AI, cloud, 5G and the future of work? Top tips for post-pandemic business recovery

Experts give their views on what businesses need to think about in the coming months, to not just survive but compete.

It was interesting to see how predictions from JPMorgan Chase CEO Jamie Dimon went viral recently. In an annual statement to shareholders, Dimon claimed that the US is heading into "a bad recession combined with some kind of financial stress similar to the global financial crisis of 2008." Everyone was thinking it, Dimon just happened to say it.

It's worth noting however, this was the man that two years ago claimed he does not view a recession as a bad thing. "It's bad for America. It's bad if you are unemployed but it's usually an opportunity for JP Morgan," he said. This probably didn't win him too many friends but if his recent predictions are right and we are heading into an economic trough that makes the credit crunch look like a minor inconvenience, then there needs to be significant change.

Some companies will feel they have been here before but for many, this will be a new experience. Not everyone will remember the dotcom crash or felt the force of the global financial crisis in 2008 but in the months that followed the demise of Lehmann Brothers, in the UK alone, approximately 27,000 businesses went to the wall.

Economists and commentators like Dimon are expecting much worse. So, what can businesses do about it? Where should they focus energies now and post-pandemic, to ease the pain and feed recovery?

According to McKinsey's Leadership in a crisis article, recognising that your organisation is facing a crisis is a necessary first step. The article goes on to offer other advice about leadership and the need to rethink decision making processes.

"To promote rapid problem solving and execution under high-stress, chaotic conditions, leaders can organize a network of teams," it says. "Although the network of teams is a widely known construct, it is worth highlighting because relatively few companies have experience in implementing one."

For more specific ideas on how to build a network of teams, McKinsey has released a new article, To weather a crisis…, which is worth a visit.

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