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EXPERT CORNER: Tips to prepare for the future by our professor Terence Tse, PhD
Life is slowly but surely returning to normal. But is it the same in business? What will happen when the epidemiological situation stabilizes and how to prepare for those circumstances?
We asked our professors, world experts in their field, to give you an overview and advice on how to better adjust yourselves and your organizations to the post-pandemic world. In the following weeks, we are bringing you their answers.
This week, we bring you the advice from our professor Terence Tse, PhD.
“The current pandemic and the resulting lock down everywhere have certainly caused a lot of stress. But this doesn't mean for businesses it is only gloom and doom. There are four actions we can take to prepare for a better future today.
First, it is to manage the immediate priorities. In addition, the safety and welfare of employees and staff, be better at managing cash will have a direct effect on ensuring both short and long-term economic survival.
Second, businesses must conduct scenario planning. The new normal will be a place with much more uncertainties than before. This in turn urgently requires executives to forecast how the future could potentially unfold, supported by both solid data and weak signals.
Third, digital transformation must now be plan A. Recent research in the past four economic downturns has revealed that when done properly, this will enable companies to emerge better than rivals and excel. A good place to start is to use digital solutions to enhance operational processes.
Fourth, executives in the post-pandemic setting will require a different set of leadership skills and mindset. Mechanical thinking should start to give way to a complexity mindset. The opposite of efficiency is not inefficiency - it is robustness. And some slack can go a long way to help companies build it.”
Next week, we will share advice from our Professor ANTHONY J.EVANS, PhD, who will comment on the subject from the economic and decision making perspective.