Transfiguring your business post COVID-19

Raghunath. T, Director

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The phrase “we are living in unprecedented times” has probably never ever been used more often in history than in the last few weeks.

As the world is still grappling with the Covid19 crisis that has brought almost every nation on the earth to a standstill physically and economically, much has been written about what the new world reality will look like.

From the perspective of most companies, these could mean changes in the way they approach their external interfaces. These could mean

  • Focusing on online v/s offline sales channels
  • Greater focus on domestic customers
  • Reducing overdependence on specific sectors
  • Focusing on more robust supplier networks etc.

These changes are to be expected soon and are certainly factors that any business leader should consider sooner rather than later.

However, along with the external preparedness come the more interesting and probably the so far undiscovered area of internal structures, systems, processes and resources. Adversity has made businesses realize that there are tremendous opportunities for building internal efficiencies.

Any organization that is planning to come out of the current adversity will need to seriously consider addressing the following areas.

  • Structure: What is the right structure that the company should adopt going forward? Can we proceed with tweaks to the current structure or is there a need to restructure? Certainly, restructuring is not a decision that companies should take in haste. However, if it is a question of survival or restructuring, the choice is quite obvious.
  • Business Processes: There have been drastic forced changes to several processes that companies have undertaken in the last few weeks. Are these changes sustainable? Is there more that can be done? Are there any new risks that have emerged due to the process changes? 
    • Process redundancies: Are some processes being done because you have always been doing them? Are there ways to redesign those processes without compromising on controls or risks?
    • Process Outsourcing: Are there some noncustomer-facing / backend processes that are being done by in-house teams that could be efficiently outsourced? Are there functions that do not really need full-time personnel? 
    • Process Offshoring: If the last few days have taught us anything, it is the fact that most employees can work as effectively from their homes as from their office desks. Taking this further, are there opportunities to offshore processes or move teams to less expensive locations? 
    • Process Automation: Are there potential savings in costs by automating processes? Even if there is a seemingly fully functional ERP in place, what are the efficiencies possible by taking it to the next level by investing in areas like Robotics Process Automation?
  • Resource Utilization: Another important learning from the world’s collective experience of the last few weeks has been the sudden realization that companies have been utilizing vast amounts of resources which fall into the “nice to have” category and not necessarily in the “need to have” area.

Utilization of human resources is usually the first thing that most organizations consider – and such utilization can be understood by undertaking exercises in workload analysis, time and motion studies, automation studies etc.

However, there are other resources such as office space, vehicles, warehouses and such which at times get ignored. Such resources also come with accompanying cost elements such as manpower, maintenance, utilities and fuel – and all of these over a period tend to result in cost creep.

Once we win over the pandemic, the next real crisis would be putting the pieces together and re-shaping the future. We can capture the opportunity to invest in the real growth pillars and not the ones that belong to the “nice to have” category.

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Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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