KUALA LUMPUR, Nov 19 — Companies should undertake a comprehensive review to re-evaluate and change their business models to better understand the future direction of their markets and the resulting growth opportunities post-Covid-19, Malaysian Industrial Development Finance Bhd (MIDF) said.
Head of MIDF development finance division Azizi Mustafa said the pandemic has seen businesses, especially small and medium enterprises (SMEs), trying to manage a crisis that very few were prepared for.
“This is the best time or opportunity for companies to reflect on what has happened for the last two years. Businesses are now focusing on developing resilience in their supply chains, protecting their revenues and managing their business strategy,” he said at the “Makan Dulu Bersama MIDF: Mengorak Langkah Ke Arah Pemulihan” special programme, in conjunction with Minggu Saham Digital, today.
Azizi said it was important for companies affected by the pandemic to enter into a new era by managing their businesses in line with the new normal.
“We need to look at these companies, on how they should adapt and think forward and try to capitalise on the opportunities or ways of this new norm to change marketing strategies and product sales, among others, so that it can be effective and viable in facing any trials or challenges that will come in the future,” he said.
Meanwhile, Azizi said Malaysian companies should no longer consider Covid-19 as a one-off event, so they must consider new digital transformation strategies.
“Everyone is saying to move towards the digitalisation journey, so we must make careful planning. In our plan, we have to take into account short, medium, and long term planning so that what we do today can still be used in the future,” he said.
He cautioned that it would be a waste of resources and money if careful planning were not incorporated in the digitalisation of businesses. — Bernama
