Who knew that a virus would send almost the whole world under lockdown and affect billions of lives and businesses!
Hopefully, all organizations return to business soon. However, given the nature of the COVID-19 pandemic, everything is bound to change. Organizations must adapt to a new reality. A reality where businesses will not only have to go through massive sanitary and health changes but also operational challenges. COVID pandemic has shaken business practices and operations, from lost productivity to late deliveries, inventory management to liquidity management and cater to a number of issues faced by almost every manufacturing organization.
As consumers and companies reacted to coronavirus pandemic lockdown, shortages developed of almost everything from toilet paper to protective medical gear (PPE)! In such uncertain testing times, how can businesses manage cost and just-in-time production to ensure survival?
This is a critical time for businesses and manufacturers, as they evaluate how to restore business processes and operations to a profitable level, all while countering the effects of an unstable economy.
To ensure that you make the right decision with the right data and information, Team Faber Infinite has collected perspectives from various organizations across geographies and sectors on the key concerns of Covid-19 on business. Team Faber Infinite surveyed businesses and professionals globally, to understand how this health crisis is impacting their business now and over a period, and to ensure relevant and timely information specific to the current scenario.
The results of the global survey on the impact on business from the Covid-19 crisis are as below.
In the face of this exceptional crisis, all organizations need to respond promptly and effectively to ensure both short-term survivals and to build resilience to chart a path to longer-term recovery.
The core part of the report focuses and the major challenges like sales, inventory management, manpower productivity, production, and quality, and how to turn these massive challenges into meaningful change.
Here are the glimpses of a few of such challenges:
- In the survey, 62% of the participants considered sales as the biggest challenge they are facing because of the pandemic.
- Inventory management is a major worry for almost 34% of participants:
- According to the 39% of participants, manpower productivity is a real concern because of the corona pandemic
- Quality is a concern for 33% of the participants amid coronavirus
- Production is a major worry area for all now. Increasing production without additional CAPEX is a dream to all especially in these tough times of corona pandemic.
Team Faber Infinite has been helping organizations in these tough times to overcome the challenges:
- We have been supporting organizations sustain and improve sales in these tough times within a short span of 4 to 13 weeks, with our proven Sales Growth Framework.
- With the help of robust Lean Supply Chain module by Faber Infinite for supply chain and inventory management organizations can improve end – to – end flow, speed and reduce lead time by identifying and eliminating all non-value-adding activities
- With the help of the Manpower Productivity module by Faber Infinite, many organizations across geographies have successfully improved the sales without compromising the throughput.
- Team Faber Infinite’s DMAIC (Define, Measure, Analyse, Improve, Control) module helps organizations across sectors to improve and sustain quality.
- Organizations can increase production with the operational excellence module by Team Faber Infinite.
The road ahead will be more important for ensuring a profitable survival by streamlining processes, decreasing cost, reducing wastage, and continuous improvement by deploying the transformation strategy and modules of Team Faber Infinite. Read the full survey report for more details. Covid-19 impact on a business survey by Faber Infinite Consulting and practical recommendations can be found here.
Written & Compiled by Faber Mayuri & Faber Manasi