Even before COVID-19, many organizations faced considerable IT challenges. Now, COVID-19 is pushing companies to rapidly operate in new ways and IT is being tested as never before. As businesses juggle a range of new systems priorities and challenges― business continuity risks, sudden changes in volume, real-time decision-making, workforce productivity, security risks―leaders must act quickly to address immediate systems resilience issues and lay a foundation for the future. Leaders in the chemicals industry, for example, are recognizing resilience as a key success factor.
Once we reach the other side of this pandemic, it will be important to establish long-term strategies for greater resilience and to apply lessons learned from the experience to create a systems and talent roadmap that better prepares your company for future disruptions.
In the face of the COVID-19 crisis, leaders have had to act quickly to optimize their company’s resilience—re balancing for risk and liquidity, while assessing opportunities for growth coming out of the downturn. Current and future viability depend on swift C-suite action, including near-term actions for stability and strategic moves that will create new futures for companies and industries. Immediate action is needed to address short-term liquidity challenges, but also to solve for costs and profitability and generate funding to invest in new opportunities, including M&A. Many CEOs are faced with plummeting sales and revenue and increased costs. Interventions to adapt may require investments in key technologies, processes and people. For some, liquidity has become a matter of survival. Actions taken now can have an immediate impact on the survival of the company, how quickly it rebounds from the global downturn, and its financial health and sustainability going forward.