The current situation induced by COVID-19 pandemic is fundamentally altering human lives and societies to adopt transformative changes in business models. Organizations across the globe are trying to cope with this change by uncovering and leveraging their latent ‘elasticity’. While organizations have over the years built internal capabilities to deal with a certain degree of variance in the external environment, they tend to exhibit traits of rigidity, especially in external situations that are truly unprecedented in nature.
Moving to an elastic operating model requires a fundamental shift in thinking, management and governance across three dimensions:
Workforce Elasticity – enabled by the structural and behavioral elasticity of the workforce
Operations Elasticity - enabled by agility in operations
Technology Elasticity – enabled by foundational and functional elasticity in technology
While a trial-and-error approach might provide some benefits, a coordinated and well-planned cross-functional transformation will drive exponential value and a smooth transition