The New Normal Post COVID-19 Crisis
By now, virtually every company is in the midst of crisis management. Companies have dusted off continuity plans as a playbook to combat the coronavirus pandemic. And since “no plan survives contact with the enemy” these plans are likely being revised and adjusted as the crisis unfolds. Companies are depending on IT people, processes and technology to keep critical activities functioning and available whenever and wherever as nearly all employees are now working-from-home. While it is still early stages of an ongoing situation some of the broad impacts with IT budgets seems to be emerging out
- Relook at ongoing R&D spending and plan for 20-30% reduction in next 12 months. These savings can provide a necessary buffer in budgets for unplanned situations or to reinvest in new innovation themes.
- Revisit employee productivity and explore ways to “Do more with Less” by leveraging Automation
- Focus on “Touch-less” Delivery of Goods & Services
Let’s take a look at an approach to building frictionless business while being better prepared for the next crisis
Relevance Lab Offerings & Platforms Provide Immediate Benefits
Relevance Lab builds long-term client relationships. We help clients find points of friction and then implement and operate the solutions. Our lifecycle approach (Fig. 1) combines our offerings and platforms to reduce client people, process and technology friction and drive quantifiable benefits. We typically see clients achieve 30% IT cost reductions and 30% efficiency gains. Clients have used these savings to fuel digital transformation while keeping IT spending flat.
Figure 1: RL’s Lifecycle Approach Removes Client Friction from Operations
Relevance Lab Offerings & Platforms Also Prepare Clients For the Next Crisis
The previous few weeks have tested organizational processes, people and technology on their proactiveness, resilience and flexibility to deal with uncertain situations. Fortunately, we are seeing mitigated impacts (Table 1) with our long term clients as the byproduct of removing business friction from their business.
Figure 2: Frictionless Solutions Have Both Business & Crisis Preparedness Impact
A Structured Approach to Crisis Preparedness
Relevance Lab recommends a staged approach to crisis readiness.
- Resolve & Resilience: Address the immediate and build short-term resiliency plan for critical issues uncovered during crisis.
- Return & Reimagine: Create a plan for improved business continuity and lay out longer term post-crisis “next” normal.
- Reform & Grow: Rethink post-crisis market & competitive environment and grow skills and technology accordingly.
Relevance Lab’s lifecycle approach can provide the services and platforms to better prepare clients for the next crisis while driving frictionless business today. Phased crisis preparedness requirements are used to help prioritize the frictionless business roadmap (Fig 2). Crisis preparedness requirements are included in our “advise & consult” engagement so that our clients are able to better balance risk and ROI.
Figure 3: Crisis Preparedness Details with Frictionless Business