What’s important is to identify the primary sources of revenue and, on that basis, make the “now or never” moves that need to happen before the recovery fully starts. Identify and prioritize revenue opportunities. Assuming company leaders are in good SHAPE, how do they go about choosing what to do? We see three steps. It’s the next normal for how companies will have to operate. Rapid revenue response isn’t just a way to survive the crisis. That will mean changing the ecosystem and considering nontraditional collaborations with partners up and down the supply chain. Given crisis-related disruptions in supply chains and channels, adaptability is essential. Companies need to understand what customers will value, post-COVID-19, and develop new use cases and tailored experiences based on those insights.Įcosystems and adaptability. They’re successfully using advanced analytics to combine new sources of data, such as satellite imaging, with their own insights to make better and faster decisions and strengthen their links to customers. But the best companies are going further, by enhancing and expanding their digital channels. It’s already a cliché: the COVID-19 crisis has accelerated the shift to digital. Sixty percent of businesses surveyed by McKinsey in early April said that their new remote sales models were proving as much (29 percent) or more effective (31 percent) than traditional channels.Īcceleration of digital, tech, and analytics. Companies will need to rethink their operating model based on how their people work best. Establish a brisk cadence to encourage agility and accountability: daily team check-ins, weekly 30-minute CEO reviews, and twice-a-month 60-minute reviews. This favors action over research, and testing over analysis. They will need to fundamentally rethink their revenue profile, to position themselves for the long term and to get ahead of the competition. Speed matters: it will not be enough for companies to recover revenues gradually as the crisis abates. If you would like information about this content we will be happy to work with you. We strive to provide individuals with disabilities equal access to our website. There are four strategic areas to focus on: recovering revenue, rebuilding operations, rethinking the organization, and accelerating the adoption of digital solutions. The moment is not to be lost: those who step up their game will be better off and far more ready to confront the challenges-and opportunities-of the next normal than those who do not. In this article, we suggest that in order to come back stronger, companies should reimagine their business model as they return to full speed. We noted that there would likely be overlap among these stages, and the order might differ, depending on the business, the sector, and the country. In a previous article, McKinsey described five qualities that will be critical for business leaders to find their way to the next normal: resolve, resilience, return, reimagination, and reform. The result: by reimagining everything, Brazil came back stronger.Īs businesses around the world consider how they can return from the torment inflicted by the coronavirus, Brazil’s journey from failure to triumph provides food for thought. And it required leadership, both in management and on the field. It required building a cohesive team, even as most of the roster changed. Making this turnaround required innovation, in particular, the creation of a unique attacking style of soccer.
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