In Richard Koch’s 1998 book, The 80/20 Principle, he makes a rather stark statement reflecting on the events of today. “The tipping point is ‘the point at which an ordinary and stable phenomenon – such as a low-level flu outbreak – can turn into a public-health crisis’, because of the number of people who are infected and can therefore infect others. Since the behavior of epidemics is non-linear and they don’t behave in the way we expect, ‘small changes – like bringing the number of new infections down – can have huge effects… It all depends when and how the changes are made.”
“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” — William Arthur Ward.
Maintaining adequate cash flow is a major factor when operating a healthy business in times of growth and prosperity. During tough times it takes on an amplified role. The fundamentals of collecting on receivables, reducing expenses, reducing inventory investment, and the like are still in play, but these and different strategies need to be examined in difficult economic times.
The Defense Production Act may require you to shift production to a different product and therefore you need to rapidly train your team members. Others may need to reduce their workforce and move team members to other jobs that would require them to learn new skills. And, some companies are hiring so rapidly that they interview a person, hire them on the spot, and the person is working on the job the same day. These new team members require to be trained on everything from safety, time keeping, to their actual tasks and everything in between.
What is the post-Covid 19 workplace going to look like? How will companies thrive? In some ways, it could be a very different world from as recently as 2019; or it could be more of the same as the past decade or two. Or the past century. The march of productivity has been going on for a very long time.
COVID-19 has brought the world to its knees! For most people in the world, daily life has been disrupted in an unprecedented way. Besides the awful toll on human life, job losses, business failures, etc. are now becoming more prevalent. The impact on the global economy has barely begun to be measured.
IMEC and our partners are ready to serve you! The experts at IMEC have packaged the tools and resources you will need to survive current disruptions, while strengthening your business continuity plan:
Short term disruption not only disrupts and interrupts business, but also our thinking in how we do business. Disruption forces us to learn and grow. It’s uncomfortable, even painful to endure, as we wish our circumstance was that of even one week ago, when our work was more comfortable and uneventful.
An original article by Nico Thomas, Performance Analyst for the Program Evaluation and Economic Research group of NIST MEP.
Technology is the single greatest challenge (and opportunity) for the manufacturing industry … or is it? It’s true that technology has evolved and changed how manufacturers—especially small and medium-sized manufacturers—operate their businesses, in ways that even a few years ago didn’t seem possible.