Business Beyond COVID-19 – The Global Podcast Series
Welcome to Business Beyond COVID-19, HSBC’s podcast series about embracing business unusual through the global pandemic and beyond. We talk to industry leaders and experts to understand how they are adapting, reshaping and innovating through these extraordinary times.
China has eased most of the initial restrictions put in place to contain the spread of the Covid-19 outbreak. The country is back to work, reopening its factories and businesses. HSBC hosted a webinar in May featuring a panel of experts to discuss how businesses are responding to the new environment.
Listening time 14min
Key insights from businesses in China emerging from COVID-19:
- Remaining flexible as behaviours continue to change, affecting not only what, but also where, how and when people consume.
- The use of technology to adapt to changes, and prepare for future work environments.
- Increasing supply chain resilience, with stock policies paired with a lack of supplier diversification hindering production as manufacturers come back online.
The focus, until recently, and has been on cost, on lowering cost as far as possible, squeezing efficiency out of the supply chain. But clearly what’s happened now because of recent events, companies are much more focused on the resilience of their supply chain.
We are doing everything we can to support our customers. Innovative ideas and strong efforts are needed to lead the recovery.
In the past three months we saw many activities and actions taken by our customers to bring their business and their operations back to normal. As they were trying to adjust their business model to adapt to the new environment.
What are the top opportunities ahead?
Utilise technology to adapt to changes and prepare for future work environments.
Work closely with partners to offer unique incentives/opportunities to customers.
Internal training can help the next generation of leaders develop essential skills to deal with a crisis.
Companies who can adapt to the changing consumer behaviour will perform the best.
Have contingency plans in place to increase responsiveness and agility.
Focus on technology – the demand for contactless services and electronic transactions is only increasing.