COVID-19 has complicated all our lives and has required us to reconsider our entrenched formats and methods of work. Before the outbreak of the pandemic, the Ukrainian economy had gradually stabilised. Income growth and reasonable demand provided business with room to manoeuvre and many were able to put on hold essential changes that would have brought benefits to businesses and their customers, as well as to the general public. Today, however, any delays to making changes are no longer possible.
We have stepped into a new world. This is an open future. We could not predict it. We cannot control it. All we can do is focus on agility and stay on the same page with our customers. Explore our own ways to transform and work in the post-pandemic world.
Anyone would agree that the economy has never been in a situation like this, so we should allow for error when making decisions in the new normal. There’s always a margin for error when you face challenges you’ve never faced before; you have to seek out non-standard solutions when business transformations and improvements take place in a completely new environment.
We should also recognise that customers are putting more and more of their trust in artificial intelligence and digital technology as a part of the brand. Such a perception creates new behavioural economics trends and requires a strategic approach to cyber security. We also have to acknowledge that, due to COVID-19, business will be impacted by restrictive measures from governments and other external factors more than ever before, at least in the short term.
This issue of KPMG Review Magazine is entitled ‘The New Normal’ because we are witnessing first-hand how established business models are being disrupted and becoming outdated. Meanwhile, innovative thinking and agility are becoming an everyday life necessity in this rapidly changing environment. The journey into this new business era will not be easy. We will be different people from who we were before — but how different will we be?
In preparing this new issue of KPMG Review Magazine, we have been seeking an answer to this question together with leaders of companies from various economic sectors.