NEED TO KEEP UP WITH AN UNPREDICTABLE AND EMPOWERED CONSUMER?
AGILITY IS THE ANSWER
Stakeholder management in a COVID-19 disrupted world

Stakeholder management in a COVID-19 disrupted world
The world has been encouraged by recent news on vaccines. Consumer-facing businesses, in particular, are looking forward to a return to more stable normal—even if that is much changed—after a year of unprecedented disruption.
However, between that promise and today, we must negotiate a difficult winter. ECB President Christine Lagarde has warned Europeans to expect a 'start-stop' recovery until a vaccine is widespread, and Fed Chairman Jerome Powell said in congressional testimony that the recovery in the US is slowing. Lockdowns will likely remain a fact of life across many parts of the world into the new year.
This will challenge businesses for months to come.
In this second in a series of articles on the ongoing challenges of managing stakeholders in a COVID-19 disrupted world, we look at that most critical of groups: customers.
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Most companies recognize the importance of agility, but what does this mean in practice? In our experience, there are three major and measurable components:
Obstacles to cooperation, transparency and communication abound. But when incentives are shared and aligned, and teams talk to each other openly, decisions can be made quickly and smartly.
Disruption is accelerating and relentless, which necessitates an equally relentless focus on speed to execution and getting the product to the customer at the right time. Swift execution, coupled with continuous improvement, beats waiting for perfection and being late every day of the week.
Historically, consumer-facing businesses are rich in consumer data but poor in deriving insights and implementing changes based upon them. Investing in predictive modeling, artificial intelligence, and consumer insights are absolute necessities in today’s world. In an environment in which historical patterns no longer predict the future, these have become the essential tools for demand modeling and business planning.
By investing in these three areas, companies can enhance their ability and respond to the rapidly-shifting demands of their empowered customers. Doing so will not only enable you to navigate through the current crisis, but position you for the reality of a disrupted future.
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