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New study: Strategic uncertainty after the pandemic

Published: September 26, 2022, 1:02 p.m. Updated: October 3, 2022, 1:14 p.m.Working life will probably never be quite the same again after the pandemic. To be able to stand strong in the future, flexible and robust companies are required, according to a recent study.Read the entire report “Business, reimagined” here. In retrospect, the transition from office to home work during the pandemic went surprisingly smoothly. A study by telecom giant Verizon shows that 70 percent of employees surveyed felt they were more efficient when working from home. A majority of managers also felt better equipped to make quick and strategic decisions and introduce new technology as a result of the new order in the labor market. Despite the fact that the pandemic situation is currently less acute than before, instead a sense of strategic uncertainty has begun to emerge. Two-thirds of business leaders, 66 percent, claim that the pandemic has exposed weaknesses in their strategy, while 60 percent say they have difficulty finding a clear approach to new market opportunities. – The uncertainty is not surprising. Most business leaders did not see the pandemic coming, which affects people’s confidence. But the answer is not to eliminate uncertainty – if that were even possible. Instead, business leaders must build robust organizations that can adapt to deal with shocks and surprises, says entrepreneur, CEO and management professor Margaret Heffernan, in the report.

“Many companies are blissfully unaware”

Technology is essential to building resilience in an organization that can not only take hits, but thrive and come back even stronger. Cloud-based solutions have been instrumental in enabling companies to quickly become more flexible – whether they want to seize an opportunity or face a threat. Rita McGrath, a professor at Columbia Business School, believes that business leaders need to ask themselves a number of questions about how the technology supports the customer experience: – Where does this technology improve the experience for customers – and where does it not? The problem is that many companies implement technology through poorly designed systems, and that although technology can offer efficiency, companies often focus mostly on cost savings. Negative experiences, such as prolonged support calls and inconvenient call handling, can seriously erode customer loyalty. – Many companies are happy unaware of the frustration they are causing their customers. Here I think companies are simply making misjudgments. They don’t even know when they’ve lost a customer, says Rita McGrath. Businesses are facing challenges that include new consumer behaviour, skills shortages and changing expectations from employees. Added to this are ecological changes, new political guidelines and the ever-increasing pace of technological innovation. Instead of burying your head in the sand, Rita McGrath believes that leaders must overcome inertia and accelerate the pace of transformation in their organizations. That way they can define the future instead of waiting for the future to define them.Here you can download the entire report to read more Do you want to know more? Follow Verizon Business on LinkedIn and Twitter:VBG LinkedInVBG Twitter

About Verizon

Verizon Communications Inc., headquartered in New York, was founded in 2000 and is one of the world’s leading providers of technology and communications services. The company has been awarded many awards for its networks and platforms, and was the first in the world with commercial 5G. Revenues totaled $133 billion in 2021. Verizon Business helps businesses and the public sector streamline their communications with the very latest solutions, including 5G and MEC. Verizon provides products and services in Security & Protection, Internet & Networking, Voice & Collaboration, Contact Center & CX and IoT – all designed around customer needs.
Read more here: The article is produced by Brand Studio in collaboration with Verizon and not an article by Dagens industri

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