Can software aid COVID-19 recoveries? Companies who are feverishly trying to model their reactivation strategies are finding their spreadsheets and ERP systems starved of reliable front-end data. Statistical modelling of historical demand using BI applications seems utterly pointless and their CRM systems have been left completely stranded. Suddenly the business landscape has changed beyond all recognition. Nevertheless, the opportunities are out there for those ready to challenge the established convention. “Are You Making a Good Recovery?” highlighted 10 certainties about the recovery period which companies could take advantage of in their recovery plans.
The challenge is the same for most businesses. When will the demand pipeline refill and by how much? Will economic recovery be V, U or Nike ‘swoosh’ shaped? What has been the impact of economic scarring? What is the state of our supply chain? If we knew the answer to these, we could plan and model the optimum strategy for recovery.
For lean and agile businesses, the challenge ahead actually translates into market share acquisition and competitive advantage. Building their own ‘new normality’ will involve exploiting market opportunities and competitor weaknesses. Hard demand data, commercial intelligence and competitor analytics have never been more relevant than now.
The companies that will make the best recovery will be those who use such applications to exploit any opportunities to outperform their markets and competitors. These companies generally operate sales and operations planning (S&OP) processes which integrate with their supply-side planning to drive customer fulfilment and service levels. They could be using sales pipeline analytics, sales channel analytics and performance analytics to leverage every opportunity in their sales value chain.
During recovery periods following a crisis, there are great opportunities to leapfrog market position. Foresite would love to hear about your recovery challenges, what you need to overcome them and how you are going to build back better!