Tuesday, March 5, 2024

The Impacts of COVID-19 and the Russia-Ukraine War on the Future Business Strategic Management

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Diplomat Magazine
Diplomat Magazinehttp://www.diplomatmagazine.eu
DIPLOMAT MAGAZINE “For diplomats, by diplomats” Reaching out the world from the European Union First diplomatic publication based in The Netherlands. Founded by members of the diplomatic corps on June 19th, 2013. "Diplomat Magazine is inspiring diplomats, civil servants and academics to contribute to a free flow of ideas through an extremely rich diplomatic life, full of exclusive events and cultural exchanges, as well as by exposing profound ideas and political debates in our printed and online editions." Dr. Mayelinne De Lara, Publisher

By Mostafa Sayyadi & Michael J. Provitera

The post-pandemic world and the Russia-Ukraine war is upon us and how we manage from this point on will determine our success. This article proposes a cadre of ideas in a world that has completely changed. The crucial role in preparing an organization for the post-pandemic world and the Russia-Ukraine war is at the heart of business acumen today. A new definition of the role of corporate strategy in managing innovation is crucial for success. A world that we once knew no longer exists. What does exist is you reading this article. Congratulations on your successful survival of the worst war and pandemic since the turn of the century.

In the wake of the worst war and pandemic since the turn of the century, strategic formulation has developed into a worldwide phenomenon. As organizations begin to migrate back into the office, settling in has taken on a new sensation. “Sitting at his desk on a Monday morning after being home for two years working remotely, I felt surreal,” said Vic, in Manhattan, New York, as he reminisced his entire career in a moment. It was knowledge management and technology that kept the dialogue going via large platforms of remote use. Now, respect for these two factors removes the barriers to developing more supportive workplaces for in-organization stationed workers and remote workers.

In this article, we ask the question: How to adapt to the post-pandemic world and the Russia-Ukraine war in strategic management? Your answer is your own personal journey, but we can imagine a workplace that is not the same, and perhaps, never will be again.

Strategic Management in the Post-Pandemic World and the Russia-Ukraine War

The world went under an edict of quarantine for many months in 2020. At that time, the mole people were the predominant residents roaming the streets of Manhattan.

Viewed as pejorative by the very folk it denotes, the term “mole people” describes those who live in the tunnels under Manhattan’s Grand Central Station, Penn Station, Port Authority, and Riverside Park.

The mole people had no idea of what knowledge management and corporate strategy had to do with them. They embraced the wandering streets and endured as they always do, successful in any environment. They did not know that behind the scenes the COVID-19 recovery was going to usurp them once again. They survived many decades of crowded streets, and they know that they will prosper as the Island of Manhattan begins to populate with a cadre of commuters once again.

The tumultuous post-pandemic is a survival ground as concerts, Broadway plays, restaurants, and organizations open for business. We wondered if knowledge management is a precursor for the post-pandemic recovery. We answer, yes! A few decades ago, various prominent scholars shed light on the crucial role of the knowledge-based strategy. In particular, these scholars highlight organizations as communities that have been developed to create organizational competitiveness through using and generating knowledge and new ideas. Hence, the post-pandemic recovery requires that organizations determine strategic initiatives required so that they as a whole more effectively manage knowledge. Ergo, post-pandemic recovery is a success.

The post-pandemic recovery is contingent upon the strategic initiatives’ performance as the facilitator of competitive advantage. Two prominent scholars by the names of Charles Hofer and Dan Schendel see strategy as a “fundamental pattern of present and planned resource deployments and environmental interactions that indicates how the organization will achieve its objectives”.

In a post-pandemic world, executives strive to meet and exceed the strategic goals of both the stockholders and the employees. Goals are the keys to business success if they best fit the relationship between the two as the world manages the lingering effect of the pandemic. Therefore, the goal is to develop more effective corporate strategies to efficiently deploy organizational capabilities and better manage internal and external sources, aiming at increasing and building rapport with the business environment, inspiring employees, and increasing their satisfaction with their careers so that they can become engaged and productive. Enter the Ukraine invasion by Russia and we have more havoc as supply chains are affected by oil prices, transportation, and the rising cost of goods.

Two predominant strategies come out of strategic formulation, one being the analysis strategy, and the other being the pro-activeness strategy. Both are geared toward recovery, but they also are imperative for survival. When the post-pandemic world and the Russia-Ukraine war have surfaced, executives need to intervene in the system and exert effective change at the organizational level to set a more effective analysis strategy for their organizations to create better and more innovative solutions for business problems. Reactive response to develop an effective analysis strategy included:

  1. Focusing on coordination as they respond to customer needs.
  2. Focusing on the successful application of management information systems to support decision-making at all levels of the organization.
  3. Focusing on the successful application of business-planning methods.
  4. Focusing on the successful application of cost control methods.
  5. Focusing on the successful application of management performance methods.
  6. Focusing on the successful application of performance appraisal and manpower planning methods.

A pro-activeness strategy determines proactive approaches required so that the organization, as a whole, searches and prepares to be better positioned in the external business environment. Pro-activeness strategy is applied more often today as all levels of the organization change and prepare for the post-pandemic crisis. Pro-activeness strategic responses to develop an effective analysis strategy are:

  1. Searching for viable businesses if expansion is the goal.
  2. Tracking new trends to find niches worth developing.
  3. Focusing on research and development for competitive edge.
  4. Eliminating operations that are not required anymore for the product life-cycle stages.
  5. Focusing on indicators used for operations forecast which generally reflect long-term considerations

In Conclusion

This article offers novel insights into the direct impact of organizational strategies for the pos-pandemic world and the Russian-Ukraine war. The key is to develop a solid foundation that can be built upon to secure a vast future that can withstand any tumultuous activity facing organizations. Organizational strategy and knowledge management could help organizations better perform in the post-pandemic world and the Russian-Ukraine War.

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