Are you implementing meaningful change in your business?

For many companies, change management is not a topic that they are very familiar with. Many companies have existed for many years focusing on the same tried and trusted methods when it comes to production, cash management, and customer relations.

The change that companies have gone through in the past seven years is equivalent to the change that companies have gone through in a 20-year period prior to the birth of the Fourth Industrial Revolution(4IR) which was introduced in 2015. In essence, the 4IR introduced a new way of doing businesses that was futuristic and threatened conventional business models that relied on conventional market research to get the necessary information to improve the manufacturing of products and development of services.

What a difference a few years makes.

Stubborn resistance

What changes did supporters of the 4IR predict:

– having increased access to information, consumers would do massive amounts of research into companies before even doing business with them,

– the refinement of products and services would be driven by Big Data (the consumption habits of consumers);

– e commerce would increase threatening to leave companies who did not embrace hybrid business models behind; and

– environmental and social governance (ESG) issues would be a deal breaker for modern consumers.

There was stubborn resistance from companies and business leaders who have been at the helm of their companies for many years. Believing that they have seen it all and got the t shirt, they were quick to point out that some futurists predicted we would be driving around in flying cars in 2022. If the predictions about the 4IR were true, it would never take place at any speed.

Then the Covid Pandemic took place and change that was supposed to happen over 10 to 15 years took place in two years. Companies adopting hybrid business models have left their stubborn counterparts dead in the water, and Big Data is now the new gold.

Change management is something that needs to take place in any business that wants to remain relevant and in touch with the modern requirement of business management. I recently read an opinion piece by PwC which highlights four key areas that companies can focus on to increase their recovery efforts from the Covid-Pandemic.

Strengthening business resilience

The opinion piece points out that the Covid-19 pandemic has put many existing crisis management and business continuity plans under pressure. Organisations in Singapore are finding ways to ensure business continuity such as through minimising cost and leveraging on the Covid-19 relief and support measures introduced by the government, all while responding to new disruptions and changing situations.

The opinion piece adds that, to emerge stronger from this crisis, it is also important that businesses use this time to bolster their business resilience, especially in the areas of cash flow and supply chain management, tax and regulatory compliance, securing jobs and investing in technology.

Reimagine digital

The opinion piece points out that, amidst the unknown variables of Covid-19 and the new reality, one thing is certain: organisations are now embracing digital transformation in everything they do at an accelerated pace. More than before, businesses need to create a differentiated experience for their customers in the digital marketplace.

The opinion piece adds that, as the world moves into adopting new ways of virtual working, cybersecurity, digital finance, data optimisation, digital upskilling and transformation are now key pillars that need to be embedded across organisations to better enable both businesses and their clients to work together and co-create solutions.

Transform for the new economy

Change can be difficult. However, it is necessary.

The opinion piece points out that as companies shift from reacting to mitigating the impact of the outbreak, they can identify learning points and opportunities that can help their business emerge stronger from the crisis. This includes rethinking and transforming their business strategy, customer engagement strategy, organisational structure and new ways of working the new economy.

New world, new skills

The opinion piece points out that the world of work has changed significantly over the past few weeks as governments and companies embrace remote working arrangements to contain the outbreak.

The opinion piece adds that organisations need to consider preparing and upskilling their workforce for a post-Covid-19 future where new technologies, processes and business models are introduced. Employers must also keep in mind that upskilling is more than just providing employees access to training. It is also about cultivating your people into agents of change, helping them learn how to think, act and thrive in a new world that is sustainable over time.

Moses Singo is a Partner at Genesis Corporate Solutions and is a Junior Business Rescue Practitioner.