We would like to share our thoughts amid the growing worldwide spread of COVID-19, or coronavirus.
The global pandemic has crippled business productivity, grounded the economy and confined employees to their homes to work remotely. Unwittingly, this situation has thrust a previously unnoticed breed front and center in the limelight.
The IT Directors, Managers and CIOs.
In what seems to be the most daunting tasks of their careers, these IT experts have become caretakers of employee experience and enablers of business operations in a time of crisis.
For Business Owners and CEOs, this means making sure that remote working is as seamless as possible to provide the best level of support to YOUR customers and partners.
So what are your top priorities due to Covid-19?
With the advent of CloudERP and Disruptive Technology, Businesses can carry out a variety of activities to further support their employees during this time, whether that be guidance on working from home(WFH), training on some key tools and increasing general support engagement with employees.
Will the Stimulus Save the Day? A Market Outlook
The retail sector is set to lose up to 90 per cent of revenue this month (March 2020) and might not survive the movement control order unless the government steps in urgently with assistance, said the Malaysia Retailers Association.
The MRA warned that the current predicament was unlike the 2008 financial crisis that had resulted in slowly depleting asset values, with the sudden onset of Covid-19 requiring measures that matched its speed.
The government has already announced several measures to brace the economy against the fallout of Covid-19 but economists have called for a rescue package that is magnitudes larger than what the government has already committed.
Sell Online!
If you are a business owner with a physical store, Now is the time to diversify your sales channels by opening an ecommerce website!
Why?
According to forecasts, revenue in the Malaysian eCommerce market is expected to soar to US$4.3 billion in 2020. Our e-commerce segment — especially in food delivery and online content providers — will reap immediate benefits during the Movement Control Order (MCO) period, according to the National Tech Association of Malaysia (PIKOM).
So don’t get left out of the potential online sales that you can gain, especially in a time when more people are inclined to stay indoors.
We recommmend SMEs to be creative and resilient, and to have a business navigation plan in place to weather the next challenging six months.
Here are 6 basic points your plan should cover:
1. Go Full Cloud
Organisations where remote working capabilities have not yet been established need to work out solutions, including identifying use-case requirements for access to enterprise applications such as enterprise resource planning (ERP) like NetSuite while reviewing all security arrangements to ensure access to applications and data is secure.
2. Engage your Employees
Empower your employees with a Cloud HRMS: Get employees to work remotely with a single cloud-based HR management software with multiple HR modules, integrated across desktop and mobile app so your employees can work for you anytime, anywhere.
3. Lead with Clarity
Give your employees the sense belonging and not fear that they might lose their jobs. It is at this time you need to gather all of your employees on a Skype call, or on a zoom call to brainstorm new marketing campaigns and sales strategies to keep the business going.
4. Forge Your Alliances
Form partnerships with local logistics partners to help you carry out your supply chain.
5. Perfect your Plan
Evaluate your company's performance during each test, and work toward constant improvement. Continuity exercises should reveal weaknesses. Test your continuity plan regularly to reveal and accommodate changes.
6. If you haven't upgraded your Tech, now is the time to DO IT
Its not too late to accomodate Disruptive Technology into your company. From an IT perspective, personnel and facilities are in a constant state of flux at any company. Companies will need to consider the IT measures that will be needed to support their organisation.
Evaluate Your State of IT Capabilities
Assess the IT supply chain for pandemic preparedness
Keep extra IT inventory on-site in case of resource failures
Implement remote (TRUE CLOUD) data management solutions
Leverage the cloud to shift the risk out of region, but this is not a silver bullet
Implement/BYOD, company-issued laptops, Internet bandwidth capacity and prioritized access
Implement web-based video conferencing
Fintech Rakyat specializes in helping businesses grow and develop in ways that will not leave you behind while others advance. Our solutions are designed to solve SMEs’ pain points, improve processes, and built to scale with growth through the use of cloud technology. Contact us at enquiry@fintechrakyat.com to learn more about our solutions and services!
If you need an in depth analysis on Business navigation, just contact us at enquiry@fintechrakyat.com or fill up this form.
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