COVID19…. DANGER The PANDEMIC UNPRECEDENTED
Time frame… Quotes… 1. Using technology 2. New Emerging Market Before 18 April 2020 3. Change of Market Behaviour MCO1, MCO2, MCO3, MCO4: 18 March 2020 until 12 May 2020 4. Change of Customer Behaviour Beyond? Before MCO Post COVID19 Post MCO MCO (BAU) Short Term-Familiarization Long Term Term-Implementation & Review
DURING MCO
How do we prepare ourselves? Possible areas… Manage Training Change - upskill? - reskill? ERRC Plan & Strategy; Communication scenario planning - Virtual - stakeholders Risks Impact analysis for Technology different scenarios
Durin ing MCO Quotes… MCO1, MCO2, MCO3, MCO4: 18 March 2020 until 12 May 2020 Beyond? What is your Business Continuity Plan? Plan & Strategy; Impact analysis for Risks scenario planning different scenarios MCO Manage Eliminate Change Training Reduce ERRC -upskill? Raise -reskill? Create
IF IFAC in interpretation for busin iness contin inuity pla lan The Business Continuity Plan is based on the Prevention, Preparedness, Response and Recovery (PPRR) framework:
POST MCO
Post MCO & Post COVID19 Covid19 comes back? MCO comes back? Manage Change Very volatile Possibilities NATURE OF WORK ▪ Office vs home Post COVID19 NATURE OF ENGAGEMENTS ▪ meetings, ▪ presentations NATURE OF EVENTS ▪ Dinner, lunch ▪ Official and social gatherings CHANGE OF BUSINESS MODEL OVERALL WAY OF WORKING
Post COVID19 - Usin ing TECHNOLOGY Internet Computers/Laptops/Tabs Servers Technology Teleconferencing Clouds Software
Post COVID19 - New Emergin ing Market Post Covid19, there is potential for new markets or Emerging markets which will be the forefront of economic growth, generating the highest rates of real GDP growth in Malaysia and globally. Usually the Emerging market citizens are harnessing technology faster and more enthusiastically than many of the developed- market peers. Normally it will give huge growth potential. Take the opportunity. But you need to identify them.
Post COVID19-Change of Market & Customer Behaviour Post Covid19, with the change of business, a NEW NORM, it will change the overall spectrum of business. You will have new markets and new customers. This is where you need to drive the whole organization to adapt to the changes and manage the change. Rise in online shopping Digital transformation Demand for specific items Another important aspect of the rise in online shopping is the closure of stores
Post COVID19-Change of Market & Customer Behaviour We must embrace technology and upski kill l ourselves to allo llow dig igit itali lisation to happen
Post COVID19-Change of Market & Customer Behaviour
Post COVID19-Change of Market & Customer Behaviour
Post COVID19-The IR IR 4.0 .0 Components Vacuum cleaner
How do we prepare ourselv lves? Adopt and utilis ilise dig igit ital technologies… ➢ Technology - IOT, Blockchain, AI & Cloud Computing are “tools” to serve a purpose ➢ Adoption - Requires culture change ➢ Utilisation – Requires clear understanding of purpose
How do we prepare ourselv lves? Dig igit itali lisation is is als lso about cult lture change.. .. and human capabilit ities
How do we prepare ourselv lves? “Technology is nothing. What's important is that you have faith in people, that they're basically good and smart, and if you give them tools, they'll do wonderful things with them.” - Steve Jobs -
How do we prepare ourselv lves? The realit lity can be dif ifficult for those who resis ist change ➢ Culture and mindset shifts are critical not only for sustainability of our organisations but also personal careers ✓ Embrace and promote change “The World Economic Forum estimates ✓ Be consumer-oriented that about 75 million jobs may be displaced globally by a shift in the Embrace “design thinking” – ✓ division of labour between humans and experiment, learn and improve machines.. ✓ Encourage and reward innovation While 133 million new roles may ✓ Engage, communicate & emerge that are more adapted to the collaborate new division of labour between humans, machines and algorithms by ✓ Upskill talent and digital 2022.” capabilities
How do we prepare ourselv lves? To enable people to participate in AI economy, transition strategy required in 3 social interventions as follows: 1. Upskilling: To bring people up to speed with how best to integrate and work alongside AI. 2. Re-skilling: to help people displaced by AI to find alternative source of income and meaning. 3. Reinvention to identify the social and cognitive skills and the education content that will enable the next generation to thrive in an AI world. Training -Upskill? -Reskill?
What is is the Fu Future of Work?
What is is the Fu Future of Work? Technology adoption by industry and share of companies surveyed, 2018-2022
What is is the Fu Future of Work? Strategies to address shifting skills needs
Quotes… Quotes… It's the way global leadership is viewing the business world we now live in We need to be PREPARED and READY!!
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