Reset:

Our resounding view is that now is the time for New Zealand to reset.

To rethink our position in the world and to reconsider our narrative, globally, nationally and locally.

Now is the time for us to:

• Reset our message to the world
• Reset ourselves as a nation
• Reset our organisational DNA

We’re experiencing the kind of fundamental shift that requires us as businesses, iwi and government organisations, to collaborate, to rethink and to reset. Let’s make the most of this opportunity. 

There has been a great deal of speculation about the changes Covid-19 will bring. Some of these are obvious and short-lived. However it is almost certain that many will be long-lasting and hard to predict. It’s important to note that major change doesn’t always require the majority to agree – sometimes a significant minority is all that it takes to effect structural shifts.

At KPMG New Zealand we are thinking about the impacts, lessons and considerations for the future under these three frames of reference: Societal, Economic and Technological.

Just as it is important to understand the macro changes and horizons facing organisations, it is important to think about how these changes will impact and change individual behaviour, our propensity to spend and how we will likely interact with organisations in the future.

Here we think about ‘Me the individual’, exploring the personas of the citizen, the consumer, and the employee.

Consumers in a post-Covid-19 world will act with more purpose and be more considered about the things they do, the things they buy and the experiences they engage in.

In order to survive and thrive, businesses must re-examine their understanding of their customer demand to rediscover their organisation’s sense of purpose and rapidly innovate. KPMG’s ‘Five Mys’ framework provides an evidence-based approach for organisations to assess customers: 

• My Wallet: The current and future adjustments people make to their share of wallet.
• My Motivation: The drivers of consumer motivations and expectation.
• My Attention: The competition for consumers’ attention and focus.
• My Connection: The (rapidly accelerating) adoption of technology to connect with the world around us.
• My Watch: The constraints of time and how that shifts in a Covid-19 world.

Organisations, as a result of Covid-19, need to be reconsidering the future. What do the changes mean for organisations and their customers? We believe that there are five areas that organisations should be considering their ‘new normal’ under FADES:

• Financial
• Agile Strategy & Operating Models
• Digital
• Elastic
• Sustainability

A closer look at the impacts to date and the future direction on key parts of the New Zealand economy and government.