Counting the true cost of the crisis
To reimagine effectively, businesses must first assess the damage of COVID-19, which means looking beyond just the numbers.
Of course, the immediate and ongoing focus for all was the health and safety of their people. Beyond that though, for many companies, the real cost was one of missed opportunity. At the peak of the crisis, their best and brightest were required to spend most of their time ensuring the business’ plumbing continued to work so that critical functions kept operating and information was valid, credible and timely. This prevented them having time to focus on key strategic decisions that may have helped better navigate the virus’s impact on the business and position for recovery – such as flexing operations, pivoting to offer more relevant products and services or reconsidering capital positions.
Others saw that COVID-19 laid bare the inadequacies of current technology solutions driven by years of postponing investment and multiple manual workarounds. Legacy systems were often simply unable to support remote working, meet customers’ needs to transact online or address growing regulatory demands for transparency and digital reporting.