By Jim Holland, Senior Product Marketing Manager
In my recent post, Can High Tech and Semiconductor companies minimize the impact of COVID-19, I asked the question, “How will this unplanned crisis impact high tech and semiconductor companies and what can be done? “
In COVID-19: Implications for Business, Matt Craven, Linda Liu, Mihir Mysore, and Matt Wilson of McKinsey & Company share, “Companies that navigate disruptions better often succeed because they invest in their core customer segments and anticipate their behaviors.” McKinsey continues, “Many top teams do not invest time in understanding what it takes to plan for disruptions until they are in one.”
While global disruption isn’t pre-planned, companies must evaluate all facets of impact in your organization from design, demand, supply, pricing, sales and channel impact. McKinsey shares 7 actions that all companies should consider.
As you would expect, the actions focus on response, people, supply chain, customers, marketing, planning and demonstration of plans.
Model N sees the 7 actions as a key to navigating this disruption and ensuring your people and business can navigate this. Looking at supply chain and marketing, your organization needs up to date and often real-time insights into how your channel partners are succeeding or impacted by region. Knowledge of end-customer sales or the lack thereof provide guidance into inventory shortages and potential backlog issues (those quantities ordered, while the product has not been fulfilled.) To ensure your organization understands the challenges in your channel, there’s a need to automate your intelligence and data from sales, inventory and backlog. Automating these key areas, validates your global inventory assumptions, provides insights into inventory movements needed, and provides planned information.
To learn more about how Model N can help your organization prepare for revenue disruption, go here. To speak to a specialist and have a free revenue execution assessment, go here. To read comprehensive facts, figures and insights from McKinsey and their research, go here.