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  "documentTitle": "ey global ipo trends 2020 q4 v2",
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      "text": "Crises are opportunities for change.",
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      "text": "1. Seek advantage in adversity. Don't merely endeavor to mitigate risk or damage or restore what was; rather, aim to create advantage in adversity by effectively adjusting to new realities.\n2. Look forward. In the short run, a crisis many appear tactical and operational, but on longer timescales, new needs and the incapacitation of competitors create opportunities. Crises can also be the best pretext for accelerating long-term",
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      "text": "Cumulatively, the four gaps produce a significant difference in value. As we observed in China during the initial Covid-19 shock, most sectors and companies came down rapidly and synchronously, but during the recovery phase there was a marked divergence in company performance.",
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      "text": "First is an anticipation benefit, representing the ability to recognize threats faster. Though this may not be immediately manifested in performance, it can be detected via other signals, such as when a company articulates its resilience plans (something most companies were slow to do in the case of Covid-19). It can also drive advantages in subsequent phases.",
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      "text": "Next is an impact benefit, representing the ability to better resist or withstand the initial shock. This can be achieved through better preparation or a more-agile response.",
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      "text": "Then there is a recovery speed benefit, representing the ability to rebound from the shock more quickly by identifying the adjustments needed to return to the prior operating level and implementing them swiftly and effectively.",
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      "text": "Finally, there is an eventual outcomes benefit, representing increased fitness for the new post-shock environment.",
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      "text": "Crises are opportunities for change. With Covid-19, companies have a unique opportunity and necessity to revisit their business models to build greater systemic resilience, starting with the following six actions.",
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      "text": "How to Become a More Resilient Company",
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