Adapting to new realities is something businesses have had to do after every crisis, whether it was the dotcom bust or the 2008 financial meltdown. However, the COVID-19 induced disruption is of epic proportions and will impact all aspects of business—demand, supply chain, workforce, regulations, among others. As experts examine the length, breadth, and depth of COVID-19's impact on businesses across industries, it is becoming abundantly clear that enterprises do not just have to be resilient today, but need to have enough elasticity to adapt to future uncertainties.
This heightens the need to digitalize operations, but digitalization alone is not enough. It is the foundation, and organizations need to use the digital core they have established to build elasticity into their operating model. This will help them build adaptability and resilience into the fabric of their operating model ensuring contraction or expansion in real time to maximize the recovery cycle.