Value creation plans have migrated to version 2.0 following intensive re-evaluation resulting from the pandemic. Pivotal business inputs – such as reimbursement models, employee & customer safety, state-by-state regulatory requirements, M&A pipelines, digital capabilities, global supply chain partners, distribution networks and so much more – have shifted dynamically, forcing CEO’s and Boards to rapidly reinvent the means for creating shareholder value.
As the new path forward is defined, aligning executive talent across critical functional areas is the critical next step for CEO’s to effectively prepare their organizations to capitalize upon marketplace opportunities and re-set the foundation for value creation in 2020 and beyond.
Board Composition
Ensuring the appropriate Board composition is vital to organizational success. Board members play a key role in strategic planning and advising. Their expertise and networks can often provide invaluable shortcuts in propelling the organization forward. Reconstituting a Board to synchronize with the updated business plan is essential for CEOs to successfully adapt their organization to the “new normal.”
Financial Leadership
Many financial playbooks have been thoroughly revised or aggressively adapted to meet new business plans. Alignment of the CFO and Finance organization as new playbooks are operationalized is an important evaluation. Between adjustments in M&A strategies, organizational outlook on debt, reimbursement changes and revised exit timelines the economic impact of COVID-19 has affected the financial fundamentals.
Supply Chain Leadership
Risk, diversification, global regulatory exposure, safety and a host of other critical items have elevated in prominence as a result of the pandemic. Supply Chain leaders are pivoting their teams, and many CEOs are evaluating the relative strength and readiness of these teams today more so than ever before. The complexity of global supply chains, like those in healthcare, increases the risk of disruptions. By identifying potential blind spots, and diversifying procurement, manufacturing and distribution, organizations can reduce supply chain risks.
Proven supply chain leaders balance customer needs, cost and stability effectively and enable organizations to endure sudden shortages and unexpected disruptions. The demand for strong supply chain talent is intensifying as organizations prepare for the future.
Technology Leadership
Solid technology leadership has proven imperative to organizations in surviving the crisis. Organizational distress has also made it apparent which Technology organizations were prepared to meet the challenge, and those which were overmatched. From telehealth platforms to video conferencing capabilities and population health analytics, technology has become increasingly crucial in providing services across organizations and industries. The relative strength of Technology leadership will have a direct correlation on an organization’s preparedness to meet the next wave of regulations and customer needs.
Sales & Marketing Leadership
The combined economic and social impact of the pandemic has necessitated new approaches to sales and marketing. Through the adjustment of social media strategies, revised sales forecasts, re-organized go-to-market teams and an increased reliance on data, organizations are adapting sales and marketing strategies to meet new marketplace demands.
Strategic sales and marketing leaders are able to reimagine and pivot their growth playbooks to meet the market where it is and prepare their teams with revised messaging and tactics. Although market trends remain unpredictable and demands continue to rapidly adjust, strong leaders dynamically evolve to sustain and power business performance.
As the global economy continues to recover and reopen, CEO’s will be faced with unprecedented challenges. By ensuing executive talent is well-matched against freshly minted business plans, CEO’s can better prepare their organizations today to meet the challenges of tomorrow.
Additional Resources:
- https://boardmember.com/covid-19-requires-board-engagement-a-playbook/
- https://www.bcg.com/publications/2020/cscos-transform-operations-post-covid-19.aspx