This ‘new normal’ is Covid19 induced. We are still dealing with Covid-19. It is not over yet. What more is in store for us to deal with Covid-19 menace? How will the virus behave going forward? By when we will have ‘Corona- The End’ no one really knows!
Therefore this ‘new normal’ is a moving target. As organizations, we will have to consistently change as Covid-19 induced situation changes. Although we all hope that worst is over!
Business plans must be redrawn as circumstances change.
The Covid-19 pandemic has upended nearly every aspect of life from personal (how we live and work) to the professional that is- how companies interact with their customers, how customers choose and purchase products and services, how supply chains deliver them etc.
The fallout from Covid-19 is expected to fundamentally change the way business happens over the next five years especially because this crisis will have a lasting impact on the customer’s need and employee’s mindset. It can also bring big opportunity for certain industry verticals.
Amidst the Covid-19 turmoil, I notice that companies are deprioritizing innovation.
In majority of cases, company’s commitment to innovation has decreased as they work through the crisis, focusing solely on short -term issues; except pharma and medical device verticals which show almost 30% rise in innovation budget.
In my view, this short-term focus by companies and ‘playing it safe’ attitude may in future turn out a short-sighted decision. Companies must rethink on their innovation management strategy, because seeing the opportunities emerging from the pandemic crisis is not the same as being able to seize them.
Business plans must be redrawn as circumstances change.
The Covid-19 pandemic has upended nearly every aspect of life from personal (how we live and work) to the professional that is- how companies interact with their customers, how customers choose and purchase products and services, how supply chains deliver them etc.
The fallout from Covid-19 is expected to fundamentally change the way business happens over the next five years especially because this crisis will have a lasting impact on the customer’s need and employee’s mindset. It can also bring big opportunity for certain industry verticals.
Amidst the Covid-19 turmoil, I notice that companies are deprioritizing innovation.
In majority of cases, company’s commitment to innovation has decreased as they work through the crisis, focusing solely on short -term issues; except pharma and medical device verticals which show almost 30% rise in innovation budget.
In my view, this short-term focus by companies and ‘playing it safe’ attitude may in future turn out a short-sighted decision. Companies must rethink on their innovation management strategy, because seeing the opportunities emerging from the pandemic crisis is not the same as being able to seize them.
Keywords and Tags:
#ContinuousImprovement #InnovationManagement #NewNormal #Covid19 #ProcessDesign #Leadership
#ContinuousImprovement #InnovationManagement #NewNormal #Covid19 #ProcessDesign #Leadership
