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Leading through the new normal.

8/25/2020

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​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!
Leading through the new normal
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.
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Keywords and Tags:
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#ContinuousImprovement  #InnovationManagement  #NewNormal  #Covid19   #ProcessDesign #Leadership
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