You’ve Survived! Now What Does your Business Need to Thrive?

As the COVID-19 pandemic has disrupted the entire fabric of society, and changed the way we work, the top priority for business, over and above the health and well-being of their people, was to implement their BCP and DR plans.  In April, TORI shared a blog from Costas Liassides, Managing Director, identifying 4 key components that firms need to incorporate into any go-forward operational framework.

Those 4 critical components were:

  1. Baseline your existing service model.
  2. Identify opportunities to increase capacity in your operations.
  3. Have a robust business continuity plan.
  4. Identify business opportunities and threats that arise.

This blog was published 5 weeks ago, and that is a lifetime, when it comes to the ever-changing environment businesses face due to the global pandemic. During this time, TORI has continued to actively engage with our clients to discuss, identify, and understand additional challenges that have arisen as a result of the outbreak.

Now that people and organisations are getting acclimated and accustomed to running their operations remotely, and relying on virtual collaboration to keep their businesses going, it is time to take a step back and gain some perspective on whether these new ways of working are truly sustainable. Here are 5 additional challenges that TORI has been discussing with our clients over the last few weeks:

  1. How will firms expand their collaboration platforms?
  2. What new regulatory changes may be implemented?
  3. How will firms manage safe alternative and remote work locations?
  4. What are the most effective ways to manage volatility, including a spike in the volume of service tickets and transaction records?
  5. What cultural and process transformation needs to take place to accommodate a new operating model?

For example, as working remotely, or in alternative locations will likely remain a key component of business operations, it is important for companies to determine how, when, or if team members will return to physical offices.  Martin Harvey, TORI’s CEO, is “still looking forward to getting back into London and the interactive environment,” but recognises the importance of accomplishing this in a safe and effective manner, while keeping the employees’ health and well-being as the firm’s first and foremost priority.

As TORI looks to define our own new internal operating model and business standards, we are actively working with our clients to identify the operational challenges they are facing, and are actively partnering with them to design and implement solutions to address these challenges.