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Post-COVID business opportunities, risks revealed

Simnikiwe Mzekandaba
By Simnikiwe Mzekandaba, IT in government editor
Johannesburg, 26 Oct 2021
Busisiwe Mavuso, CEO of Business Leadership SA.
Busisiwe Mavuso, CEO of Business Leadership SA.

Technology has reshaped the working world, and presented itself as an opportunity for business operations amid the global pandemic.

As a result, there are many efficiency gains that will convince companies to retain the new technologies after the crisis, says Busisiwe Mavuso, CEO of Business Leadership SA (BLSA).

Mavuso this morning delivered the keynote address at the Deloitte Africa Risk Conference 2021, held under the theme: “Re-imagining risk and opportunity amidst continued uncertainty and the increased role of responsible business”.

TheBLSA CEO told the virtual audience the world was thrown a wicked curveball in the form of COVID-19, and noted the world on the other side of the pandemic will look very different, with new norms, rules and value propositions.

During this time, there have been opportunities and risks for the business community, she noted, listing technology and innovation as well as globalisation and trade as key opportunities.

“Companies are rapidly adopting technologies and new ways of working in response to COVID-19, which has been our new reality from 26 March 2020.”

According to Mavuso, a lot of executives are dealing with the issue of mandating vaccination and many companies are relooking their office spaces. This, she stated, is mainly because they have realised a lot of people can work well from home, meaning they don’t have to incur high office costs.

“It is clear that going forward there will be a hybrid [working] model that will be adopted. Some of the employees will have an environment where they can come to the office on certain days and work from home on other days.”

However, Mavuso warned that a challenge for companies will be to find a balance between technology adoption and new ways of working, while maintaining a sense of community and meaning.

“What we’ve observed in the past 18 months is how mental and emotional well-being has also succumbed over this period. We have to find a balance….and move along with the technology efficiencies that we’ve seen over the past months.”

Facing the consequences

Mavuso, however, sounded a warning to the business community around behavioural shifts and societal impact, describing the latter as the “biggest ticking time bomb” the country faces.

“COVID-19 has brought more attention to companies’ societal roles and responsibilities, and the active role that companies played in addressing societal issues during the crisis might have created lasting consumer expectations.

“As companies, we will have to be clear that from now on, we should expect to be held to higher standards about societal responsibilities. The major risk posed by societal impact is the issue of strengthening safety nets.

“COVID-19 highlights the economic vulnerabilities of some certain parts of society. In the South African context, we are all clear that the vulnerabilities of the majority in this country increase the vulnerability for all of us.”

Mavuso pointed out there is a trust deficit between government and society, business and civil society, as well as between businesses and labour. “These are the behavioural shifts that we need to start confronting and need to start finding solutions and interventions for.”

Speaking during the panel discussion, Ruwayda Redfearn, Deloitte Africa board chairperson, said business and community can collaborate to drive social cohesion.

She highlighted that where there is an intersect between civil society, business, government and technology, there’s real opportunity to leapfrog and solve some of the societal issues the country faces.

“Innovation and tech is absolutely key, and businesses need to start leveraging tools and technology in trying to solve some of these issues.

“Some of the things that we are great at as a nation, not just South Africa but Africa, is that we are industrious, we have a big population of youth who are very tech-savvy across Africa and we have an entrepreneurial spirit. These are the things that we now need to leverage as businesses, to solve some of the societal issues.

“Businesses need to think about the new businesses that they can incubate and how to solve unemployment. Unemployment is a major issue in our country, and we need to think broadly around train-to-hire programmes and how to give practical training to those who are unemployed.”

In the case of Deloitte Africa, for example, Redfearn said the firm recently launched the Deloitte Africa Health Equity Institute, to respond to healthcare inequality.

“We use data analytics and research, as well as strategic partnerships with governments and healthcare organisations, to advance healthcare in Africa.

“We are taking what we are good at as a business and leveraging that using technology as well to solve some of these societal issues.”

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