The Economic Times presents ThinkNxt
Are you worried about overhauling business and production processes to meet consumer demand and align your business to market dynamics? Are you concerned that the investment you are making might take longer to show returns?
If yes, you are not alone. Several business leaders have been riddled with similar questions as they move to try and steer their organisation towards economic prudence and growth post the pandemic.
In just a few weeks, leaders were faced with challenges such as work from home policy, reconfiguration of supply chains and skeletal crews on production or shop floors along with changing consumer demands. For example, manufacturing units are now under pressure, more than ever, to do more with less.
The impact has been such that ABI Research predicts that the gauged worldwide manufacturing revenue of $15 trillion currently forecasted for 2020 will not meet expectations.
However, true leaders emerge during times of crisis and while organisations continue to face increasing demands from consumers and stakeholders, there is a case to be made for business resilience keeping in mind good corporate governance, effective risk management, compliance and monitoring mechanism, all geared towards business continuity.