Prioritizing innovation today is the key to unlocking postcrisis growth.

John F. Kennedy once observed that the word “crisis” in Chinese is composed of two characters— one representing danger, the other opportunity. He may not have been entirely correct on the linguistics, but the sentiment is true enough: a crisis presents a choice. This is particularly true today. The COVID-19 pandemic has upended nearly every aspect of life, from the personal (how people live and work) to the professional (how companies interact with their customers, how customers choose and purchase products and services, how supply chains deliver them). In our recent survey of more than 200 organizations across industries, more than 90 percent of executives said they expect the fallout from COVID-19 to fundamentally change the way they do business over the next five years, with almost as many asserting that the crisis will have a lasting impact on their customers’ needs (Exhibit 1).

Contributors: McKinsey & Company
Categories: Whitepaper
SRC Type: Performance Management, Sourcing Management