As businesses start to recover from the effects of COVID-19 pandemic, businesses need to update their strategies and build resilience. The pandemic has changed the way businesses operate with some changes representing the height of innovation. For most people, the pandemic has harmed businesses by interfering with the operating models.
However, it has also presented new realities and invaluable experience that can be garnered for the future. If you are thinking about updating your business strategies after the pandemic, my team and I at Network Security Associates in Las Vegas urge you to ask yourself several critical questions.
Who are the key resources for executing the technology strategy?
The coronavirus pandemic has fueled many digital opportunities by forcing businesses to deploy new systems that can support remote working. However, complete reliance on information technology can lead to capacity issues including the potential to burn out IT employees. In this regard, businesses should start thinking about getting additional capacity outside of information technology to deal with the post-pandemic recovery.
You need to ask yourself if you are ready with enough resources to help the organization prepare for future uncertainties. Technology has proven to be an important part of businesses of all sizes during this pandemic, but it cannot be solely responsible for recovery. Therefore, businesses should be looking towards implementing solutions outside of technology as a key resource to mitigate post-pandemic recovery.
Also, your organization should be asking how to advance your digital transformation agenda post-COVID-19. This includes reflecting on how to orchestrate the work of distributed technology producers outside of IT in providing a secure and efficient foundation of technology production. Organizations should reinvent what it means to innovate and use the resources to redesign business models after the pandemic. A firm can reinvent and redesign their business while staying true to its mission statement.
Has the decision rights framework allowed you to respond with speed and flexibility in the crisis?
You also need to evaluate your strategic decision-making process by asking whether they have helped you determine threats and opportunities to the business. The decision-making strategy can determine how well a business adapts to the effects of the coronavirus. This pandemic has exposed the limitations of a top-down or centralized decision-making process in dealing with the challenges of remote working.
The use of centralized, top-down decision-making approaches can limit the ability of an organization to respond to volatile market dynamics. Instead, your business will benefit from using distributed decision-making that allows business units and lower-level teams to make strategic-related decisions. The decentralized approach can allow the making of better decisions that align with the organization’s objectives and respond to the threats. Therefore, you need to ask yourself whether the decision-making approaches have helped you respond to the challenge of this coronavirus.
What factors have enabled us to be resilient during the crisis?
Organizational resilience refers to the ability of an organization to resist, recover, and adapt to the disruption caused by the pandemic. During the post-Covid19 pandemic, organizations need to examine the different factors that have enabled firms in the industry to remain resilient. This can be achieved by looking at how the business has adapted to the conditions to remain competitive. You need to bolster the resilience of your business by shifting your strategies and adopting new ways of doing things.
Your business should be thinking about reducing the negative impact of uncertainty and understand the nature and degree of unpredictability of the business environment. The business model of your organization and its strategy can be a threat to building resilience in some sense. However, they can also be used to foster resilience amidst a pandemic of disaster. In this regard, your organization should be focusing on building organizational resilience and be ready for the next disruption.
As you move towards recovering from the impact of coronavirus, you must reset the business strategy. Businesses have to move beyond the response towards resetting the strategy and recover from the effects of the virus. Your organization should be focusing on strategic operations that include becoming more resilient and prepared to respond to the uncertainties that arise from possible disasters.
Technology has proven to be crucial for businesses looking to recover from the effects of this coronavirus crisis. Companies that survive after this coronavirus crisis will have to consider critical issues regarding their strategies. Improving the resilience of an organization is one way of dealing with post-disaster recovery. Businesses also need to examine the experiences of employees and customers to your business especially during this pandemic.