How managed services can accelerate post-COVID-19 transformation

As businesses recover, transformation and the ability to think differently are critical – managed services can be the solution.

The health and economic impacts of COVID-19 continue to be felt all over the world. The pandemic has wreaked havoc on business-as-usual with disruption to supply chains, government-mandated shutdowns and changing consumer behavior. Many companies – and entire industries – are on the brink.

Pressure on traditional business models exacerbated by COVID-19

While no-one could have predicted COVID-19, the truth is that traditional business models were already feeling the pressures of a shifting working world:

  • Cost reduction is a priority, as management teams seek to leverage new technologies and improve efficiency metrics
  • Key functions must do more with less – non-core but board-critical functions such as tax, compliance, risk and finance are expected to increase effectiveness without any additional resources
  • Managing regulatory obligations is more complex and costly, as rules change faster and faster across multiple jurisdictions and regulators demand greater transparency
  • Board demands are on the rise, with tougher expectations around return on investment and performance
  • Keeping ahead of competitors is harder than ever, requiring deeper industry insights, digital tools and data analytics – as well as the specialized talent to run them

COVID-19 has accelerated and exacerbated the effects of these forces. As businesses begin to recover and move into the next and beyond phase, they face an urgent need to do more than just address them more effectively – they must reimagine entirely new solutions.

The full article can be accessed here.

EY Law key contacts:

John Knox

EY Global Legal Managed Services Leader