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When Covid-19 descended on the world in early 2020, almost every organization around the globe was forced to rethink operations and planning nearly overnight. From the demand fallout and supply disruption to rising prices and labor shortages, the pandemic ushered in an era of uncertainty that many organizations were ill-prepared to navigate effectively. “In practice, companies have always talked about being prepared and planning for the future,” says Hyoun Park, CEO and principal analyst with Berkeley, Calif.-based Amalgam Insights, a technology research firm. “In reality, planning prior to COVID was a process that happened on a quarterly or annual basis. These were fragile plans that could easily go wrong and didn’t have a backup process that allowed businesses to make changes quickly when anything substantial happened internally or on a geopolitical level.” With multiple global challenges facing organizations today, perhaps it’s not surprising that 72% of the 288 business executives familiar with business planning for their organization who were surveyed by Harvard Business Review Analytic Services in April 2022 say the pandemic brought about major changes that significantly altered their business plans. |
