The New Normal
Government and business leaders must brace themselves for the (next) New Normal and turn challenges into an opportunity if they are to emerge as winners in a post-coronavirus (COVID-19) world. Companies in the Middle East and globally will operate in a radically different environment defined by lower revenue, changing competitive landscape, new business models, and rising economic protectionism.
Market disruptions due to the coronavirus pandemic will lead to a never before seen boom of mergers and acquisitions (M&A) as well as a surge in restructuring programs on both governmental and corporate level.
These disruptions will create a unique opportunity for companies today to gain market share in a VUCA World (Volatility, Uncertainty, Complexity and Ambiguity) and transform into agile, resilient, and robust organizations.
Buoyed by historically high growth rates and solid demographic and political structures, the Gulf Cooperation Council (GCC) states are well positioned to adjust to this new economic environment and recover from the COVID-19 pandemic.
We recently published 'Beyond COVID-19: Adapting to the next New Economic and Business Reality’ white paper.
The paper outlines a multi-pronged approach encompassing eight main areas to help governments and organizations lead the way for next economic and socials shifts.
Companies and governments with high level of digitalization have a big advantage over organizations that lag behind in technology adoption
Fully integrated industrial complexes will feel lower impact from the crisis compared to single service or product providers
Greater emphasis needs to be placed on stakeholder value, even if this is on cost of margins
Developing Special Economic Zones (SEZ) can help to attract global key players and create synergies in the business community
Industries such as travel and MICE (meetings, incentives, conferences and exhibitions), as well as leisure among others, are facing long-term implications on their profitability, while other sectors including retail, e-commerce, the medical sector and IT services will only be confronted with managing short-term losses and a liquidity shortage, the paper adds.
To help them achieve this, we have identified several key areas that both businesses and governments will need to focus on if they want to overcome future challenges and emerge as winners in a post-coronavirus world. We have developed a multi-pronged approach encompassing eight main areas to help governments and organizations lead the way and navigate successfully the next economic and socials shifts (Read our full blog below)
Changing business landscape
Post the COVID-19 pandemic the world will awake to a new reality with modes of work, life and travel likely to remain radically different – at least for the foreseeable future – from the ways we have all gotten so accustomed to over the last few decades. With the current infection wave still under way, experts continue to fear a second wave of the virus which would deal another devastating blow to businesses and the economy. The economic impact from the coronavirus pandemic is not likely to abate any time soon not at least in the next couple of years. New and emerging business models devised to help companies deal with the consequences from the pandemic will result in investments being reshuffled. Fundamental adjustments in supply chains and operation networks such as nearshoring and onshoring are also likely to occur. Other major trends that will take shape in a post-pandemic world include accelerated digitalization, a shift in industries’ competitiveness, and increased global protectionism. We also expect to see Asia’s rapid ascend as a world economic power thanks to its fast recovery from the virus and generally lower costs.
How can we help?
Our team is well positioned to support the public and private sector to establish strategies for a robust business model and business continuity.
Despite the COVID-19 pandemic, our highly experienced teams are working around the clock to provide support to our clients, maintain our business, and adjust to the new normal. What seemed to be impossible in the past has become the norm in the last few months, proving that with modern IT infrastructure and common communication tools businesses can continue to operate with absolutely no disruption from any part of the globe. We are the living proof, as we managed to deliver our customers’ projects with huge success at a lower cost.
Our partners across the globe are playing a key role by helping us to overcome the lack of local presence in our target regions – GCC and Africa.
Thanks to our extensive network and partners can provide a one-stop-shop for businesses and governments alike across a range of services, including:
Supply chain adjustments
Industrial fast-turnaround management
Energy efficiency based on artificial intelligence