Merry Christmas and a Happy New Year!
Published Dec 26, 2022 12:05 am
BUSINESS TALK
By PCCI CHAIRMAN WILLIAM S. CO
As we welcome 2023, I wish our country would achieve economic transformation towards inclusive and sustainable growth. Among the top priorities are Food Security and Infrastructure.
The Philippine Chamber of Commerce and Industry (PCCI) supports Micro, Small and Medium Enterprises’ (MSMEs) countryside development as its core project.
MSMEs are the backbone of the Philippine economy. They play a substantial contribution to our country’s economic and social development both in the urban and rural areas, contributing to innovation and inclusive growth through creation of job opportunities.
I was invited as one of the keynote speakers on the 10th National Business and Management Conference.This conference began as a collaboration between the Ramon V. Del Rosario College of
Business of De La Salle University – Manila, and Polytechnic University of the Philippines.
Please allow me to share with you my speech on “Business continuity, resiliency and challenges in the new normal:”
It has been three years since the Covid-19 outbreak disrupted the whole world. We have experienced major setbacks in our economic, health, and social lives. Almost every industry, if not all, relying on in-person transactions and services, struggled with the lockdowns on a global extent. In effect, many of the businesses regardless of how big or small they are, had no choice but to temporarily shut down or to permanently close. Through these experiences, some companies have learned the right lessons, developing resilience for the next crisis, and even turning the Covid-19 situation to redesign opportunities and its unexpected advantages.
Today, as the Philippines ease its restrictions and lockdowns, companies are taking strategic business continuity management and recovery plans to accelerate change in many aspects of their business and revenue streams. A unique challenging move by the organizations in developing an effective risk and contingency system is required to consider the uncertainties of the lingering effects of Covid-19 on business operations during the transition and the post-pandemic periods.
The post-pandemic business climate has begun to shift dramatically and is expected to continue. The increasing need for technology as a reflection of the desires and habits of the people will change as well.
Companies will start and will continue to utilize technology, internet, and digital services as a way to adapt to the new normal. Organizations will maximize the use of online applications and services to foster and contribute to effective business continuity and advantages. Work from home, online selling, virtual meetings, digital advertising, blended learning and e-learning modalities are just a few of those opportunities that countries like the Philippines have never experienced although other countries have been aggressively and successfully been exploring and implementing these practices prior to the Covid-19 pandemic.
With all the opportunities, the challenge now is for the business sectors to integrate the lessons and learnings from this health crisis. It is necessary to prioritize a strategic framework program and reshape its Business Continuity Management which includes disaster recovery, crisis management, contingency scheme, and business continuity plans. This program should be a detailed plan-of-action that defines any and all risks that can affect the operations of a business and all stakeholders. This will also enable the companies to effectively act in response to situations and ensure the operation of critical business functions. Let us be mindful that companies must always be proactive in decision-making to preserve business continuity and build enterprise resilience.
With all the circumstances during the pandemic that reshaped companies’ system, it is important that employees’ safety and well-being be addressed in the Business Continuity Management. Companies have to initiate and expand flexible work arrangements and other policies allowing employees to work remotely, providing the technology and tools to support it. Reinforcing the workforce is a way to minimize disruption of “the business” environment.
As companies move into the post-Covid-19 recovery phase, a review of actions taken must be conducted, to support efforts in building a strategic resilience for the future.
Now is the right time for companies to earnestly take these steps, to ensure they are positioned to effectively capitalize on the opportunities and challenges arising in the post-Covid-19 recovery – and to continue engaging in the business environment with greater certainty and stability.
As we welcome 2023, I wish our country would achieve economic transformation towards inclusive and sustainable growth. Among the top priorities are Food Security and Infrastructure.
The Philippine Chamber of Commerce and Industry (PCCI) supports Micro, Small and Medium Enterprises’ (MSMEs) countryside development as its core project.
MSMEs are the backbone of the Philippine economy. They play a substantial contribution to our country’s economic and social development both in the urban and rural areas, contributing to innovation and inclusive growth through creation of job opportunities.
I was invited as one of the keynote speakers on the 10th National Business and Management Conference.This conference began as a collaboration between the Ramon V. Del Rosario College of
Business of De La Salle University – Manila, and Polytechnic University of the Philippines.
Please allow me to share with you my speech on “Business continuity, resiliency and challenges in the new normal:”
It has been three years since the Covid-19 outbreak disrupted the whole world. We have experienced major setbacks in our economic, health, and social lives. Almost every industry, if not all, relying on in-person transactions and services, struggled with the lockdowns on a global extent. In effect, many of the businesses regardless of how big or small they are, had no choice but to temporarily shut down or to permanently close. Through these experiences, some companies have learned the right lessons, developing resilience for the next crisis, and even turning the Covid-19 situation to redesign opportunities and its unexpected advantages.
Today, as the Philippines ease its restrictions and lockdowns, companies are taking strategic business continuity management and recovery plans to accelerate change in many aspects of their business and revenue streams. A unique challenging move by the organizations in developing an effective risk and contingency system is required to consider the uncertainties of the lingering effects of Covid-19 on business operations during the transition and the post-pandemic periods.
The post-pandemic business climate has begun to shift dramatically and is expected to continue. The increasing need for technology as a reflection of the desires and habits of the people will change as well.
Companies will start and will continue to utilize technology, internet, and digital services as a way to adapt to the new normal. Organizations will maximize the use of online applications and services to foster and contribute to effective business continuity and advantages. Work from home, online selling, virtual meetings, digital advertising, blended learning and e-learning modalities are just a few of those opportunities that countries like the Philippines have never experienced although other countries have been aggressively and successfully been exploring and implementing these practices prior to the Covid-19 pandemic.
With all the opportunities, the challenge now is for the business sectors to integrate the lessons and learnings from this health crisis. It is necessary to prioritize a strategic framework program and reshape its Business Continuity Management which includes disaster recovery, crisis management, contingency scheme, and business continuity plans. This program should be a detailed plan-of-action that defines any and all risks that can affect the operations of a business and all stakeholders. This will also enable the companies to effectively act in response to situations and ensure the operation of critical business functions. Let us be mindful that companies must always be proactive in decision-making to preserve business continuity and build enterprise resilience.
With all the circumstances during the pandemic that reshaped companies’ system, it is important that employees’ safety and well-being be addressed in the Business Continuity Management. Companies have to initiate and expand flexible work arrangements and other policies allowing employees to work remotely, providing the technology and tools to support it. Reinforcing the workforce is a way to minimize disruption of “the business” environment.
As companies move into the post-Covid-19 recovery phase, a review of actions taken must be conducted, to support efforts in building a strategic resilience for the future.
Now is the right time for companies to earnestly take these steps, to ensure they are positioned to effectively capitalize on the opportunities and challenges arising in the post-Covid-19 recovery – and to continue engaging in the business environment with greater certainty and stability.