Leaders in Pharmaceutical Business Intelligence (LPBI) Group

The COVID-19 Recovery will be digital: A plan for the First 90 Days

Report: Joel T. Shertok, PhD

 

“McKinsey Digital” – 5/14/20

By Aamer Baig, Bryce Hall, Paul Jenkins, Eric Lamarre, and Brian McCarthy

 

1 – Most C-suite executives have led their companies to digitize some part of their business to protect employees and serve customers facing mobility restrictions.

2 – We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks. 

3 – WE need to confront three structural changes that are playing out: a – customer behaviors and preferred interactions have changed significantly; b -as the economy lurches back, demand recovery will be unpredictable; c – many organizations have shifted to remote-working models almost overnight.

4 – Customers have already migrated to digital. Employees are already working fully remotely and are agile to some degree. Companies have already launched analytics and artificial-intelligence (AI) initiatives in their operations.

5 – Companies must adapt: they must reimagine customer journeys to reduce friction, accelerate the shift to digital channels, and provide for new safety requirements.

6 – CEOs should ask their business leaders to assess how the needs and behaviors of their most important customers have changed and benchmark their digital channels against those of their competition.

7 – Modern businesses have several forecasting and planning models to guide such operational decisions. Organizations will need to validate these models.

8- As companies construct these models, analytics teams will likely need to bring together new data sets and use enhanced modeling techniques to forecast demand and manage assets successfully.

9 – The chief analytics officer should mobilize an effort to inventory core models and work with business leaders to prioritize them based on key operations and their efficacy drift.

10 – Two features of a modern technology environment are particularly important and can be rapidly implemented: a cloud-based data platform and an automated software-delivery pipeline.

11 – Companies that have led the way in adopting flatter, fully agile organizational models have shown substantial improvements in both execution pace and productivity. 

12 – Leaders who want to succeed in the digital-led recovery must quickly reset their digital agendas to meet new customer needs, shore up their decision-support systems, and tune their organizational models.

SOURCE

https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-COVID-19-recovery-will-be-digital-a-plan-for-the-first-90-days?cid=other-eml-alt-mbl-mck&hlkid=ffa7f7dace64429f82c354ddf40accb6&hctky=2071733&hdpid=dfb4c609-2604-4df3-aa42-ae7ed2aff045