According to McKinsey, the COVID-19 recovery would be digital.
By now, most C-suite executives have led their companies to digitize at least some part of their business to protect employees and serve customers facing mobility restrictions as a result of the COVID-19 crisis.
Banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. Grocery stores have shifted to online ordering and delivery as their primary business. Schools in many locales have pivoted to 100 percent online learning and digital classrooms. Doctors have begun delivering telemedicine, aided by more flexible regulation. Manufacturers are actively developing plans for “lights out” factories and supply chains.
There all three structural changes businesses need to confront when trying to return to some semblance of full speed in an unstable environment.
First, since customer behaviors and preferred interactions have changed significantly, and they will continue to shift, companies will need to ensure that their digital channels are on par with or better than those of their competition to succeed in this new environment.
Second, as the economy lurches back, demand recovery will be unpredictable; uneven across geographies, sectors, product categories, and customer segments, leaders in many industries must deal with periods of structural overcapacity.
Finally, many organizations have shifted to remote-working models almost overnight. A remote-first setup allows companies to mobilize global expertise instantly, organize a project review with 20—or 200—people immediately, and respond to customer inquiries more rapidly by providing everything from product information to sales and after-sales support digitally.
In effect, remote ways of working have, at least in part, driven the faster execution drumbeat that we’re all experiencing in our organizations. And this step-change in remote adoption is now arguably substantial enough to reconsider current business models.
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