How business can emerge stronger?
12/04/21
Five major forces that had already been pressuring leaders to transform their organisations have now been accelerated by COVID-19:
- Asymmetry in the distribution of wealth
- Technological disruption
- Age and other demographic pressures
- Polarisation driven by populism
- Declining trust in institutions
Taken together, these forces form what PwC refers to as the #ADAPT framework. In response, company leaders will need to rethink traditional approaches to doing business and reconfigure their business models accordingly.
Slava Vlasov, Partner, Leader, Tax and Legal Services, PwC Ukraine, comments:
“The rapid development of technology over the recent years encouraged the business to rethink their processes, adapting them to today's requirements. The global crisis resulting from the pandemic acted as a catalyst of this transformation, making organisations promptly launch alternative business channels, test and improve their business continuity plans and completely reset their corporate cultures and business objectives.
Our experience shows that tax and legal issues that businesses face daily also require new approaches. Force majeure circumstances make companies change the formats of their contracts, digitise their document flows, and prepare justifications of their COVID-19-related expenses to controlling authorities. This list could be extended to be multiple pages long.
Yet, business transformation is not limited to the Corona crisis of today. The world is changing, and society’s expectations from the business are changing with it. Trust is becoming a critical success factor. As such, utmost transparency and responsibility will define the image of any company in the economy of the future. This business will be able to engage the best talent to make history together. This business will benefit from relying on government support in this turbulent period.
Our PwC team has extensive experience getting businesses ready to operate in the new normal. We successfully implemented the most complex transformation projects, in particular, during the previous crisis period. We have built a transparent and responsible business and are helping others to do the same.”
Under the hashtag #How_business_can_emerge_stronger we publish a series of short posts dedicated to the review of global insights into the thinking of 700 chief executives around the world on emerging business models and key trends resulting from the global health crisis.
Follow the link to find out more about the survey findings.
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