School of Management Sciences, Varanasi organized a webinar on “Managing Businesses in Uncertain Times” on May 24, 2020, from 4 PM to 5 PM. The key resource person for this webinar were Mr. Vikas Anand FCL Head Asia Pacific DHL Global Forwarding Singapore. Mr. Pradeep N. Dutta Business Head- Alternate Channel Panasonic Life Solution. Mr. Naveen Mishra Sr. Director Analyst Gartner Research and Advisory and Dr. Abhishek Mishra Associate Professor IIM Indore.
Prof. P. N. Jha Director School of Management Sciences Varanasi warmly welcomed the resource persons and participants nationwide. Prof. Jha stated that today’s business organizations had been heavily hit by this Covid19 and facing serious imprecations. The CARE rating agency has indicated that Indian GDP would be expected to be around one-percent during 2020-2021. Among all sectors, the job market been heavily hit, and organizations today are laying off to sustain themselves in the current market scenario. But in every bad situation, there exist immense opportunities for prospects and growth. These times should be used by the organization to look for a paradigm shift and go into self-introspection. Soon this all will be over, and we all be heading toward a new journey.
Mr. Anand stated in his deliberation about the short term impact of this Covid19, where in today’s market, the company will be facing bankruptcy and job layoff. Asset-based companies will be suffering more than other sectorial companies like the hotel industry, the tourism industry. A huge reliance on other countries will be reduced. Ones this lockdown gets over, there would be a mass crunch in the labor market as the gap which has already been created due to mass exodus of labors towards their home town. However, Big data companies would likely to get surge as most of the company would be adopting work from home policy. More and more companies would be looking towards online platforms both for acquiring skills and acquisition of talent management. Overall, Covid19 would be a game-changer for the Indian economy. Mr. Pradeep Dutta, in continuation, stated that this time is better for India to venture into various new things and get well skilled in it, areas that’ll be facing paradigm shift like the retail industry, health, telecom, FMCG etc. will grow at higher pace through online platform. Small retailers are also moving toward an online platform, where they are providing door-to-door service that saves customers much time. He also stated India should be ready to cater to the needs of those companies who are planning to shift from china, as India needs substantial investment in infrastructure to attract more companies. Mr. Naveen Mishra divided the whole Covid19 phase into four phases, where India is still into the second phase, where one should not be making a decision through his/her emotion, instead look towards datapoints like infection rate, consumption rate which gives a better understanding of the situation and helps in making right decisions. Phase three would be the phase where again demand and consumption will be on a rising trend, and we would be looking for a great rebound. Dr. Abhishek Mishra shared his view on Innovation and product development of companies and its impact due to Covid19, where he shared his thought on six uncertainties i.e., estate uncertainties, effect uncertainties, work uncertainties, technology uncertainties, and market uncertainties.
Vote of thanks was given By Dr. Amitabh Pandey Associate Professor School of Management Sciences Varanasi. This session was coordinated by Dr. Pallavi Pathak Associate Professor School of Management Sciences Varanasi.