SECTOR & STREAM ROUNDUP
WHAT ARE BUSINESSES DOING TO COPE WITH THESE CHALLENGES? Some of our clients are trying to think differently about how they use technology, but they're having their hands tied on the physical infrastructure side of things. For example, many are not being able to replace equipment as quickly as they need to. The semi-conductor shortage is expected to last 12-24 months¹. If you couple that with adaptations needed to premises, that's going to lead to even more changes in infrastructure.
WHY IS PREMISES RESILIENCE A HOT TOPIC RIGHT NOW? Premises is one of the seven key areas of business resilience, and it’s hugely relevant in the current climate. Many businesses are struggling to understand how best to structure their return to the office. Some companies thought ahead and started to redesign their offices and factories, but there are still many who have yet to make those critical decisions. In certain sectors, businesses absolutely know they need to upgrade their technology or redesign their premises to work in a different way, but they’re hesitating.
Decisions over investing in new technology, redesigning premises, moving premises, etc, are being delayed. I do sympathise because we’re all looking to the future with a degree of uncertainty, and particularly so in several key sectors. And on top of this uncertainty, of course, there is a lack of funding to pay for changes. Some businesses simply cannot afford to redesign their office premises, because they haven’t been getting enough cash through the door over the last 12-18 months. Where companies don’t have spare cash for an office redesign, for example, they’re considering doing something radically different. This creative and agile thinking is at the core of business resilience.
Where companies do have the funding to make decisions and steam ahead, their challenge tends to be around access to building materials and skilled labour. Because of the heavy demand on builders and contractors, delays are inevitable. Clients are asking us to help them figure out what the next 12-24 months is going to look like, and which areas are worth investing in. Our advice tends to be that if something has been working well in the current way, there may not be a mad rush to do something different. You could stretch that out a bit longer and take the pressure off. Perhaps you don’t need to get back into the office as quickly as others. My tip would be to talk to other business leaders and get as much information as possible about the future of your sector. But also thinking creatively about how you make changes as well. It may not work to base your decisions on historical thinking.
"From having to delay technology change projects, to added security risks due to people working on older equipment, these are just some of the issues we’ve advised clients on in the past 12 months."
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