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- July 17, 2020
Business leaders are quickly pivoting to implement actionable initiatives to ensure true business resilience. But what exactly are they? McKinsey’s Mihir Mysore has the answers.
What companies should do to prepare for a recession -
Coupa recently sponsored the Harvard Business Review webinar “What Resilient Companies Do Differently” featuring Mihi Mysore, a Partner with McKinsey & Company’s Risk Practice. Mysore, co-author of the HBR article, “What Companies Should Do to Prepare for a Recession,” discussed how resilient companies from previous downturns have thrived and shared what he expects the most resilient companies will do in this downturn.
A focus on speed, discipline, and flexible adaptation
Mysore talked about top trends, including how resilient companies are increasingly turning to digital tools and advanced analytics to bolster productivity and drive growth. McKinsey’s research has found that resilient businesses focus on speed, discipline, and flexible adaptation. New approaches to organizational structure, operating practices, and environmental monitoring will be crucial in the months ahead.
Develop your game plan for thriving when the economy reverses
Mysore contextualized the current pandemic and the resulting business challenges – and opportunities – we’re facing: “We are living through an opportunity for companies to treat return as a muscle. Speed is a new muscle that must be incorporated into a company’s operating model. Companies must also commit to the discipline needed to get through the pandemic.”
To navigate the COVID-19 pandemic, organizations must consider changes to customer demand, the labor force, the regulatory environment, and knowledge about the virus.
- Create financial and supply chain resilience that builds speed and discipline
- Embed operational speed and financial agility into your long-term DNA
- Digitally transform for operational efficiencies that create a sustainable competitive advantage
Digital transformation initiatives do not need to be heavy lifts. In the webinar, Mihar advises leaders to look to areas of your business to modernize and partners with a reputation of rapid speed-to-value. In most cases, these initiatives can start seeing results in a matter of weeks. One of the areas that offers clear value the fastest is BSM—by getting all of your organization’s spend, from sourcing to payments, flowing through one intelligent system, you can tap into immediate value while building resilience in your organization through a combination of speed and performance.
Additional resources: Navigate the road to resilience with Coupa’s new Toolkit for Finance and Procurement leaders.