Question

 

During the Covid-19 pandemic and based on its natural a great deal of businesses has been impacted by it. Also, due to its rapid outbreak working from home and the limitation of travel become vital and critical to limit the spread of Covid-19 as well as the safety of the people. Thus, digital transformation and E-management show its importance and great value in this kind of situation. This pandemic has forced companies and corporations to highly depends on digital technology and E-management practices as millions of people are working remotely from homes.

Requirements

Therefore, as student and based on your understanding you are required to provides three factors that are the most advantageous and beneficent factors that company should have taken during the pandemic and its procedures in order to keep its business alive.

Answer 1

It is of utmost importance for corporations to perform a thorough evaluation of their fixed and variable costs as well as their actual revenues during this contagion. This evaluation will provide a straightforward picture of where a business is financially situated and will assist entrepreneurs in the current disconcerted environment in preparing ahead. And after the pandemic effect settles, this technique can be applied.

Unfortunately, small companies have already been hit hard by the COVID-19 pandemic. What's worse is that some professionals say that this is only the beginning. If the pandemic ends within a month or two or continues into the long-term, in order to survive the storm (and beyond), small business owners need to be able to buckle down, reassess and make improvements to their business plan. Several advice:

In both standard scenarios and 'bear-bones' scenarios, evaluate the continuing burn-rate.Look at where the organisation is spending money at the moment and think the costs can be avoided (some are likely to be absolutely avoidable after a crisis). Think of unnecessary ads, rent, the size of your business and other costs that can be minimised without reducing the efficiency of your company. To be competitive and outcompeting rivals, quality is important. Many corporations have a lot of excesses, and this is the ideal opportunity to run efficiently and get a leg up on them.

Think where the burn rate can be optimised. Perhaps there are some places where, by increasing your own levels of effort, you can minimise spending and make up for it. Make sure you are well thought out about any optimizations you make. You just have so much time and bandwidth as a CEO / owner. The aim is to run as efficiently as possible without compromising results.

Dream about responding in a complementary way to existing business trends.
It is going to be hard to recognise and forecast current market dynamics, but this could work to your advantage. If you quickly spend time understanding your market and the world's current environment, you can re-optimize the positioning of your company. Your company may be able to offer its goods or services more remotely than you expected. Maybe a repositioning of a brand is also in order. If you can now profit on this, then you might have an entirely new revenue source to exploit or a whole new market route when quarantine lifts. From one that focuses solely on in-person services and sales, your company could turn to one that approaches such sales from two angles: in-person and/or online.

Geographical segmentation strategy for functions and operations
In affected regions and geographies, a pandemic may have serious effects, rendering them unavailable for an prolonged period of time. Companies define the chain of activities and functions as a component of a business impact study, together with interdependencies (e.g. employees, method, technology, data, facilities, third parties) and related impacts to notify future mitigation strategies.

Companies should pay more attention to the spatial concentration of these vital activities and functions from a pandemic planning perspective, and how to segment them for job transfer to alternative locations and sites.In order to prevent single points of failure and increased exposure due to regional outages and geopolitical incidents, businesses should aim to diversify the supplier base, consumers and third-party service providers across geographies as proactive risk management and to the extent practicable.

Talk on a regular basis to your vendors, customers, stakeholders and local officials to learn how you can start enforcing measures that will help you remain above the red as officials are trying to contain COVID-19. It might be a while before, as usual, your small business gets back to business.

Pandemics are a severe wake-up call for supply chain practitioners and multinational businesses to build many alternative procurement and formulation production strategies to be followed to minimise the risk of such adverse conditions in various regions of the world.