Managers with foresight Vision & Industry 5.0
Being online constitutes a significant part of our daily routine. Given the recent situation with the pandemic, we all have less face-to-face communication and thus our minds begin to think differently. We open up to an alternative format of thinking - namely, how to solve problems more easily and without unnecessary actions.
It is as if the world has stopped to free up time for people to think. Today is the day to bring forth all successful experiences. It is time for a progressive leap.
Same goes for businesses - the efficiency of processes is increased and there are more result-oriented actions. There is no longer a need for ineffective meetings thus saving time and costs.
Technical processes are being replaced by artificial intelligence. Businesses are starting to think otherwise –what can be resolved through online meeting cancels face-to-face interaction.
Some business processes are naturally rearranged, while others require artificial intervention by manager. The pandemic has led to useless business transactions.
Businesses are starting to think about restructuring and retraining employees. It is either ability to keep up with natural flow and make radical changes quickly or close down. There is no crisis. It is a myth... it was invented to justify immobility. The market demand remains and closing a business is not the right solution for it. The gaps in market will pave way to those who manage to transform.
The main solution is an organizational restart of the business which is a complicated process. The difficulty lays not in actions themselves, but in ability to change thinking radically.
Some of the problems that managers face:
- Despair and shock due to declining sales that causes fear and immobility. "We do not have financial strength. Everything is closed and I do not know what to do. Nobody knows what will happen." Managers should look at themselves from a side (self-analysis is the key, what was done wrong, what mistakes were made, did they experience a negative loop based on their decisions, what inflexible actions did they take in the past.), because they are the company's strategist and their vision is the guarantor of the company's success.
Their ideas should be brought to life as business processes.
Managers should put emphasis on intellect and ideas in order to succeed in desired transformation. They should pose questions, what is the new demand and how to rearrange the existing structure, how to grow the company with the new structure. Managers must possess their specific manner to advance the execution purposefully and lead with utmost efficiency.
The new action plan revolves around product conversion (addition/modification) and enhanced online marketing, which in turn requires different type of knowledge. Managers need to change their vision - what they used to do could have been successful before, but today those actions and plans are outdated. There are steps to be taken such as a new plan development with a new structure and innovative products; changing the channels of communication with the customer; drastically increasing the amount of communication.
Internet marketing channels and advertising are meta-focused on the target segment, and managers can use this source to provide information to a specific target age group. But — reorganizing employees to work on a new system — this is what takes time and effort. New sales channels do not preclude forgetting the old ones, but over time the old channels will be significantly reduced. Managers should plan a test period for new products and prepare employees and partners to launch the product. Identifying the need for preparation is the first step towards gaining team knowledge. Team knowledge lowers business risks and eliminates mistakes. This is a prerequisite for globalization that will lead many businesses to large-scale results in terms of wealth creation.
Efficiency parameters are changing: some companies may have to forget about old products altogether. For example, the losses of oil companies exceed billions. Their prime concern is working on new products to create an alternative power source. Meanwhile, local manufacturing, technological innovations, telemedicine and food businesses became the best investment destinations. Meeting the current demand fields mentioned above also introduced modified products to the market. The service is moving online...
This day it is effortless to enter the international market, being online uncovers many unprecedented opportunities and will open even more in the future...
The world of digitization 5.0 is running efficiently in the world, which implies the full introduction of technological innovations. Industry 5.0 requires the development of managerial foresight. Investments should be made with knowledge and teaching should be perceived as a continuous process. As a result, within this model, the organization becomes sustainable. This is a new Era when success depends solely on knowledge. Knowledge must be constantly transformed according to modern trends. Managers and their teams must present their knowledge in a transformed way to both the market and the founders.
MCI GROUP Management Consulting Investment