As the economy opens up, many companies will be reflecting on their businesses pre-Covid, and how the lockdown has forced them to rapidly adapt to resume operations in a post-lockdown environment.
Business leaders have had to make important business decisions in what’s felt like a split-second – actioning plans that may have been in the pipeline, but not prioritised as highly as they have been over the past few months. Covid-19 and the global and national lockdowns have been a catalyst for the transformation of many businesses that would otherwise have implemented change at a far slower pace.
McKinsey reported that “Business leaders now have a better sense of what can, and cannot, be done outside their companies’ traditional processes. Many are beginning to appreciate the speed with which their organizations can move once they change how they do things”.
In short, the coronavirus is forcing both the pace and scale of workplace innovation. Indeed, as businesses learn to do more with less, many are finding better, simpler, cheaper, and faster ways to operate. Businesses are bridging the digital divide, building collaborative partnerships – not just relationships – with suppliers, and working together to retool for a competitive future.
According to Vusi Fele, Chief Procurement Officer at Absa Group Ltd: “There is no doubt that after Covid-19, supply chains and the way we do business will never be the same again to what it was before the pandemic. While it is very uncertain how and when we will finally emerge from this crisis, there is a growing consensus that it will have a lasting impact. It is likely to fundamentally transform how we live, work and interact. It will accelerate some trends that were already occurring, and to which we had been responding, such as increased digitalization and innovation.”
“The importance of supplier development, particularly in the current South African context of Covid-19 and beyond, cannot be underestimated. We believe that opening up opportunities for SMEs to access corporate supply and delivery chains is one for the most efficient and consistent ways in which established corporates can contribute to sustainable entrepreneurship development. This will even be more crucial in the post-Covid-19 economic recovery environment.”
“It is in times like these that SMEs become critical in supporting the value chains of the mainstream economy, helping to drive the economic revival post the disruptive shocks caused by the pandemic, helping absorb or shore up a portion of the huge number of the jobs lost in bigger corporates due to the self-preservation and survivalist stance adopted by main stream corporates.”
“At Absa we are truly proud to be a partner of the Absa/Business Day Supplier Development Awards, which recognize and honour some of the country’s leading champions (both individuals and corporates) of enterprise and supplier development.”
In the fourth Absa Business Day Supplier Development Awards online dialogue at 09h30 on 8 July 2020, the panel of experts will explore Post Corona – recovery strategies for struggling supply chains, and share how leading corporates are re-building and establishing more resilient supply chains, while growing the Supplier Development ecosystem.
It’s an opportunity for Supplier Development managers, practitioners, suppliers and SME’s to participate in a critical discussion that can assist businesses towards longevity. Click here to register.
About the Absa Business Day Supplier Development Dialogue Series
The Absa Business Day Supplier Development Awards in partnership with Fetola, Cold Press Media, and Arena Holdings recognises the necessity to bridge the gap between suppliers and corporates and collaborate over this critical time. The Absa Business Day Supplier Development Dialogue Series brings together thought leaders and Supplier Development Managers, corporates, suppliers and SMME’s to host critical discussions on supporting the global and domestic response to our current crisis and to reignite growth. For more information on future Absa Business Day Supplier Development dialogue series topics, visit www.sdawards.co.za