The world is shifting to a new normal, and yet much of the advice that executives have received is remarkably similar to what they heard in earlier recessions. The underlying objective of these “how to cope with recession” recipes appears to be to survive or at best maintain market share, in short, “Lay low until the storm passes.” This would be good advice if you hope to maintain the relevance of your business after the storm passes. However, we don’t think that is going to be business as usual this time around; picking up where companies left off just might not be enough.
Corporations across the world need to hone several capabilities in the right proportion if they want to be able to weather this storm and come out stronger. These are not part of a “good to have” wish list but rather are “must have” capabilities. These strategic imperatives should be part of your performance dashboards if your business is to confront changing realities and adapt to the new normal. The key enabler is the ability to leverage data and get relevant business insights through actionable analytics. To gauge where you stand with these capabilities, look into your company’s ability to do the following:
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