COVID-19 and The Great Slumber
In a post-COVID-19 world, many markets will be vulnerable to industry disruptors. What shifts will help your organization stay alert and nimble?
Five years ago, I was working on a business continuity and disaster recovery plan with my then employer. One of the elements I included was a pandemic response that was dismissed as improbable and stricken from the plan. The vice president remarked, “The zombie apocalypse is science fiction. If it ever happens for real, we have bigger problems.”
It’s safe to say that five years ago, many businesses didn’t believe in the possibility of a pandemic sweeping the globe or what that kind of disruption might look like. Since COVID-19 started making headlines in late 2019, we’ve all had a crash course in what a pandemic can do.
Despite the many differing opinions and attitudes that have emerged over the last two years, one thing remains universal: we all hate the preface, “Due to COVID-19 restrictions.” It’s a disclaimer that has been used as an attempt to explain every shortcoming in a business’s operations or customer service, leading to a phenomenon we’re calling “The Great Slumber.” While consumer expectations are higher than ever, many businesses are still asleep at the wheel, letting COVID-19 cover for their inability to flex and adapt to “the new normal.”
History teaches us that this kind of world-shaking event always catches us unprepared and industries are notoriously slow to adopt the necessary changes.
- 2001: On September 11, the World Trade Center was attacked. Consequently, the stock markets and US economy shut down for days. This resulted in a staggered and staged reopening with severe restrictions in several industries, including a complete upheaval of the travel industry.
- 2005: Hurricane Katrina resulted in $160 billion in damage and crippled the US’s ability to produce oil in the Gulf of Mexico — one of the largest oil reserves in the country. Supply shortages of building materials, petroleum-based products, and fuel caused prices to soar while the economy slowed.
- 2011: In March, a large offshore earthquake caused a catastrophic tsunami in Japan, devastating a nuclear reactor and sending the tech industry into a tailspin. Industries experienced shortages of essential parts and components, ranging from fax machines to medical equipment.
World economics, weather, and geopolitical events happen fast, so it’s crucial that businesses react just as rapidly. Organizations must become much more nimble and have the processes and people in place to do so. While those trapped in The Great Slumber wait for a “return to normal,” the organizations that have emerged or adapted since COVID-19 recognize the opportunity to meet the needs of today’s customers and are prepared to evolve with them.
For an organization to compete in today’s market, every experience must be memorable and seamless. Interactions need to be frictionless. Touch points should be tailored. Loyalty isn’t guaranteed, so you’ll need to cater to your customers to earn their trust. Now more than ever, organizations need to ensure that every decision they make puts people first.
In a post-COVID-19 world — whenever that may be — services and markets will be even more vulnerable to industry disruptors and the companies that have been “asleep,” or haven’t yet had the ability to adapt, will need to be more agile and versatile than ever. These businesses will need to fundamentally shift how they think, work, and mobilize to meet the ever-changing demands of the future.
If your business is caught in the rut of COVID-19, consider bringing in a fresh pair of eyes to see your situation from a different point of view, whether it be in the form of new leadership or a consulting company. This shift in perspective can help you to analyze the business, adjust the flow of work, and pounce on the opportunities present in today’s shifting marketplace.
A few additional benefits of working with a business consulting company include:
- Expertise and adaptability.
Consulting firms have talent that have seen and built best practices in many industries and helped them overcome enormous obstacles. When it comes to thinking outside of the box and bringing in fresh talent to solve new problems, consultants are at the apex and are unbound by the mindset of “this is how we’ve always done it.” - A trusted network of partners.
Many times, consultants have contacts and connections into symbiotic industries and trusted vendors that they can use to help shape new processes and standards in your organization. New partnerships will move your company ahead in your market. - Lean support.
The short duration of contracts with consultants means you are not adding extra bulk to your company’s payroll at a time when you are trying to remain lean and profitable.
We have had two full years to change our ways since COVID-19 emerged. Customers are eager to be wowed and pleased while many companies are still slumbering through COVID-19. It’s a prime opportunity for growing organizations to get their foot in the door and become a major industry disruptor. So the question becomes: Are you building the systems and support to become that disruptor, or is your company hiding behind COVID-19 restrictions and waiting to be disrupted?
There are a lot of changes that need to happen to pull us out of the pandemic and get us ready for whatever happens next. Some of it is related to healthcare, some is political, but the biggest is still economic. People need stable jobs and communities need products and services that they can depend on. It’s time to reevaluate work environments, compensation administration, supply chains, organizational change management, business architecture, and performance management. Any part of the business that has felt the impact of COVID-19 is fair game — nothing should be considered off limits.
Consultants are the highly specialized team members that can help you overcome the hurdles COVID-19 has caused by reorganizing structures, workflow, and vendor management to make sure your business is ready and responsive to whatever comes next. In summary, it’s time to replace The Great Slumber with a reason to wake up.
Slalom is a global consulting firm focused on strategy, technology and business transformation. Learn more and reach out today.
