Why the Old School Thinking Will Ensure the Downfall of Businesses In Post-Covid19 World

A volatile, Uncertain, Complex & Ambiguous World needs an altered way of doing business. A new school of thought is necessary, which we discuss in this blog. A just read for all those who wish to be aligned to the new era of business reality.

It is interesting how a micro-organism can drive so much turbulence and desperation in the Globalized Scientific World that we live in. While the old school will live with the hope that this too shall pass and the old-world order shall prevail again, they are sadly mistaken. The National lockdowns, the transformation of consumption behaviors, turbulences in economies, and failing business models have redefined the success determinants of the new World order. Traditional conditioned thoughts are on the way out, and Inventive minds are the latest in things. So beware of the old school thought leaders who cling to a false hope of the future. They will undoubtedly lead you to the path of destined failure with the impressive logic of the past.

Let us understand the unconscious impact of the Covid19. The turbulence in economies, isolation at home, fear of infection, and renewed self-reliant behavior have changed the mindset of consumers and consumption behaviors. Extroversion has been, to an extent, restricted, and introversion is the adjusted behavior. However, the human personality will need to express itself in its grandness. This lockdown will throw up new opportunities that will seep into the vacuum of isolation and economic uncertainty. Fear is an overwhelming emotion; it makes you redundant or inspires a fightback through creative thought processes and inventions. The new school of thought leadership is all about perpetual Invention and Innovation.

Hope and search for meaning are eternal to humankind. The challenges of the Post-COVID Era are threatening and yet “Actualizing” in nature. The Globalized World is set to enter into new blocs of trade collaboration. Advanced Western economies have shown their economic vulnerability in sound healthcare systems, and developing nations have shown their resilience in the scenario of absolute turbulence and chaos. While the World looks at Leadership for a bailout, all they can do is provide a platform to succeed. Individual successes will still be the battle of singular organizations and professionals. New business models and success behaviors shall hold the key to the next growth orbit. Economies shall remain global, but products will be curated locally and consumed globally, an opportunity area of exemplified personal passions. The call of Nationalism will become the social order, and consumption will depend on the country of origin now as the World will stand polarized.

Supply chains will need to be reinvented. The pandemic has shown how vulnerable the supply chain is when the dependence of sourcing and manufacturing is on solitary emerging economies like China. The ambition for low-cost production and concentration of supply chain hubs has made the pandemic escalate its impact.  While the efficiency of the supply chain is a reality, the supply chain’s responsiveness has failed. Organizations will have to mitigate risks as the Japanese did for distributing and balancing the sourcing and manufacturing facilities. Redesigning supply chains to de-risk overdependence has emerged as a critical determinant. There is much to do here. Fortunately, the logistics systems through 3PL, 4PL, and 7PL service providers are absolutely up to speed. Select your sourcing & logistics partners well and distribute your risks. Global supply chains will still matter to even out the sales curve. Protection of Intellectual property shall build more faith in democracies with the emergence of predator strategy of buying stressed assets in times of economic turbulence through controlled legal systems that target economic supremacy.

Organizations need to reinvent the way they do business. Business models have to change while critically looking at the value chain layers. Business processes will have to be re-engineered, and automation is the key to success. Human intervention shall be required only for its wisdom. Personal effectiveness is the new barometer. COVID19 has thrown up inefficiencies of the system and its people. Organizations and professionals will have to develop new competencies to deal with the Post-Covid19 World. All competency frameworks are redundant now. Work on calibrating new behaviors. As I always say, we live in a world of cause and effect, and our behaviors will create further success. Modification of Organization behaviors is highly critical at this juncture. Old school mindsets and behaviors will not work. It is a sure-shot recipe for disaster. The key determinants are behaviors of Thought Leadership, Adaptivity, Innovation, Design Thinking, Tech Savviness, Compliant Result Orientation, and Dynamic Customer Focus. Teams will be micro collaborative structures of holons with Leaders to emerge as Mentors. The Senior Leadership will marshal the Corporate battle of Post COVID World. Neo-Classical organizations will need to take shape with the requisite adaptive behaviors. Behavioral modification thus will be the most critical area of focus to stay relevant. Operations will get robotized and automated with increasing speed making hands redundant.

A sensitive radar system of leading indicators will determine the actions and innovations in the new world order. Analytics will play a crucial role in ensuring predictive & prescriptive analytics that will identify empathetic innovation systems. Design Thinking is, thus, the new world order in the realm of innovation. Products and services that will empower humans to be self-reliant will be the key business prospects. All systems and products will now see a technological collaboration. Beyond human cooperation, a technological partnership of devices will be the key. Cloud will rule supreme. So, get the hang of what your customers will do now in the post-pandemic scenario. Tech-Education shall be the new frontier of learning as organizations realize its improved effectiveness and cost efficiencies.

Travel will see a massive change. Humans will travel, but technology will now have to make it safe. So will it be for the hospitality business too? The fear of infection & quarantine will run in the blood of people for a long time to come. Till then, the preference shall remain on virtual meetings and collaborative platforms. Redesigning vessels and rooms for pandemic safety will be the area of innovation. Meeting strangers and outsiders in office shall have their safety restrictions. Digital marketing will make traditional marketing redundant.

Augmented reality will redefine work and education systems. We see how vulnerable our education systems are. Traditional mechanisms have failed to live up to the cause. Virtual learning is a new reality. But it will need a different competence in corporate trainers, coaches, and college & university teachers. Universities cannot remain to examine bodies anymore; they will have to prepare a new breed of thought leaders. The World will also see an accelerated effort on invention in the area of Quantum Computing.

Economic warfare is a reality. The precedence is now set, and we have to see if the following order of economic war is a human creation of pandemics, and I sincerely hope I am wrong. But in behavioral sciences, we say past behaviors are accurate predictors of future actions.  The dark secrets which were in the closets are out. The business will have to deal with this new reality to stay afloat. You will have to redefine your infrastructure, supply chain, work methods, learning strategies, product strategies, and technology savviness.

Cash reserves will be required in abundance for the sustenance of cash flows for such turbulences, and to innovate and invent knowledge will be power. Learn or perish is the new norm. The World will see the emergence of tech-enabled Coaches.

The new Mantra thus is Invent, Innovate or Perish. We will have to be future-ready organizations and old school will certainly not like it!

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