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The flipside of the corona crisis coin

The flipside of the corona crisis coin

Despite the struggle and uncertainty, we must believe that there is a life after the corona crisis. Focusing on opportunities will generate positive thinking in our organisations, among our customers, suppliers and other stakeholders.

Anders Hahnsson

Director, Head of Industrial Manufacturing

KPMG Suomi

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A few weeks into the corona crisis, we have taken the immediate and inevitable measures, as ensuring that our personnel is safe, we are not too short on cash, and we have secured our most critical deliveries and supplies. That’s is all fine, but have we had the time and courage to consider the flipside of the coin? Despite all challenges we have at our desks, despite having to fight to make it through the day, have we thought of any opportunities that this crisis may provide us?

All businesses will not survive, and for many life will be harder than before, but it will still be a life. We must be able to spot the opportunities that may lie ahead. It will determine what our business will come out in the future.

Learning lessons for all of us

For companies strong on cash, there may be an opportunity for an acquisition. Can we buy a competitor to broaden our offering or to gain market share? Can we acquire a supplier in distress that otherwise may face bankruptcy and cause us severe delivery problems? An acquisition can be welcomed by all the parties, as it gives an opportunity for continuing the business in a new constellation.

In case we don’t have all the resources ourselves, there may be Private Equity investors keen on participating in the arrangement, as there is still money in the funds, and there is a shortage of good investment cases.

For manufacturing companies, there may be opportunities to find new and alternative suppliers on materials and components, and there may be possibilities for new and innovative ways to collaborate with the suppliers and other parties along the supply chain. There may be ways to find out alternative logistic routes and modes and build more responsive and resilient supply chains better geared for the future..

For most of us, having practiced remote working and having been forced to learn using new digital tools for communicating and collaborating, there are certainly opportunities to revamp our daily way of working.

Outside the box reality generates creativity

We can start by identifying all the new and creative solutions that have emerged as a result of being forced to getting around the obstacles in our daily work. This can be in our own team, in our company, at our customers, peers, suppliers or competitors. We should identify how to adopt, adapt, scale or multiply that in our business.

We can start by identifying the fields where we can come out stronger than before from the crisis, whether it may mean acquiring a business, making our supply chain more resilient, or revamping our internal ways of working.

We shouldn’t either be afraid of thinking of the unexpected. Do we see totally new needs that we can satisfy with our current, modified or new products or services? Are there new ways to serve our customers?

Let's work for a brighter future

Positiveness generates positiveness, and that is something we all can have use for right now.

We also have to realise that in this evermore integrating and interlinking world, this kind of a virus will come again, and we’d better be prepared, as we can’t lock down every time.

Despite the muddy trail ahead of us, we should raise our eyes from the mud, and see the beauty of the rising sun in the horizon. 

© 2020 KPMG Oy Ab, a Finnish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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