Managing the New Business Normal

Thanks to robust Business Continuity Programs that have been established at individual organizations and across the industry, firms were able to seamlessly “migrate” to the new virtual environment while the world continues to battle COVID-19. While this was a positive outcome, as with any crisis, there is an opportunity for firms to review and assess existing operating models, learn from any gaps and identify how technology and external resources can best support business and operational continuity going forward. Some firms may engage external consultants to estimate the probable financial impact of the crisis and to identify improvement areas, while others may look inward for guidance.

Returning to Normalcy

With that said, the new normal as we coexist with COVID-19 may necessitate taking a diagnostic view of the entire organizational strategy and structure. Topics that continue to keep senior executives awake at night include the adequacy of automation levels to support future contingency planning, managing changing customers’ expectations amid slower business activities, examining existing security infrastructure to continue to protect critical assets, and capitalizing on new opportunities.

In a recovering market, where firms have been hit by a global crisis, the spotlight will likely be on how to best serve clients in the future. This crisis has provided the opportunity for firms to maintain BAU while navigating through uncharted waters via a largely remote workforce and social distancing. As a result, new trends may emerge on how to best engage clients and improve the client experience – through a mix of in-person and remote client engagement activities. Now is the time to identify new ways of working to better serve clients and their changing demands.

Collaborating for Success

COVID-19 will likely result in an economic climate that will sweep the industry and create a common set of needs in areas such as improving operational efficiency, increasing transparency, replacing manual processes with automation, and cost reduction. Firms can address these needs more efficiently and quickly if they work as part of a consortium instead of on their own – leveraging the services of market utilities, for example. On the surface, market utilities may appear as a way to cut costs, but these cooperative arrangements can play a critical role in providing dependable, accessible, secure and stable support required to safeguard the smooth functioning of the business and prepare for any unplanned events. Additionally, market utilities can also work hand in hand with firms to adopt an agile approach, addressing new opportunities and customer demands in the new normal.