New Normal : ‘Focus to shift towards creating a self-sustaining economy in the new era of de-globalization’ : Vishal Singh
By Mohit Manghani | May 18, 2020
In these testing Covid-19 times, businesses and individuals are going the extra mile to decimate the impact of the pandemic. In doing so, one critical problem companies are facing is managing business continuity. As organizations look to turn current challenges into a competitive advantage, business continuity plans are being tested and reworked every day given.
In an exclusive interview with Retail4Growth, Vishal Singh – Founder & Managing Director, Vizion Lighting Pvt. Ltd. talks about path forward, the role of technology in a post-Covid-19 world and more
Business continuity is essentially any business’ or organization’s ability to ensure that their operations and core business functions are not severely compromised by any disaster or event that negatively affects the trade and market.
The pandemic has led us to focus harder on business continuity and to start preparing for a sustainable business model which creates a system of prevention and recovery of assets from potential threats to a company.
Measures taken towards ensuring continuity
The first set of measures has been to ensure that we invest our time and resources into research and development of our products so that we hit the ground running, post lockdown. We have also ensured that all our lines of communication remain open and our business continues, albeit digitally.
One of the few things that is certain to happen once the fallout from the pandemic is taken into account, is the digitization of several essential and luxury services. That isn’t any different for us, and it is something we’ve already taken into account through our website, which allows our clientele to view our products and services, as well as their technical details, while also being able to make customized orders.
Plans towards Sustainability and Continuity
The focus on sustainability is inevitable, not just from an industry-level perspective but also from a local environment. We’re heading towards a phase of de-globalization where the focus is going to be towards creating a self-sustaining economy, and hence it will be essential to create a business model that pushes for indigenous manufacturing as well as usage of native materials and craft.
It is important to ensure business continuity by identifying the key staff and creating drilling scenarios that force the employees to deploy risk and mitigation strategies. Offering an opportunity to consider several “what if” scenarios provide a foundation for how to respond in an actual situation and also helps instill a sense of confidence among staff that they would be able to respond in real-world events and situations.