Four years have passed since the pandemic broke out in 2019, and the global economy hasn’t yet stopped undergoing unexpected and unprecedented disruptions.
Despite these turbulent few years that the pandemic has caused, we’ve continued to not only face pandemic-related disruptions, but also the situation has been exacerbated by the war in Ukraine which is currently bringing new challenges and threats: the world is currently undergoing crisis upon crisis.
For the past year, we’ve been witnessing increased food and energy costs that have fuelled the highest rise in inflation since 1980s. All of this have been as consequence of the ongoing war in Ukraine, which is the biggest war in Europe since 1945. We are, consequently, facing unprecedented challenges including massive bottlenecks of supply chains and an enormous uncertainty and instability in the entire world.
Macroeconomics and geopolitical threats greatly affect global markets, industries and organisations. These threats tend to increase uncertainty, instability and downside risks and the financial markets industries have been more affected than others (for example the war in Ukraine and imposing sanctions).
The current crisis throws at us one big question: How much longer will the adverse situation continue to impact industries and organisations in the future?
To get an answer, we need to understand that the world operates in a global environment where economies, cultures and populations are more interdependent on one another since they actively exchange goods and services at a global scale -We know this event as Globalisation. This has greatly transformed the modern world and is also changing the global innovation landscape.
On one hand, during a time of geopolitical and economic challenges, the globalisation of industries and companies has been deeply disrupted. Only political and economic stability and certainty can be the facilitator for globalisation.
On the other hand, we have also learnt from past experiences that challenges can also be treated as a catalyst for innovation.
Macroeconomics and geopolitical challenges can also transform into opportunities for global speciality insurance industries and organisations which are under pressure to swiftly implement change to achieve growth and maintain their competitive edge amidst volatile and turbulent circumstances.
The state of the world economy remains uncertain brought about by several factors such as a sharp rise of inflation and supply chain disruptions due to the war in Ukraine. Most insurance carriers have demonstrated remarkable flexibility and resilience in overcoming the impact of these challenges.
Strategic opportunities such as digitalisation, customer-centricity and international expansion are available to insurers to achieve sustainable growth, cost reduction, meet customers’ expectations and innovation.
The economic climate may be uncertain since inflation is rising and a recession may be looming ahead. But, businesses that will excel are those that have a strong purpose, resilience and determination and look to future growth opportunities once the turbulence has passed. Technology is constantly evolving, and the definition of a strategy for growth is crucial. However, strength in leadership or strategy execution should be allowed to enable globalisation’s international-reaching potential benefits and innovation worldwide.
How Can I Help
Drawing on my experience, organisations must innovate their operating models to achieve growth and generate more revenue.
Organisations can only transform by defining of a target operating model for fast growth and innovation. The TOM could also even reap substantial cost savings or cost reduction benefits by embedding the right strategies.
A conventional operating model design won’t help organisations to adapt to volatile or uncertainty markets, or successfully execute their strategies for achieving growth. For instance, silo-ed strategies, processes, technology, and data result in isolated, disconnected and dysfunctional functions which makes it impossible to attract or retain clients.
My aim is to help organisations navigate disruption, embrace innovation and transformation to manage regulatory change and integrate business and technology to transform performance and achieve long-term growth.
My approach is disruptive, unique and cost-effective. I pride myself for my precision of execution and benefits realisation.