For most businesses, the pandemic has been a stress test, exposing failings in the way they operate. Our study reveals that C-suite top priorities range from accelerating digital initiatives amid cost-cutting pressures, to ensuring health and well-being.
Operating in uncertain times has been the new normal this spring. All over the world, management teams had to rush to close facilities and offices, rethink supply chains, defuse rising cyber threats and preserve their bottom lines as the world economy tanked. Things like business continuity planning, scenario analysis and corporate cultures strained to meet this unprecedented challenge.
To get a sense of how senior executives are responding now, Cognizant commissioned ESI ThoughtLab to conduct a survey of 500 senior executives at U.S.-based companies. The resulting fallout has impacted companies and industries in different ways, our research reveals. More than one-third saw supply chain disruption and a major loss of business, with manufacturing, retail and life sciences particularly hard hit.
Regardless of industry though, management teams are reconsidering how to do business in today’s interdependent world, in which market shocks can cascade quickly and unpredictably. The new insights are about the need to improve business continuity and scenario planning, as well as digital systems and workflows. Strengthening the work culture and management practices is also topping the agenda.
View the full survey and also read about the five profound changes in the business environment post Covid-19.