Catalant Expert Marketplace Demand Trends & Transformation During Challenging Times
Catalant Expert Marketplace Demand Trends & Transformation During Challenging TimesApril 24, 2020
April 24, 2020
Yesterday afternoon, Koch Industries Chief Transformation Officer and CIO Paul Krebs (virtually) sat down with Catalant co-founder and co-CEO Pat Petitti to discuss Orchestrating Transformation in an Increasingly Remote World. Toward the end of their discussion (video excerpt below), Krebs introduced a framework for understanding the stages that organizations undergo as they pursue transformation during challenging times.
Koch Industries, Krebs explained, is currently somewhere between Reaction and Recovery. Trends in project demand from the Catalant’s Expert Marketplace reflect a similar stage to Koch’s across many of our customers as they navigate current market conditions. We anticipate that project demand will continue to mirror the journeys that organizations embark upon as they carry out business continuity plans, experiment with new ways of working, drive focus and alignment across remote workforces, optimize costs, and reinvent their business and operating models to pursue emerging opportunities.
Missed the LiveCast?
Access the recording to learn more about how Koch industries Chief Transformation Officer & CIO Paul Krebs is orchestrating transformation initiatives in an increasingly remote world.
What are we observing in project demand across the Catalant Expert Marketplace?
Roughly three months after the first coronavirus case was diagnosed in the United States, project demand in the Catalant Expert Marketplace has fluctuated week-over-week as companies react at different paces to the implications of the ongoing public health crisis. For example, in the month following the initial outbreak, we experienced an influx of requests for Supply Chain projects as China — upon which many companies depend heavily for both raw materials and finished products — experienced its worst recorded weeks of both identified and terminal coronavirus cases.
More recently, Supply Chain project demand has remained elevated but tempered over a longer period (up to yesterday), while other project categories — like Finance & Accounting, Technology & Digital, and Project Management — have surged. At the top of the table, however, is the “Other” category, which our customers have not actively categorized. Although these projects are almost certainly categorizable, the trend is likely indicative of something else: the work is new to the organization, and the project poster has never categorized this type of work before.
Data in the table below reflect changes in proportional project volume in the Catalant Expert Marketplace between two periods:
• Period 1 (baseline): 1/1/19 – 2/18/20
• Period 2: 2/19/20 – 4/23/20
What does it all mean?
Although we don’t have a crystal ball to predict the trajectory of either the outbreak or the economy (some of our experts might), here are brief hypotheses on the trends identified in the table above:
- Other. As organizations navigate unprecedented operating conditions, the work required to achieve their key objectives will often be unfamiliar to owners of work.
- Finance & Accounting. It’s a given that most companies will have to do more with less, rebalance resources, and make difficult decisions about where to place their bets.
- Technology & Digital. Remote work requirements are a forcing function for the acceleration of digital transformation across almost every organization.
- Project Management. Orchestrating work across remote, distributed workforces calls for increased rigor around the processes, governance, and management of work.
- Corporate Strategy. This downtrend is likely symptomatic of the state of reactiveness that characterized most organizations, which will likely shift again as they enter recovery.
- Marketing & Communications, Sales & Business Development, Pricing. For many organizations during this period, go-to-market activities were largely in holding patterns as they monitored the impact of the public health crisis on customers and their consumption.
- Research & Development. The customer-centric observations and development assumption, across all industries, have been reshaped by the current environment.
What comes next?
As companies enter states of Recovery and Reinvention during the days ahead, the situation will require a different mix of capabilities and expertise, in addition to enhanced visibility into the progress and value of the work companies need to execute to achieve their evolving objectives. We’ll keep you posted as the situation unfolds.
In the meantime, attend one of our virtual events for timely insights from our clients and experts in our marketplace, or connect with our team to learn more about how we can support you and your organization on your own transformation journeys.
Full-Time Employees vs. the Catalant Expert Marketplace
Traditional employment models aren’t well suited for flexibly meeting the demands of a world in flux. Widespread uncertainty and volatile markets are compelling leaders to reduce and variabilize fixed labor costs.
Traditional Consulting Firms vs. the Catalant Expert Marketplace
Traditional consulting firms aren’t right-sized for the work many companies need right now, and can no longer camp out in clients’ offices due to public health concerns and an increasingly digital workplace.