Partner Yoo Young-jung of Bain & Company: "Companies Must Prepare to Seize Market Opportunities Post-COVID"

Youngjoong Yoo, Digital Managing Partner, Bain & Company Seoul Office

[Asia Economy Reporter Changhwan Lee] There is a claim that companies must hurry to prepare for securing future markets in anticipation of the post-COVID-19 era.

Youngjoong Yoo, Digital Lead Partner at Bain & Company Seoul Office, attended the Korea Chamber of Commerce and Industry (KCCI) CEO Insights held online on the 2nd and discussed "Post-COVID New Normal Megatrends and Corporate Survival Strategies."

Partner Yoo suggested that regarding corporate survival strategies after COVID-19, "Companies should focus on Act Now, which requires immediate action, and Plan Now, which involves preparation for future market preemption."

He diagnosed, "Through Act Now, companies should concentrate their capabilities on issues that have become important after COVID-19, such as the safety of customers and employees, selection and concentration of core businesses, differentiation of genuine customer service, and coexistence with key partners."

He added, "Through Plan Now, companies should establish plans to proactively respond to market changes accelerating due to COVID-related risks and non-face-to-face trends by advancing their business models," and advised, "Now could be a good opportunity to acquire high-quality companies through mergers and acquisitions (M&A)."

Regarding future business strategies, Partner Yoo presented three considerations: the nature of consumption, the complexity of supply chains, and corporate preparedness.

He stated, "First, it is important to analyze the consumption characteristics of your products and services," and diagnosed, "Distinguishing whether demand disappears after a certain period, like travel or business trip products, or whether it is demand that can be purchased later, like automobiles or home appliances, will be the starting point for new business models."

He also advised, "Due to COVID-19, disruptions in production facilities in China revealed 'hidden risk costs,' increasing companies' economic losses," and added, "Now, companies should devise a 'China plus one' strategy to diversify global supply chains by considering complex factors such as supply chain safety and political risks."

Finally, he introduced "four megatrend changes after COVID-19: the reorganization of the new global economic order, reduction of distance costs due to untact (contactless) trends, digital innovation for safety and productivity improvement, and the end of the low-interest-rate era," and suggested, "Companies should proactively prepare sustainable and flexible business models."

The conversation with Partner Yoo can be viewed on the Korea Chamber of Commerce and Industry website under ‘Online Seminar’ and on YouTube (KCCI Insights) on the same day.

This content was produced with the assistance of AI translation services.