COVID pandemic is going to end soon, or we can at least hope so, and there emerges an urgent need to contemplate on the future business plans, in line with completely new market conditions. As the corporations move past the makeshift strategy arrangements in a corona-led market situation, there will arise a need to make quick adjustments in the strategic framework, in a virus-free world.
CIOs would need to play a vital role in drafting the strategic framework for a pandemic-free world, given their familiarity with the advanced tech, and its potential contribution towards the betterment of the organization.
While all this while, during the pandemic, the CIOs did re-consider their strategy from time-to-time and made the required adjustments, it would be an even bigger test for them to define strategic priorities for a post-COVID market. They would need to focus on building resiliency to fight the potential uncertainties of the market after the economy revives.
Most importantly, the onus will be onto them to leverage advanced tech and new digital opportunities in favor of the company’s profitability, and growth.
3 Aspects to Contemplate on, to Chart Out an Apt Post-COVID Strategy
What Factors Acted as Contributors to Building Resiliency Amid COVID
According to Gartner, business resilience is the abiity of a firm to absorb, resist, adapt, and recover from a business disruption in a constantly-changing and complex business environment, and eventually bounce back to prosperity. Business strategists, at present, need to brainstorm on how to further strengthen the corporation’s resilience by carefully analyzing, what worked for them during the crisis time. Also, they must consider what their competitors did during the same period, and what actually worked in their favor.
For instance, a majority of Chinese retailers quickly shifted their business on the web amid the pandemic, because they had their IT infrastructure in place, well in advance. CIOs (Chief Information Officer) is supposed to contribute the most in regard to exploiting technology to the company’s optimal benefits, at the MNCs.
The impact of the pandemic on organizations’ business priorities (2020)
Did the Decision-Making in the Strategy Change Work Swiftly Amid COVID?
Strategy leaders should re-evaluate their speed to making business decisions during the pandemic, and must also make a note on how quickly and effectively, the the organization reacted to the changing business scenarios during the crisis. The rapidness to responding to the challenges at hand, amid the pandemic blues, should also be looked at, analytically.
Companies that follows a top-down decision-making approach, limit their ability to deal with the market disruptions. On the contrary, organizations that follow a distributed decision-making approach, generally do well, in terms of fighting volatile markets.
In the distributed approach, business teams, and functions, collectively take the strategy-specific decisions that are in perfect alignment with the ultimate business goals. Such kind of strategy-building offers greater flexibility in dealing with threats, and exploiting the available opportunities.
The readiness of Your Tech-Strategy Inside & Outside of IT
The pandemic did help bring in technology innovation to a majority of firms, across industries, worldwide. Organizations made the best use of ‘advanced communication tech’ that helped revamp their sales & service processes, amid the crisis. Remote work was heavily supported by disruptive technologies like AI and automation.
New remote-communication systems were put into place that aided the remote work, and the WFH policy, during the epidemic. You, in the position of a strategic framework developer, need to carefully gauge, whether your IT employees have gone into a ‘burn out’ phase or not, as it can lead to capacity issues coming forth before you. Post the COVID era, CIOs will be made responsible for arranging the additional technology needs that fall outside of the corporate IT.
It will depend on how competent you are as a strategy leader to source the appropriate technology needed to fulfill the business requirements, while you work alongside the CIO of the firm.