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Coronavirus: A response framework for advanced industries companies

Coronavirus: A response framework for advanced industries companies

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As the coronavirus causes worldwide challenges for healthcare systems and economies, advanced industries companies are looking for strategies to navigate the difficult, evolving situation.

SUMMARY

This report on the coronavirus crisis explores the steps and business strategies implemented by advanced industries companies to navigate throughout this global health crisis affecting businesses worldwide.

COVID-19 continues to spread quickly, and organizations in advanced industries need to elaborate a quick response. The first step, the paper suggests, is to create a nerve center that serves as an information center, managing risks and responses, and aligning all stakeholders.

The protection of employees is paramount over the coronavirus crisis. Making employee health the main concern and adjusting production when necessary is also among the paper's recommendations for companies in advanced industries to consider during this health crisis.

Companies should also make the stability of their financial health a priority. The key is to reduce costs, improve liquidity, and protect other parties in the wider business ecosystem, the study explains. Adapting marketing and sales is another essential step for companies in advanced industries in the wake of the coronavirus outbreak. The document highlights as well the importance of understanding supply chain risk and launching appropriate measures to address disruption.

 

OUTLINE

Introduction

Nerve center as the central crisis steering organization

Protection of employees

Supply chain

Marketing and sales

Financial health

 

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Coronavirus: A response framework for advanced industries companies
Sub-Title
As the coronavirus causes worldwide challenges for healthcare systems and economies, advanced industries companies are looking for strategies to navigate the difficult, evolving situation.
Region
Global
Published
March 15, 2020
Publisher
McKinsey & Company
Author(s)
Thomas Baumgartner, Bernd Heid, Jakob Fleischmann, Heike Freund, and Dominik Luczak
Price
FREE
Language
ENGLISH

Content

Number of Pages
6
Number of Tables
0
Number of Exhibits
4
Topics
business-and-corona
Tags
corona, coronavirus, Covid-19, crisis management, google, health, healthcare, manufacturing, supply chain, supply chain management
Author(s)
Thomas Baumgartner, Bernd Heid, Jakob Fleischmann, Heike Freund, and Dominik Luczak
Methodology
Not available.

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