Frost & Sullivan

COMPLIMENTARY EXECUTIVE SUMMARY

Seven Business Imperatives for Industrial Companies to Prepare for the New Normal

COVID 19 Industrial Companies

COVID-19 is the first truly global crisis, leaving no business unscathed and impacting more than 75% of the world’s manufacturing outputs. The pandemic created a major retraction of global trade, encompassing a 5.2% contraction in global GDP in 2020, despite extraordinary fiscal and monetary policy supports by governments. A true test for the industrial sector lies ahead, and companies with the most intelligent and informed playbook will be in the best position to survive, thrive, or even surpass the competition.

To start, organizations will need to address these seven business imperatives:

  1. Empower a remote workforce
  2. Engage customers virtually
  3. Enable remote access to everything
  4. Accelerate agility and efficiency
  5. Protect against new cybersecurity threats
  6. Reduce operational costs and enhance supply chain continuity
  7. Protect the health and safety of the workforce
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