The current Coronavirus lockdown and low oil and gas prices are forcing companies to make tough decisions. With cost-cutting and budget pressures, aligning the right person to the expertise needed for the critical initiatives requires two kinds of people: decision makers and those who can implement the decisions. Once decisions are made, the development of an organized plan and the execution of the plan is where external help or interim support can help companies focus on improving the operational and financial performance of the business.
Decisions and implementations of corporate objectives include a range of challenges faced by this industry. How to manage liquidity and cash resources? How to manage daily, weekly, monthly cash-flow? How to secure financing should the need arise? How to manage/reduce service lines or regions? How to invest in technology to drive efficiency and lower costs? How to streamline supply chain and mitigate future supply chain disruptions? How to establish the right HR & talent strategy with workforce planning and analytics? How to pursue M&A in this challenging environment?
While management focuses on setting broad, succinct goals, clear organizational roles and responsibilities are required to deliver desired outcomes. Decision makers may find themselves stymied by a plethora of working committees, realigned processes, and reliance on consensus to deliver impactful outcomes. External thought leaders and subject matter experts provide objective, disciplined and focused execution of the decisions leaders must make at this time which helps organizations cut through the noise.
But how do you find people capable of delivering on action plans? Companies should be looking for accomplished resources who are:
- Professionals with specialized experience in a particular operational category (finance, supply chain, innovation, etc.)
- Subject Matter Experts and Thought Leaders in areas of functional/operational expertise
- Independent thinkers who can solve problems or fill the gaps
- Individuals focused on financial outcomes and efficiency drivers (cost and/or revenue)
- Objective thinkers with industry experience that understand how to integrate company governance structures and policies into delivery
- Individuals able to adapt across diverse corporate cultures
As we emerge from the Coronavirus lockdown and re-open our businesses, we face challenging operational choices. To make these really difficult decisions, companies should seek the right advice and support from both internal and external experts. What’s key is that getting the right action oriented, focused support resources in place now to deliver tremendous value in the near future.
Rakhee Das, Technology & Innovation Practice Leader – Sirius Solutions, L.L.L.P.
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