Forbes published an article from Stephen Wunker that explores how we can leverage lessons learned from COVID-19 to develop, improve, and use scenario planning.
Leading up to 2020, executives were already grappling with rising disruptive technologies, changing business models, and rivals emerging from unexpected places. Throw in a global pandemic, and the future seems about as predictable as a game of Rock, Paper, Scissors with a hundred hands.
While some were poised to respond to the turbulence that coronavirus introduced to business environments, most were not. Traditional approaches to strategic planning have largely been unsuited to COVID times and have left companies vulnerable. So, what are businesses to do in an environment changing so quickly that strategic plans end up getting thrown out the window?
Enter scenario planning, a form of planning that leverages what you don’t know to bring multiple hypothetical futures into view. Scenario planning allows you to:
- Gain insight into the key drivers of a situation
- Embrace and control uncertainty
- Recognize the assumptions your organization has been making
- Expose your false sense of security
Sound uncomfortable? Good! Scenario planning isn’t new, but it is newly relevant in the age of coronavirus and beyond. Some industries and businesses have already adopted scenario planning for COVID—if you’re in any way connected to a college or university, you’ve likely received an email from the administration detailing the potential options for coming back to campus in the 2020-2021 academic year. Macalester College in St. Paul, Minnesota, for example, distributed a list of six scenarios in early May.
Read the full article, Learning From Covid: How To Use Scenario Planning To Prepare For Future Uncertainty on Forbes.com.
Umbrex is pleased to welcome Nicholas Gertler with Galen/Atlantica. Nicholas is co-founder of Galen/Atlantica, a boutique agency that shapes markets and co-creates health. He works with the global pharmaceutical industry across the medicines lifecycle on issues of regulation, access, medical and policy, and with medical foundations addressing complex multi-stakeholder issues. An enduring passion is solving antimicrobial resistance, while a new focus is the proper application of artificial intelligence to medical decision-making. He has co-led a dozen initiatives bringing together senior leaders and leading experts across industry, government and civil society.
While at home, he is vastly outnumbered by his wife and two daughters. While traveling, he strives to sing karaoke in every city he visits.
Nicholas would be excited to collaborate on issues at the intersection of science, strategy and policy and on innovation in general.
Umbrex is pleased to welcome Yevgeniy Rikhterman. Yevgeniy Rikhterman spent three years as the Director of Strategy at Herff Jones, a PE owned CPG company. Yevgeniy has experience in creating strategic plans, as well as an evergreen strategic planning processes. Yevgeniy led the strategic planned that helped to maximize the value of Herff Jones during a critical PE transaction.
He also led the corporate development, and M&A aspect, and as such has specific experiences that is applicable to mid-size companies looking to grow through partnerships and acquisitions. In addition, he led multiple product transformations, and is experienced in not only understanding root causes, but also guiding the implementation of the solution. Prior to Herff Jones Yevgeniy spent two years as a consultant at the Boston Consulting Group (BCG), working on a variety of projects in finance, retail, pharmaceuticals, telecom, industrial goods, and aviation.
Yevgeniy lives in New York City, and when not working enjoys travelling around the world, and outdoor activities. He is happy to work projects globally.
Umbrex is pleased to welcome Tushar Srivastava. Tushar is an independent strategy consultant who started his consulting career at McKinsey where he spent more than 3.5 years working as a generalist, eventually developing a spike in healthcare and life sciences. He has spent more than 3 years working as an Independent with multiple projects in pharma, life sciences, medical technology and healthcare.
Functionally, he is comfortable working on strategy initiatives across R&D, marketing, operations, technology, and pre-sales. He is open to collaborating on projects and supporting (research/analytics) clients without a restriction on geography, he has worked on projects in North America, Europe and APAC.