G.L. Bajaj Institute of Management & Research. PGDM Institute, Greater Noida conducted Business Summit 5.0 on “Business Continuity & Resilience in the COVID-19 and Future Implications” on Saturday, August 15, 2020 for the students of PGDM Batch 2019-21 & 2020-22 under the patronage of Mr. Pankaj Agarwal, Vice Chairman, GL Bajaj Educational Institutions and in the insightful headship of Dr. Ajay Kumar, Director, GLBIMR.
The panel of the summit was graced by the esteemed presence of renowned industry leaders like Mr. Sakti Mukherjee, Founder-CEO, Procon Operating Partners, Mauritius, Mr. Anshul Kumar, Regional Manager - West, Resideo International, Mr. Gaurav Kant, Regional Sales Director, Vcloudx Pvt. Ltd., India and SAARC & Mr. Ankur Agarwal, Branch Head, Banking Industry.
The event started with invocation of Goddess Saraswati. Dr. Ajay Kumar, Director, GLBIMR emphasized that due to this pandemic, the Indian economy has been badly affected, so the two major concerns for the government are to control the number of corona cases and to improve the economic scenario of the country.
During the session, the expert speakers shared their viewpoints:
1. Mr. Sakti Mukherjee discussed the different phases to combat this crisis i.e. React, Respond, Re-aim and Re-launch. He shared various aspects of New Normal - movement from globalization to regionalization and changes in lifestyle. He also discussed five areas of supply chain vulnerability - planning and supplier network, transportation and logistics, financial resiliency, product complexity & organizational maturity.
2. Mr. Anshul Kumar described business continuity as to keep on doing the business seamlessly. He also discussed various challenges to business continuity such as offices shut down, disturbed operations & shaking supply chain management. He added that business marketing team tries to connect with new customers but also maintains the relationship with its existing customers.
3. Mr. Gaurav Kant appreciated the efforts of teachers, students, helpers, employees and employers for continuing the work without whom the economy would have collapsed. He added that the main challenge faced in this time is the tremendous fear, falling demand and failing supply chain management. He also emphasized on the importance of adapting to digital solutions.
4. Mr. Ankur Agarwal discussed the banking sector challenges due to Covid-19. He also added that only 25% of the employees are allowed in banks, rest of the team works from home to cater the needs of customers and there has been a limitation on customers’ visits too.
Around 234 participants from across the globe participated in the event. It was a thought provoking session which gave a new perspective to understand various aspects and also enhanced the knowledge of the participants. Finally the session concluded with Vote of Thanks.