Lessons Learned from Pandemic-Driven Business Transformation

If there is one thing we have learned from the pandemic it is that business transformations have had to keep pace with the acceleration of consumer needs. And, consumer needs changed overnight requiring companies to transform with lightning speed to stay competitive.

Business transformation initiatives typically require business leaders to reevaluate their business operating model and make strategic decisions that affect how their organization will operate and grow. During the pandemic, however, companies have had to profoundly change the way they operated to accommodate consumer demands and function within the restrictions of phased re-openings. They had to rethink how to quickly create new opportunities and make bold moves to rapidly deliver real value to customers. Companies also have had to rethink their business models for an unknown future, and not only put into play a Plan B to survive today, but a Plan C and D as contingencies for tomorrow.

At the core of business transformation is people. Businesses are essentially the sum of the people within their ecosystem. This includes customers, potential customers, employees, and vendors. Change is a critical part of that ecosystem and is both dynamic and constant.

Effective business transformation will enable organizations to survive and thrive during and after the pandemic-driven disruption. However, compressed time frames to quickly address change requires a level of integration and orientation that many businesses are not equipped to manage.

One way to look at transforming a business model to keep up with change is by using Kepner Tregoe decision making. It is a structured methodology for gathering, prioritizing, and evaluating options developed in the 1960s by Charles H. Kepner and Benjamin B. Tregoe.

An important aspect of Kepner Tregoe decision making is the assessing and prioritizing of risk. The idea is not to find a perfect solution, but rather the best possible choice, based on actually achieving the outcome with minimal negative consequences.

There are four basic steps when using the Kepner Tregoe decision matrix:

1.    Situation appraisal - clarify the situation, outline concerns, and choose a direction.

2.    Problem analysis – define the problem and determine the root cause.

3.    Decision analysis – identify solutions and perform risk analysis for each.

4.    Potential problem analysis – scrutinize the best solutions against potential problems and negative consequences and propose actions to minimize the risk.

Good decision making comes from analyzing various alternatives, assessing risk, and choosing a solution wisely. The Kepner Tregoe decision making model allows you to take a more creative approach and push the boundaries a bit. During this time of limited resources and no ready-made solutions, creative approaches to decision making can produce superior outcomes.

No one could have anticipated the havoc the COVID pandemic has racked on businesses. In order to survive the devastation, business leaders must act with both agility and discipline to execute business transformation to deliver new value in this ever-evolving market. Not only does it require standard protocols, but also creative thinking and innovation to adapt quickly and continue to survive while we wait for the entire world to reboot. Innovation-driven growth at accelerated velocity has proven to be powerful and successful and business transformation will never be the same again.