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Is your company ready to take advantage of the post-pandemic boom?
According to the International Monetary Fund, by 2021 the world economy is set to grow by 6% as a result of the slow reopening in different countries after the recession that the Covid-19 pandemic caused. Not only did the pandemic teach companies to be more prepared for disaster, and to adopt a greater resilience, but also companies are seeing that they must be ready to take advantage of the opportunities that the reopening will bring.
As it happened in the 1920s, which followed World War I, economic booms have occurred throughout history after deep recessionary periods, whether caused by plagues or wars. In the 1920s mass production, advertising and mass communication and technologies flourished in a period of economic growth and creative expression. All of these factors are present today as we move from lockdown to a reopening. Early signs indicate, at least in markets such as the United States that are slowly reopening, that an economic recovery may be underway. A survey of CEOs conducted earlier this year, according to Gartner, has evidence that around 60% of CEOs and senior executives anticipate an economic upswing.
However, there are conditions that are particular to this time. For example, there are consumers who have saved more money than usual. According to Gartner estimates, since the pandemic began, the equivalent of 7% of annual economic output has been saved in the US, while in the UK 6% of gross domestic product has been saved. In addition, governments are showing a greater willingness to do spending in the aftermath of the recession, with consumer stimulus packages for example. There are also high levels of unfilled jobs in countries that are already loosening restrictions, and business confidence is incipient.
However, with this growth comes along a shared concern. Corporate CEOs are not just pushing growth as their top priority. They are also focusing on working with supply chain managers to optimize operations. For example, they are focusing on regulating costs and increasing value chain resilience. This new market and new emerging opportunities are perceived as good, but they can also mean emerging challenges and complications. The repercussions are already being felt, whether from recent pandemic-related shutdowns in key markets such as India and Bangladesh, product shortages in certain industries, or disruption on shipping. In other words, CEOs are first trying to strengthen their supply chains to ensure business continuity and sustainable margins, and then they are going to strive for business growth.
The Covid-19 pandemic accelerated a process that was already underway, but that was moving before at a slower pace: the almost complete digitization of sales and transition to digital interactions. The solution to adapt to these changes may be to work with solutions and systems that allow you to transform data into actions in a secure and efficient way. The faster the market moves, the more you rely on data to adjust and scale. And it is those companies with the best data that will lead the markets. Those that are advanced in their digital transformation, or that are digital natives, are going to have a very significant advantage. Companies concerned about being forward-looking must make sure they have the data technology, automation and cloud technology necessary to react to the negative but also to take advantage of the positive.
Omnix is a SaaS platform that brings these characteristics together, because it not only works by ensuring operational continuity, but also by providing a reliable real-time data stream, and then it uses Machine Learning and Artificial Intelligence to automate decisions based on that information.
In conclusion, whether your company is striving for growth, or simply trying to maintain business continuity in this volatile environment, supply chain organizations must recognize and act on the opportunities presented to them. The current environment presents an important opportunity to further elevate and improve the resilience of supply chains.