In the post-COVID world, organizations will have to revise their business models: Part 1
It did not go well when the explorer Ernest Henry Shackleton executed the Imperial Transantarctic Expedition from 1914 to 1917. The explorer’s ship, Endurance, was trapped in the ice and later slowly crushed even before the crew managed to land.
In a series of explorations that followed, Shackleton never lost a single human life, gaining hero status by his capacity to preserve his men’s well-being. Shackleton, however, faced a new problem for which there was no planned solution.
His high capacity for courage, leadership, and resilience enabled him and the entire crew to experience something unprecedented and challenging that, in the end, limited the loss of life. Necessity is the mother of innovation, and astute business leaders will undoubtedly find this new path, overcoming the COVID-19 crisis stronger, while gaining a competitive advantage in their market segments.
In times of crisis, innovation can follow. Much like Shackleton, the value chains between multiple suppliers within the concept of just-in-time and globalization will need to find ways to innovate, without sacrificing speed and efficiency. To address changing consumer habits, for example, large multinationals are likely to restructure their entire supply chain according to better suit these new consumer behaviors in our post-COVID world.
An automated identity governance solution will allow the right access to the required applications and data for the community of assigned users associated with the decided supply chain route in as shortened of a time frame as possible, and make sure this new supply chain is secure. Speed and accuracy are a game-changer for enabling all digital identities in our ’new normal,‘ and those companies who adopt a predictive approach to identity will be well ahead of the pack.
This reorganization of the value chains will include suppliers that participate in creating and manufacturing products and services. Following an already ongoing trend towards personalization of shopping desires and online shopping, companies should set up a varied mosaics of suppliers, combining valuation items for end consumers, possibly with some options for the same product, and having their prices in accordance with these variables.
As consumer reactions become associated with possible issues of lesser physical interactions and robust growth through online channels, it will be necessary for businesses to adapt value chains quickly to maintain their market position and levels of competitiveness—all while doing it securely.
This is the first installment in a two-part series on how organizations will revise their business model in the post-Covid world.