COVID-19 has brought the world literally to its knees.
The Coronavirus is not only a health crisis of catastrophic significance and bringing demographic restructuring, the largest seen since World War II. But it is, also, a transformation of the global economic industry unlike we have ever seen within our lifetimes.
The lock down of the population has resulted in an acute pullback in economic activity, whilst necessary to protect public health, it is simultaneously jeopardising the economic wellbeing of citizens and institutions alike.
For some organisations, near-term survival is the only critical factor. Others are already attempting to position themselves for once the crisis has passed, to be ready to seize opportunities in the new economic arena.
The greatest question is what will be the new “Normal”? What will be still standing when this virus passes and will we even recognise the terrain it leaves?
What will be critical on the return to operational health is the reactivation of the entire supply chain of an organisation. Global organisations will face the greatest threats as the scale and timing of coronavirus in other countries could cause great disruption or even render past supply chains redundant.
Organisations must therefore reassess their entire business systems and plan for contingent actions in order to be able to return their business to effective production. This is where contract, commercial, procurement and supply chain expertise will be vital at this point to create fast and effective contract negotiation throughout the re-shaping of the future business and streamlining the processes and procedures to meet the new world.
The world has been reshaped and an unprecedented situation has arisen where organisations, schools, governments have all embraced technology and found that continuation is possible, in the face of such adversity. This will continue to impact our future paths as organisations create dynamic and resilient practices to meet such threats head on. Technology is paramount in the new world and contactless consumer.
Yet, could the Coronavirus spell the end of globalisation? Organisations must look to their existing supply-chains and bring them closer, with more localised sourcing and production capability to fight future threats, such as the second predicted wave of Coronavirus, Winter 2020. Hopefully there is a lasting positive outcome to all this horrible tragedy, where we are forced to consider mitigation options to traditional sourcing and we are better and stronger as a result.