During the recent economic downturn, most companies have been focused on just “getting by.” Buoyed by the current upturn in the markets, the survivors are now coming out of the turn and jockeying for position and market share.
Many businesses are breathing a sigh of relief that the hard part is over so now we can all get back to “business as usual.” However, the reality is that in many ways business post-recession will never be the same again. You can’t step into the same river twice.
A post by Bob Brown of Cambashi provides a shrewd examination of this sobering fact and the effect of the recession and the new challenges and requirements ahead. A quick summary of his article could go something like this: In your haste to get your business back on track, don’t make the mistake of trying to pick up where you left off many months ago, because in the wake of the massive chaos and destruction wrought by the recession, so much has changed.
These shifts include: markets (changes in supply and demand, new requirements, etc.), the competitive landscape (both extinction of some players and the emergence of new players), and vendor and supplier relationships (churn and disruption).
Doing “more with less” is still center-stage. Post recession, this refers to the current scenario at hand where companies have had to cut not only fat, but also flesh, paring down enterprise operations – in some cases to the bare minimum. “Less” equals fewer plants and facilities, fewer employees, fewer product lines, fewer marketing resources. And “More” refers to the greater ROI that companies need to find in leveraging these fewer resources.
So the big question is – what is required by companies today to enable them to pull this rabbit out of the hat? The answer, according to Brown, is to have the right “sensory equipment” and “analysis capability” in place to respond to a whole new world of opportunities and threats effectively given today’s post-recession resource constraints.
At Epicor we couldn’t agree more. In Part II of this blog series, I’ll talk more about how technology is giving companies a leg up in the post-recession world.
Posted by Scott Hays, Director, Product Marketing, Epicor