Business Today Malaysia|April / May 2020
At this stage, we are nowhere near recovery yet. That said, corporate leaders should start planning for a new post-pandemic paradigm as Asia is the heart of the global economy.
Nassim Nicholas Taleb, a scholar and author, in his book, “The Black Swan” argued that black swan events are impossible to predict due to their extreme rarity.
Yet, they have catastrophic consequences.
Consequently, it demands companies to always assume a black swan event is possible and to plan henceforth.
To navigate moving forward, businesses and corporate leaders should be thinking of key issues, as well as steps they can take to not only react to severe business shocks now but also reshape their business and plan for recovery.
Prior to the Malaysian government announcing the Movement Control Order (MCO) on March 18, there had been no simulation of the outbreak impact across general businesses, Avinash Gowda, Country Manager of Nutanix, Malaysia, says in an emailed interview to questions from Business Today.
“One of the first things that businesses should acknowledge is that this is not going to be a short-term incident and they should adapt so that their operations are able to run in this new normal as smoothly as they can, as early as they can,” Gowda remarks.
He quoted American politician Rahm Emanuel, “Never let a good crisis go to waste” - taking advantage of this time allows one to evaluate the business’ people, planning and processes.
Social economics, prioritising people’s safety and continuous engagement
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April / May 2020