Companies have learned a lot about themselves in 2020 and one thing has become abundantly clear—the ability to adjust quickly and efficiently can make or break a business. I’ve noticed businesses in three particular industries react quickly and successfully during these challenging times: restaurants, financial institutions, and manufacturing.
Remember businesses where you went inside to eat food and have drinks? I do. Our new reality requires restaurants to find a new way to serve customers while keeping people out of their buildings or at an extremely limited capacity. Some restaurants successfully pivoted their service offerings to things like meal and cocktail kits, curbside pickup, and even offering virtual cooking tutorials. These changes have generated new revenue streams and a model for future restaurants to emulate. Luckily, necessity is the mother of all invention, right? Leaders in this space are looking to the future right now and know that some of these changes may be permanent.
A McKinsey & Company report outlined on The Financial Brand found timelines are getting shorter (yes, even shorter than usual) for financial institutions (FIs). Operating on shorter timelines is challenging for any organization, but especially larger FIs due to their size and structure. The report found that companies who can operate at a quicker pace were more productive and likely to hit their KPIs. In a separate McKinsey analysis, they found that one of the top three ways to increase operation speed was to partner with outside specialists.
Manufacturers have their own set of challenges when compared to other industries. The way many have adapted has been by utilizing automatization and investing in their digital technologies. We have seen a lot of manufacturers update their websites recently and create ecommerce platforms for selling products. The investments they’re making today are paving the way for them to come out stronger on the other side.
Having an agile company is easier said than done. Making decisions quickly requires a flatter organization, a smaller pool of decision makers, and a talented team. We are accustomed to short timelines at d.trio marketing group and we have an incredibly talented team. Going fast is what we do every day. If you have a need for speed, d.trio is here to help.