Companies around the world are beginning to restart and rebuild their operations as coronavirus lockdowns ease and countries take steps to reopen their economies in varying stages. In Singapore, the construction sector will gradually resume work from 2 June 2020 while shopping malls have reopened in Thailand. However it should not be ‘business as usual’, post-COVID-19. Instead, organisations should see this as an opportunity to rethink current processes and reinvent their business models.
In a report published by Accenture1 in May, the professional services company outlines five key ways businesses can deal with uncertainty, address impending challenges, and build a future-ready, resilient organisation.
These include prioritising the needs and health of employees, redesigning the workplace into a safe environment for workers to return to, and establishing an elastic cost structure to ensure long-term growth. Additionally, companies should consider shifting to an agile operating model that allows them to prepare for unforeseen circumstances and improve existing processes. Lastly, digital transformation has never been more urgent and is critical to building a future-ready business that succeeds in times of crisis.
More details can be found in the full Accenture report here.
For other useful tips on how to navigate the impact of COVID-19, you may want to read:
COVID-19: Short, medium and long term tips to manage supply chain disruptions
COVID-19: Challenges ahead for supply chains worldwide
You may visit covid.gobusiness.gov.sg for more information.
1 Accenture. “COVID-19: 5 priorities to help reopen and reinvent your business.” Accenture, 6 May 2020, https://www.accenture.com/sg-en/about/company/coronavirus-reopen-and-reinvent-your-business
