How does an organization adapt when a once‐in‐a‐century global event turns their industry upside down? And how does an organization plan amidst tremendous uncertainty? These are the questions our biopharma client asked us in 2020.
As our client embarked on a strategic planning exercise, they sought to respond proactively to COVID’s impact on their organization and their employees. They needed to understand how to reposition themselves, where to reinvest and whether to operate differently. And our client wanted to identify and prioritize investment opportunities that would enable them to adapt to COVID-related changes.
The organization wanted a clear understanding of the external environment, with a focus on how COVID had impacted organizations. They were looking for answers to questions about whether peer organizations were changing operations. And they wanted to understand how the industry was adjusting, and what competing industries were doing to remain relevant.
In collaboration with key stakeholders, we defined the organization’s needs, key questions, and potential areas of interest. From there, we uncovered trends that would impact their future strategy and decision-making. In regular conversations with leadership, we updated the group on our findings. In addition, we selected, refined, and prioritized the most relevant insights.
With our research concluded, we presented our findings to key stakeholders. For each trend, we highlighted:
- what was happening.
- why it was happening (if known).
- what the potential implications were.
We helped our client better understand the environment in which they were operating. In addition, we enabled them to see changes needed to improve their strategic decisions. Our client used the insights we uncovered to create their three-year strategic plan.