“When you follow the CORE workout routine in the gym every day; it will shed out the fat and strengthen the muscles. Similarly, this CORE Assessment will help organizations to eliminate inefficiencies and give a much-needed muscular strength to the businesses.”
Coronavirus is the new challenge faced by the world disrupting the way people live and work globally. More than 3 billion people were under lockdown for about 2 months around the world compelling most business organizations to enact the remote working directives, to ensure the safety and well-being of employees. As we all know, the world is a global village and so is the business, and this global and interconnected nature of today’s business environment poses a serious risk of disruption of global supply chains. These disruptions have resulted in substantial loss of revenue and an adverse impact on global economies.
The COVID-19 pandemic has changed the way organizations operate. So, to be prepared to restart, organizations must review existing working patterns and accelerate the development of new working patterns, programs, and strategies. This can enable employees to work productively during the disruption and make it easier for businesses to improve cash flow and profitability. Organizations must identify the exact challenges. They should focus on the identified challenges and put efforts to make the business ready to operate post-COVID. There will be many changes right from how individuals commute, enter workplaces, interact with others, manage tasks and operations and much more. In a post-COVID world, not only the safety of the employees but also the safety of business productivity and profitability will be important.
Especially in a country like India, where the government is planning to lift the lockdown restriction in phases subject to certain conditions, new challenges for the business arises. And business organizations cannot make any mistake in getting ready to reopen their business operations after a long time as the world of work will never be the same again.
Business needs to develop a strategy to counter the damages including safety and productivity of the entire workforce. Coronavirus pandemic is challenging the businesses to think in different and unique ways to restart their operations, as the disruptions caused by the pandemic outbreak have left deep impacts on businesses. It has impacted supply chains, cash flow, productivity, the layout, all this taking into consideration the guidelines issued by the government.
So, the question is – Is your organization ready and prepared enough to restart? A company’s overall COVID-19 impact assessment and action plan in the short term will determine an escape plan for businesses. The organization needs to prepare well in advance and get ready to restart with the business operations to ensure the smooth functioning of the business to remain productive and profitable post-COVID. This requires a complete assessment of the impact on the business model, both short term and long term.
To overcome the coronavirus pandemic impact by identifying the exact challenges and identifying the areas of focus, Team Faber Infinite has devised a robust COvid REadiness (CORE) Assessment using more than 200 years cumulative industry experience. CORE will help the organizations understand the implications of coronavirus and, more importantly, the best position of the organization to be resilient post-COVID by identifying the business-model risks and opportunities that the Covid-19 pandemic presents.
CORE assessment by Faber Infinite Consulting has 5 stages as under:
1. Online conclave with the senior management team of the organization
A detailed structured workshop with the leaders and senior management team regarding the various aspects of the business will help to identify the major strengths, concerns, opportunities, and threats for business continuity
2. Data collection
Historic data regarding more than 20 parameters/ ratios relating to costs, delivery, quality, capacity, manpower productivity, efficiency, breakdowns, inventory ratios, safety and others will be captured
3. Data Analysis
Team Faber Infinite will look at the core dimensions of the business model like capabilities, manpower productivity, existing layout, material, cash and information flow, inventory ratios, breakdowns, customers, value propositions, value adding ratios, etc. Secondly, team Faber Infinite will also analyze the connections between these dimensions and identify exact challenges
4. Capturing the voice of the organization
Once the data will be collected and analyzed, one-to-one or online meetings with functional heads will be conducted to discuss the data collected, validations, gaps identification, and planning the way forward.
5. CORE (COvid REadiness) Plan
A docket will be devised containing the guidelines for accelerated growth, while keeping in mind regulatory requirements like social distancing, hygiene at the workplace along with elements like improving inventory management to improve cash flow and material flow, improving manpower productivity, to name a few. Also, team Faber Infinite will help to define realistic objectives for the organization, during and after the crisis.
Certainly, Coronavirus is a huge backdrop for businesses across the globe – compelling organizations to assess their current practices, reinvent their working patterns, and strengthening their fundamentals. Leaders must consider the outcome of the assessment as they decide to reopen and get back to normal as soon as possible. Businesses can ensure smooth operations and improvements in productivity post-pandemic by taking this assessment.
Written & Compiled by Faber Mayuri & Faber Manasi