To be more resilient, companies have adopted new strategies to bolster productivity, including investing in the development of their workforces and creating disruptive business models, according to a report from KPMG.
The Top Management Perspectives in Mexico 2020 survey, published by the consulting firm, highlights strategies adopted by organizations to be more competitive and generate profits over the next three years. Although the senior managers of these companies observed a challenging environment for economic activity over the past year, 40% of survey respondents expect their companies to grow between 1 and 5% in 2020, while 22% of managers predict growth of between 6 and 9%, and 19% of them expect growth of 10% and more.
To achieve this, 1,036 managers from different companies in service, finance, manufacturing, automotive, consumer, food and drink, pharmaceutical, electronics, and other sectors agreed on five main actions to exceed expectations for Mexico’s economic outlook:
Adapting to customer needs
KPMG detected that companies are putting customers at the heart of their strategy in order to tackle the obstacles to international trade that are beyond their control. For managers, what’s most important is building close relationships, co-producing campaigns, and doing omni-channel activities to attract consumers from different generations and segments.
Developing new products or lines of business
Companies seek to be more competitive through products focused on satisfying the new demands of customers, as well as creating exceptional experiences.
Talent retention and development
Talent is one of companies’ five main strategies for being more competitive.
The concepts of sustainability, environment, diversity, and integration are part of how businesses are transforming to attract, retain, and develop new generations of talent.
Over the next three years, 64% of survey respondents said they will invest more in developing their workforces.
To better adapt to global economic changes, it’s important that companies manage risk preventively. This means that changes will not only be external. Organizations need a culture of closer administration to improve their resilience and face different scenarios.
Technology is a new business opportunity that companies have in their sights, so one of their priorities for this year is creating disruptive business models. 36% of organizations consulted in the survey also indicated that they will invest more in purchasing new technologies this year.