement in Mckinsey & Company’s article, “There was no post-war miracle; the actions that forged recovery were all human-made.”
It is quite challenging to plan far ahead of the post-pandemic future due to the unrelenting day to day changes in the situation. Yet, even in uncertainty, businesses can sketch out and position themselves towards resilience and growth by looking at various strategies and considering different factors that can help proactively future fit your business to the next normal.
Factors Influencing the Next Normal
Before jumping into creating a foresight of the future, there should be a consideration of the elements that can highly affect the future outcome. In this instance, we can enumerate the source of uncertainties in order to sketch out different scenarios that your business might land in months from now.
The interplay of these different factors can lead to coming up with various scenarios for the future which will define how the workforce and business will turn out to be. As Brian Kropp of Gartner says, “It’s critical for business leaders to understand that large-scale shifts are changing how people work and how business gets done.” These different and vital factors can make or break your organization in preparing for the next business decisions on your way to the post-pandemic world.
Scenario Planning: The 4 Macro Scenarios in the Post-Pandemic World
Even up until this point, the uncertain is greater than what we can tag as certain. It is most probable that the business unknowns and the blind spots along the way are the only undeniable factor. With this in mind, it is important for business leaders to have a new perspective in planning for an unpredictable future that COVID-19 has placed businesses in.
“Scenario Planning is a creative process where you start in your current situation and create plausible circumstances and bringing different hypothetical views of the future. “
Using this planning process, we have mapped out four (4) different scenarios that can support you as business leaders to position your organization in the post-pandemic world. It will also help them in their decision-making in today’s uncertainty and eventually map out a plan using the assessments of the risk associated with the steps they take.
As these scenarios are in place, they can be used as a framework for businesses to accelerate their planning process, enhance their decision making, and mitigate the possible risks. While these scenarios are laid out, your business can use this as a tool to navigate your business course in the future of work.
Navigating Your Business and People towards the Future of Work
As mentioned above, you will notice that the economy and social confidence is at stake in every foresight scenario. As we look at a micro-perspective, it is not just about rising up from the lost sales and business opportunities but is more importantly about: Rebuilding Lives and Restoring Livelihoods.
ITG is your business technology expert that can help you move from strategies to decisions. As your technology partner, we would like to help you future fit your business models and strategically position your operations in an uncertain future to a certain growth.
It is time to look into strategic investments for your organization to make a seamless shift into the next normal business operations through life and business-changing solutions. Schedule a consultation with our experts today to get started.