The coronavirus COVID-19 pandemic is the defining global health crisis of our time and the greatest challenge we have faced since World War Two. Since its emergence in Asia late last year, the virus has spread to every continent except Antarctica. Cases are rising daily in Africa the Americas, and Europe.
Countries are racing to slow the spread of the virus by testing and treating patients, carrying out contact tracing, limiting travel, quarantining citizens, and cancelling large gatherings such as sporting events, concerts, and schools.
The pandemic is moving like a wave—one that may yet crash on those least able to cope.
But COVID-19 is much more than a health crisis. By stressing every one of the countries it touches, it has the potential to create devastating social, economic and political crises that will leave deep scars.
Time is of the essence for companies striving to combat the immediate impact of COVID-19 while also laying the foundation for a strong future. Entrepreneurs, family businesses and private companies are generally able to respond and adjust more quickly than others given their agility and ingenuity.
Companies need to:
- Seek to understand key risks across operations and supply chain
- Mobilize teams to firstly navigate crisis response and secondly focus on supply chain assessment and risk management
- Consider whether your governance in place to rapidly make key decisions
- Conduct business and financial scenario planning for a quick recovery, a global slowdown and a possible recession
- Plan mitigating actions across operations and supply chain, assessing impacts on sea, air and land transport
- Ensure communications are made with principal customers and stakeholders
- Review and assess what impact this will have on workforce planning and management
- Review phasing impacts depending on your sector
- Create an agile and visible global supply chain
- Understand and deploy digital and process automation to mitigate the impact of disruption.
- Develop and implement enhanced risk management strategies