Although the linguistic debate continues, the two characters within the simplified Chinese word for “crisis” (危机) are often interpreted as signifying danger and opportunity. Everyone would agree that there is plenty of “danger” right now – to our health, families and jobs – but the organizations that create an opportunity will be the quickest to recover and the most competitive in the long run.
McKinsey calls these organizations the “Resilients.” In their analysis of the 2008 recession, they found the companies that thrived had two attributes: speed and discipline. “Speed” in being more decisive in implementing change in response to triggering events, and “discipline” in using data to guide those decisions.
When it comes to speed and discipline, there are actions companies can take now that won’t just help them get through the crisis, but accelerate their recovery and improve their long-term competitiveness
. These include:
- Anticipating risks before they consume cash and resources
- Evaluating markets and locking in pricing now, before demand and allocation dictate costs
- Democratizing data by bringing insights to the professionals who can make the decisions and have the tools needed to take action.
In reality, there is no one simple answer. There are however, simple ways to act that doesn’t just minimize damage, but creates opportunities. We’ve learned in our personal lives that flattening the curve minimizes the depth and longevity of a crisis. Why not apply we the same logic to our operations?
Founder & CEO