Companies should be innovative to sustain challenges of COVID 19

The Business has drastically changed in the last few months due to The COVID-19 pandemic. This situation is influencing the way the companies run their business and manage their people. If companies do not innovate and move forward with the changes, they will be left behind. This Covid-19 period, the chaotic situation is forcing companies across the globe to rethink their business strategies. Only the companies that adapt to these changes can succeed, Speakers told at a virtual conference on Sunday, 12 July 2020 through Zoom Video Conference.  

Over the past seven months, Covid-19 virus has spread to all over the world. As the virus spreads, the society, economy and business are being impacted. So, now the main concern for every organization is how to minimize the adverse impact of the pandemic in its operation and performance. Emphasizing this changing scenario, the Institute of chartered accountants of Bangladesh-ICAB organized a conference on  'Introduction to Modern Workplace'. 

Mustafa Jabbar, Honourable Minister, Posts and Telecommunications Division (PTD), GoB attended the conference as the chief guest. ICAB President Muhammad Farooq FCA delivered address of welcome while Akhtar Sohel Kasem FCA, Member Council and Past President and Chairman of the Information & Communication Technology Committee (ICTC) of ICAB conducted the session as the session chairman. Muhammad Mirsad Hossain, Head of Software Business, Smart Technologies BD Ltd presented the keynote paper. 

Mustafa Jabbar said Bangladesh has made tremendous progress in many aspects since independence, however, inclusive growth of the country has been made by able leadership of prime minister Sheikh Hasina. Among the countries across the globe Bangladesh has been declared to be digital in 2008, he informed and said that during this pandemic times, mobile and internet became integral part of our day to day life. Whole world came in a single horizontal line where countries are running their business in digital platform, he further said. We are not lagging behind in this moment and  keeping momentum with other developed countries in the use of mobile internet relating to  our business, he added. 

He said, we do not know  what would be the situation in post pandemic period. So, we have to prepare ourselves to face the situation right now.  We are living  in the age of the fourth industrial revolution, for which our traditional education system does not deliver. Now it is high time to update our education system, he suggested. 

Mr. Jabbar said, we have to acquire soft skills to survive in the competition of digital business environment.  Information Technology has broken the traditional system of trade and business.  Chartered Accountants should come forward with their knowledge and expertise to guide the business leaders in this critical times. CAs could play a  pivotal role through presenting true, fair information and in-depth analysis of data for taking proper decisions during the  pandemic period, he added. 

Mr. Farooq said, a modern workplace allows us to collaborate anywhere, anytime on any device which increases productivity and keeps workers happy. The office is being done now remotely, no longer requires your desktop computer or travel to office from Sunday to Thursday. Digital Technology  like laptop, mobile or tablet allows you to work at home, at a coffee shop or at a hotel, he further said. 

We have to take a crucial decision in the current situation about launching modern workplace through digital transformation to keep businesses running as smoothly as possible. However, driving change during these chaotic and unprecedented times is challenging too. The digital transformation will also need to invest in soft and hardware technology including infrastructure for faster and better quality data connections and to provide employees with access to shared documents, Mr Farooq said. 

To develop this trend, companies will also have to develop new management procedures to track, complete, and assign tasks to individuals and teams, he went on. 

The keynote presenter Muhammad Mirsad Hossain described how the technology can drive better business outcomes and enhance the productivity of organization and even promote the ethical standards.  Cutting edge technology for employers is required to get things done from anywhere, any time in secure mode. The journey to a modern workplace requires connecting the people of the organization with the goal of fostering more unified interactions and alignment around everyone contributing to the same mission, he said.