How to Thrive in this New World

Merely surviving isn’t the mentality a successful business should adopt. It’s not just technological changes that can transform an industry. There are also situations, some out of our control, that require us to quickly recognise them and adapt to ‘the new norm’. The COVID-19 crisis and Brexit are two key examples. The former is notably one that we’ve had little time to prepare for and have been forced to jump to action.

An Annual Global CEO Survey from PwC found that more than a quarter of CEOs in industrial manufacturing (IM) businesses felt “not very confident” about their company’s 12-month revenue growth. That was before COVID-19 happened so these concerns have most certainly been amplified since the survey was conducted.

And for good reason. PwC conducted another survey in May 2020, this time among financial leaders. They found 51% of CFOs expect a decrease in revenue of up to 25% as a result of the pandemic. So, how can manufacturers boost and solidify their revenue growth? By migrating to a more agile, innovative business model. Direct your cost-cutting measures towards lower priority areas and refocus resources on the high priority areas that can secure your future competitiveness. Your end-game is to enhance your business’ capabilities which is precisely where technology can help.

43% of manufacturers want to plan for growth but feel like the times are too uncertain and unstable. Quick agility is key to ensuring revenue growth, despite the challenges of an uncertain environment. Speed is of the essence here - anything that takes years to develop will probably be outdated by the time it’s ready to use. So, look for something with a shorter implementation time or a solution that can be implemented in increments.