Paper Technology International 2020 - Journal - Page 88

PAPERTECHNOLOGYINTERNATIONAL
Being asked how companies could have been better
prepared for the impacts of COVID-19, main areas for improvement
included:
•
Increase labor flexibility
•
Expect the unexpected
•
Optimize what-if scenario and contingency planning
•
Implement better remote working infrastructure
•
Improve “force majeure” clauses in contracts
The main areas for improving the mitigation of financial and
business impacts encompass:
•
Stronger and prevailing focus of performance of cost &
efficiency parameters
•
Prepare for the possibility that the new situation and
business environment could last longer than initially
expected
•
Partial shut of offices, switch to home office and
co-working spaces
•
Transform daily work and processes even more into the
digital world
•
Increase diversification level of product portfolio
Figure 4: Level of preparation
The vast majority across all respondents agree, that their
companies took the right countermeasures to mitigate impacts
of COVID-19 (Figure 5). Respondents from the PPP industry
are optimistic regarding their companies’ performance in impact
mitigation. Most mentioned countermeasures included:
•
Implementation of strict safety measures (disinfection,
social distancing, separation of teams, face masks)
•
Home office & remote work wherever possible
•
Reduced working hours
•
Travel restrictions / ban
•
Remote support solutions
•
Supply Chain measures to ensure supply of critical
parts
•
Improved communication
•
Further integration of volumes into downstream
business
•
New process and project approaches
•
Increased use of online tools
Figure 5: Countermeasures
A minority, yet not insignificant, of the survey participants from the
PPP sector (41%) state that their companies were not successful in
mitigating financial and business risks (Figure 6).
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Figure 6: Mitigation of impacts
Looking forward, more than two thirds of respondents
believe that their companies are now better prepared to face
unforeseen events compared to before COVID-19.
Figure 7: Improved preparation
Companies have learnt from the crisis and, according to the
survey participants’ responses, some of the things that make them
better prepared for future unforeseen events include:
•
Better use of digital technologies for business
execution, monitoring and reporting
•
Both Hard and Software infrastructure that enables
business continuity, regardless of where employees are
located
•
Importance of prioritization, flexibilization,
empowerment
•
Always expect the unexpected
•
Importance of proper process flows
•
Improve cash positions (“liquidity is key”, “cash is king”)
•
Optimize ability to quickly react, respond and execute
•
Evaluate alternative business models
•
Improve / review / update contingency plans
•
Remote work is efficient and works fine
•
Foster implementation of cross skill sets among workforce

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