One of the lessons the business community has had to learn and espouse during the Covid-19 pandemic is that companies need to be agile. For most, digital transformation was prioritized as leaders pushed their workforce to pivot swiftly and efficiently in response to the rapidly evolving landscape.
Some of the stories of innovation and resilience are inspiring, attending to calculated decisions that have made all the difference for the organizations. Fusionex Founder & Group CEO Dato’ Seri Ivan Teh, an astute Ernst & Young Entrepreneur Of The Year alumni member was invited by The Edge to share the lessons he has learnt during the Movement Control Order (MCO) and the successful steps he has taken, in the hope of aiding other businesses in their drive towards recovery and profitability.
Dato’ Seri Ivan Teh, Founder & Group CEO
I call it “ACE” – adaptability, calmness and empathy. These have been the best business lessons from Covid-19 and the MCO. Adaptability has been the key to handling this pandemic and the unprecedented turn of events that has arisen from it. Being a tech company, we have had the advantage of agility in approaching business and developing our offerings. We then established the importance of keeping the management team level-headed. In all of this, empathy has been a value we have espoused to identify with others who are suffering from [the same] predicaments.
My toughest challenge was minimizing the impact of the pandemic on the company and keeping the staff motivated. Our management decided early on that we would boost staff morale by maintaining salaries, allowing remote work, fostering open communication between teams, reminding them that they are all part of “Team Fusionex” and ensuring their families were safe and healthy.
Since everyone is trying to keep their business afloat, we have identified and seized the opportunity to boost synergistic partnerships and alliances across the business spectrum. In addition, we have engaged closely with technology partners to work on projects in areas such as AI, Big Data Analytics, blockchain, Internet of Things, e-commerce and so on. Survive the present and take the opportunity to retain, reskill and re-evaluate to ready yourself for business recovery.
Source: The Edge Newspaper