5 ways to navigate the new normal
We all know the theory: calculate safety stock using a formula that includes the variability of the demand, the reliability of supply and the desired customer service. But what happens if conventional wisdom no longer applies and doing what you’ve always done is not an option? Here’s some unconventional wisdom for these unusual times…
Fail fast, succeed quicker
Speed trumps accuracy: organisations that freeze in the face of this challenge will later regret their paralysis. Action is preferable to precision; getting it wrong is better than doing nothing. As Franklin D Roosevelt taught us: ‘Above all, try something.’
When we look back on how we managed the coronavirus crisis, we will see that it is not good enough to doggedly pursue decisions that are clearly not working. We will see that the organisations that prevailed were those that did something, and – where appropriate – accepted they got it wrong, learned and moved on quickly.To access please sign in.