As much as the pandemic has levelled the playing field in many circumstances, the reality is that companies will progress through the COVID curve at different speeds. This will greatly hinge on their capacity to endure the instability throughout the ongoing crisis.
Their degree of agility and leadership will be tested, as executives need to be thoughtful in their forecasting and be prepared to make fearless commercial decisions such as Mergers & Acquisitions.
The pandemic has perhaps merely accelerated and highlighted the underlying pain points of the digital age. An age that has led to organisational transformation that is fast outpacing what many IT infrastructures can handle, and where disruptions have become a new normal. For this reason, operational agility becomes a giant must-have, rather than a nice-to-have.
Despite mid- to long-term impacts of COVID-19 on a macro economic and geopolitical scale are not yet fully realised, they can still be planned for. Environmental and Social Governance (ESG) still needs to be built into strategy and should hold more importance as companies look to build sustainable operations in a post COVID world.
Three distinct phases track the progress of companies as they adapt and adjust to the unprecedented times we face:
Most businesses have been quick to protect their people and commercials, showing consideration for the communities that support assets, and suppliers who are critical to the success of their operations. Building and maintaining stakeholder trust during this time is critical to keeping the supply chain moving and navigating the coming phases.
This phase will see many companies reset on production and operational efficiency before physical-distancing agreements are relaxed. Efforts here might include automation and virtual working solutions, with the convenience and efficiencies proving an instigator for long-term change. Many will continue to adopt these practices to continue more sustainable and safer operational results.
As part of the recovery phase, an emerging range of fresh value creation pathways will become increasingly evident. Success in this phase will come to those who re-directed their strategies to respond to the longer-term impacts, anticipating the direct and indirect impacts the crisis could have on the sector and their operations specifically.
The challenges arising from the pandemic have ignited an overdue change in the resources industry. In 2020, the Top 40 mining companies responded to COVID-19 with predictable resilience and adaptability. Production dropped in parts of the world, but on the whole, the sector delivered strong growth. The decisions the Top 40 make ongoing will shape the industry— including their place in it—for many years.
Many companies pivoted quickly to keep their people and communities safe, reduce supply chain risks, deploy digital technologies, and allow for remote working. According to many experts, ourselves included, three factors should be front of mind: rethinking supply chains, focusing on employee retention and community safety, and embracing automation.
Rethinking supply chains and reliable access to goods and services was a significant shift, as well as embracing a hybrid model of working between face-to-face and virtual meetings. In addition to improving safety, automation is simply more efficient. The World Economic Forum reported 67% of manual tasks, such as information and data processing, and up to 60% of physical labour will be automated by 2025.
The COVID-19 pandemic placed unforeseen pressure on crisis management and business continuity plans for many operations. Ensuring a deep understanding of the situation will enable effective planning and response to local and international market operations, supply chains, cash flow and workforce progression.
Partnering with globally connected Project Resourcing specialists will assist businesses bolster plans for the future of work, significantly enhancing the ability to retain and attract top talent over the medium to long term. In turn, this will help to relieve over-extended HR resources internally with the personnel impacts that come with a global pandemic.
Sourcing and assigning resourcing industry professionals into specialist roles, we elevate existing capabilities to help you deliver projects safely, on time and on budget.
To get in touch, call us on 07 3607 6305 or email us at hello@concentis.com.au
28 Mar 2024