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PricewaterhouseCoopers's (PwC) second Global Crisis Survey revealed that 83 percent of its respondents believed that business was negatively impacted by the Covid-19 pandemic, but only 47 percent felt that they were well-prepared for the crisis.
PwC Malaysia partner, cyber & forensics and crisis leader Alex Tan said the survey data and insights provide an important snapshot to a unique moment in time, and with the benefit of hindsight, it allows the creation of a roadmap for rethinking and strengthening resilience capabilities.
“Resilience is foundational to how an organisation handles disruption and creates new opportunities. The pandemic is likely to have been the first time organisations put their crisis response plans to the test, with 25 percent of respondents saying they did not have a plan in place before Covid-19,” he said in a statement.
The survey found that within their organisations, the respondents felt that the areas that were most negatively impacted were in supply chain and operations, their workforce, and finance and liquidity.
The survey also noted that organisations that fared well were more likely to have a response plan in place and rely on a dedicated crisis team to drive their response to the crisis.
PwC’s survey revealed that organisations that took steps to enhance technology have reported that they are in a better place in terms of organisational resilience.
It posited that 58 percent of the respondents felt they had the right technology in place to help facilitate the coordination of their crisis response team, and 67 percent felt technology has promoted their organisation’s ability to gather and use the right information for decision-making.