Adapting for the future

Accelerating transformation

The implications of the pandemic to the way we live and work will mean that businesses need to rethink both short and long term strategy. 

The focus for businesses has been on Survival. However, businesses need to Respond to the changing environment and Adapt for the future, looking at where the future opportunities exist. 

Organisations that have not already embarked on the digitisation of their business and operating models will struggle to survive if they fail to adapt quickly. The current crisis, and its longer term impacts, will accelerate the need to transform.

Changing times

As governments, organisations and individuals come to terms with how to move forward, there will be shifts to..

  • the way we work
  • the way we interact with services
  • the way we buy
  • the way we live
  • what is important to us and
  • where our priorities lie

Common challenges

The socio-economic circumstances mean that there are challenges  on all fronts for many organisations.

  • Customer engagement
  • Business performance
  • Low interest rates
  • Provision of services
  • Impact to your people
  • Managing productivity
  • Impact to revenues
  • Liquidity
  • Virtualisation of operations
  • Continued project delivery

What the data says

  1. BoE forecasting largest ever contraction of UK Economy by 14%
  2. 1.6 million homeowners are not paying their mortgages after taking a “payment holiday” at the start of the coronavirus crisis
  3. 12% fall in consumer spending since the Covid-19 lockdown measures began
  4. 57% of businesses have reported a reduction of turnover
  5. 30% of UK consumers expect their incomes to fall
  6. Expect a faster move toward a contactless economy

The questions that need to be answered

Organisations need to be considering the following questions and ensure they have a strategy and solution to address each and every one.

  1. How do we engage our customers and deliver our services?
  2. Is our value proposition still valid?
  3. What are the implications to my cost base?
  4. How do we protect existing revenues?
  5. What are the implications to our business & operating model?
  6. How do we generate new revenue?
  7. How do we continue to deliver our services/products to market?
  8. How do we expect the market to shift over-time?
  9. How do we fund the survival/growth/cost of shoring up of our business?
  10. Do we really need physical premises? Can we reduce or remove our property costs?
  11. How do we respond to/engage with the demands of a more empowered workforce?

Our antidote

Where do you start? We will apply our business/operating model diagnostic to your organisation. A relevant set of introspective questions, based on your specific business environment, challenges and strategic goals.

Looking at what needs to change to address immediate challenges and benefit from opportunities that will exist in the market.

We will help you paint the model of the future and how to get there aligned with your risk appetite, environment and priorities.

The diagnostic forms the start of our “idea to outcome” framework that takes a design thinking approach, informed by data and years of expertise. 

The technology exists to digitise your models, the changes being forced by the pandemic will not only necessitate that change, but accelerate the need for it.

Idea to outcome

The Analysts can support you through discovery, design, build and deployment of digital solutions that can successfully start to address the challenges.

We can work with your internal teams to deliver across these core areas

  • Identifying solutions to support your stratgey
  • The Discovery & Design
  • The Build
  • The Implementation

Using a team who have a track record in digital change across different sectors.

Working with you upfront to be clear on:

  • what OUTCOME needs to be achieved;
  • what the SUCCESS measures look like;
  • what the future VISION is;
  • what DESIGN decisions need to be made;
  • how we WORK together;
  • how we move QUICKLY.

Our team is adept in agile & design thinking approaches for delivery. Get in touch if you would like to discuss how we can support you in driving forward your digital transformation. Contact Us

Data sources

https://www.bbc.co.uk/news/business-52566030

https://www.theguardian.com/money/2020/may/08/we-need-a-coronavirus-mortgage-strategy-as-well-as-an-exit-one

https://www.bankofengland.co.uk/report/2020/monetary-policy-report-financial-stability-report-may-2020

4https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/conditionsanddiseases/articles/coronaviruscovid19roundup/2020-03-26#technology

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/a-global-view-of-how-consumer-behavior-is-changing-amid-covid-19

https://www.mckinsey.com/featured-insights/leadership/the-future-is-not-what-it-used-to-be-thoughts-on-the-shape-of-the-next-normal