How has strategic business management changed since COVID?
The pandemic has caused fundamental changes in consumer motivations and supply chain management models over the last year. While some shifts are temporary, most organisations across the world have braced themselves for a new normal.
Strategic business management has changed for the better, and there are lots of other silver linings.
A recent study published by Accenture revealed that 93% of company executives across the world felt that the pandemic disrupted their operational models. They also reiterated the importance of strategic business management in keeping their companies afloat during uncertain times.
Many companies have adapted well to the new circumstances and are paving the way to build a more resilient corporate domain. The pandemic has also brought forth innovative and creative business models that are more suited to last in a dynamic business world.
Let’s dive into some of the ways the pandemic has impacted strategic business management policies.
- Company cost baselines are being re-evaluated
CEOs across the world are faced with reduced revenues and increased costs and are grappling with interventions to help keep them afloat during these uncertain times. There are multiple ways to manage fund liquidity, including better portfolio management or the elimination of unnecessary costs.
Drastic and random cost cutting can’t be a long-term solution and might even hamper the company’s growth in the long run. Instead, a thorough re-evaluation of company costs can create better solutions to saving money.
For instance, a re-evaluation of a company’s annual budget can reveal enough financial resources to invest in digital infrastructure. This could allow the company to permanently adopt a remote working model, thereby saving money on having to rent office premises.
- Growth mentality is driving investment costs
Even in present circumstances, many companies are getting ahead of their competition simply by investing in their future. Given that the corporate landscape is unpredictable and dynamic, it is important to avoid losing focus from future growth opportunities.
Adopting a growth mentality in their business strategies are helping many companies strike the right balance between their costs and profitability. Continued investment in tech and digital resources are also helping these organisations understand changing customer preferences and habits. These insights could result in additional savings for these companies in the future.
- Adoption of intelligent enterprise trends
Intelligent enterprise trends refer to business strategies and policies that can help companies adjust quickly to changing environments and increasing competition. CEOs can come up with customised intelligent enterprise insights by simply questioning their company’s response to different challenges.
Due to the pandemic, intelligent enterprise policies have become a reality for many companies instead of an abstract concept. Companies are experimenting with different business models and formats to outmanoeuvre these difficult times.
A few successful policies include:
- Focusing more on the mental and physical health of employees to promote better company values and employee loyalty.
- Providing digital tools, resources and training to staff to enable reskilling and collaboration, and improving employee experiences.
- Redistributing workloads depending on measured competencies and capacities rather than theoretical parameters.
- Leveraging company data and analytics to improve operational models and streamline company costs.
- Partnering with other companies to drive better market impact; and
- Weaving data science and forecasting into the decision-making process.
Aside from these changes, conventional strategic business management policies now include agility and economic resilience as the new corporate mantras. Agility in operational models and economically resilient financial decisions can drive company growth in the most adverse of circumstances.
Educating yourself in the latest business management trends can help you stay ahead of your competition and be relevant in the market. There are many suitable strategic business management programmes that can fulfil your learning goals.
If you are on the lookout for a relevant programme in strategic business management, you should check out the MSc Strategic Business Management course offered at GISMA Business School.
This programme will teach you how to shape and implement business strategies that can help you improve the performance and agility of your organisation. Additionally, the course also covers important aspects of HR management and business ethics which can enhance your leadership skills.
The hybrid educational format can also ensure the continuity of your education, irrespective of whether the campus is open or closed. You will also gain access to a plethora of online resources from The University of Law based in the UK.
Click here to learn more about the programme at GISMA.
– This article has been written by Sweha Hazari and edited by Nancy Peters