Sudden pivots observed during the COVID-19 pandemic include: While the rise of digital has been mounting similar pressures for more than a decade, the current crisis has significantly exacerbated and accelerated its disruptive force. The assumptions that supported years of stable, predictable growth may no longer be valid.Ĭompetitive advantages shift dynamically as business models adapt to new market realities, and the core capabilities that made an organization distinctive may suddenly be less differentiating. A stable regulatory context may have changed, potentially creating opportunities that never existed before.
Channels may have radically shifted to accommodate new needs or work around new constraints. What made a company successful historically may no longer be possible during or after the crisis. Many businesses simply cannot operate as they have in the past.
building the foundation for postcrisis growth in order to remain competitive in the recovery period. reevaluating the innovation initiative portfolio and ensuring resources are allocated appropriately. identifying and quickly addressing new opportunity areas being created by the changing landscape. adapting the core to meet shifting customer needs. Our survey and subsequent interviews with business leaders tell us that many companies are deprioritizing innovation to concentrate on four things: shoring up their core business, pursuing known opportunity spaces, conserving cash and minimizing risk, and waiting until “there is more clarity.” However, we believe that, particularly in times of crisis more urgent actions to take include: Our research suggests that playing it safe may be a shortsighted decision right now. Please email us at: face an important choice around supporting innovation-led growth in the short term, one that may have lasting consequences for their companies’ ability to grow in the years to come. 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.
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