Businesses have to focus on data management to improve organisational capacity to address changing customer experiences in new normal, Bangladesh House Building Finance Corporation (BHBFC) Chairman Prof Salim Uddin said Sunday.
Addressing a meeting on impact of corona pandemic in business recently, BHBFC chairman also recommended for reinventing business model to cope with the future to be driven by artificial intelligence.Prof Salim presented the keynote paper at the webinar organised by Bureau of Business Research at Chattogram University (CU).
CU Vice Chancellor Prof Shireen Akhter was the chief guest at the event while BBR Chairman Prof Moazzem Husain presided over the session online, said a BHBFC release on Monday. In the keynote, Dr Salim shed light on the impact of corona pandemic in business landscape globally in general and in Bangladesh in particular. Prof Salim, a faculty of accounting department at Chittagong University, is leading the Islami Bank Bangladesh as chairman of executive committee.
He also focused on unusual global situation and potential impact on economy as well as business amid pandemic.
Dr Salim covered many aspects of COVID-19 Impact on business such as risk and opportunity for business by initiating the concept of VUCA World and D VUCA D World indicating V for Volatile, U for Uncertain, C for Complex, A for Ambiguous, D for disruption and Diversity. He remarked that over the past six months, business organisations have reorganised supply chains, set up remote operations, and made tough financial decisions.
“But without a COVID-19 vaccine businesses do not feel much different. In this regards, the world anxiously awaits an effective COVID-19 vaccine that can be readily distributed. Until then, the priority is to reenergize organizations by remembering to act rather than react,” added Prof Salim.
Among others, BBR Director Prof SM Sohrab Uddin, IBBL Director Prof Mohammad Saleh Jahur, Accounting Department Prof Helal Uddin Nizami also spoke on the occasion.