Opportunities in the coronavirus crisis: How companies can prepare for the time after the crisis

Production at a standstill, short-time working and limited planning certainty: these are today’s realities in the coronavirus crisis. What can a manufacturing company do when it has to manage an unforeseen viral crisis beyond normal economic fluctuations? What opportunities can emerge? This DTO Research article offers some thoughts.

An economic crisis triggered by an unforeseeable event has profound consequences and emotional effects. The coronavirus crisis is an existential crisis that goes far beyond a normal cyclical downturn. Unlike the banking crisis more than ten years ago, it affects many industries directly or in the medium term. The initial reaction is often paralysis, fear among management and a sense of helplessness. But how can companies address the crisis proactively, or even improve processes sustainably? A crisis is also a time for reflection. Economic crises often expose problems more sharply and can ultimately force innovation. If, for example, a company has continued selling industrial products into sectors where those products are no longer in demand, a crisis can accelerate the necessary change.

Ways of working together also change faster in a crisis. Companies that had heard of working from home but previously avoided it are now being forced to adopt it. One positive effect may be the realisation that employees really do work from home, can be productive, and that the arrangement works. Once business starts moving again, this practice is likely to become more common. Communication is increasingly digital, and reporting lines become faster and simpler. Not every client interaction has to be face to face. In his essay “The World after Coronavirus”, futurist Matthias Horx offers a partly optimistic contribution. Looking ahead, his main conclusions are:

1. Digital practices will become a lasting part of working life.
2. Networks will become more local, and skilled trades will experience a renaissance. The global system will move towards “glocalisation”: the localisation of the global.
3. Solidarity and humanity will become more important values.
4. The global economy will not collapse.

What might this mean for industrial companies? Rigid structures and the argument “We have always done it this way” will become harder to defend. The spirit of innovation will have to grow. Business models will be questioned and assessed for their relevance. Meetings will become more digital, production methods will be reconsidered, and more production will return to local markets.

What does all of this mean? This is no time for lethargy. The time to prepare for life after the crisis starts now.

In difficult times, orientation matters. Do you want a strong partner who can advise you during a crisis and prepare you for the future? DTO helps you develop a sustainability concept, identify your future industry and review your organisational structures. Through our established Technology Scouts network of industry experts, we connect you with start-ups and innovators. Market and competitive analyses show which markets are stable, which will matter to your business in the future, and which innovative companies are already active. Let us take this path together.