Adaptive Strategies for Consumer Industries Beyond COVID-19

In this turbulent time, it’s assuring to see how competitors and unrelated organisations are banding together to assist one another, utilising the skillsets and systems of one another for a greater good.

Sure, COVID-19 has had devastating effects on businesses everywhere, but this global pandemic has also spearheaded cross-industry collaboration and a common goal towards the health and wellbeing of people.

Forward-thinking businesses are focused on people instead of profits – assuring staff, customers, and partners through clear communication and steady support. SAP is one such business as we are readily available to provide information and resources for helping businesses navigate through this challenging time.

SAP recently ran a series of virtual forums called 2020 Adaptive Strategies in a Changed World, I thought it would be pertinent to share what was discussed with experts from our SAP network.

Putting People First
People’s emotions have always helped inform policy, particularly in response to extreme events or fluctuations. In response to current circumstances, SAP is here to assist businesses – regardless of industry, size, or situation – by capturing employee sentiment.

Communication is critical at a time like this, as retail and consumer products companies stare into challenges of their people being overworked, working from home or being stood down. Employers in consumer industries have a responsibility to extend their duty of care and demonstrate understanding towards their staff during this time.

During the 2020 Adapting Strategies in a Changed World virtual forum, my colleagues Crissa Sumner and Steve Bennetts, who are also licensed psychologists, provided their perspectives on the impacted groups. Crissa and Steve outlined what to look out for when assessing employee sentiment and, in certain instances, how to activate upskilling for employees.

Supply Chain Risk and the Modern Slavery Act 2018
The Modern Slavery Act 2018 passed by the Australian Government requires companies to report on modern slavery throughout the supply chain. Companies must be able demonstrate that all its inputs and finished products sold are sourced and produced from ethical organisations.

Modern slavery isn’t just unethical, but can open a business up to legal, financial and reputational risk. The key to mitigating these risks is having the right mechanism to provide visibility across the business and all its suppliers.

The key is to ensure cross-business transparency so that consumer products companies and retailers mitigate supply chain risks both from a Modern Slavery and post COVID-19 supplier risk perspective.

To cover this topic in some detail Drew Mauldin from SAP Ariba hosted Abigail McGregor from Norton Rose Fulbright Australia. Abigail is a dispute resolution lawyer located in Sydney and leads the Norton Rose Fulbright Business Ethics Anti-Corruption Group in Australia.

With the environment ever changing, join our second forum in the Adaptive Strategies in a Changed World virtual series.

In this ACCELERATED version, you will have the chance to hear from industry experts on the current analysis and interpretation, along with assessment of  repercussions and ripple effect of the last few months. Register now.

This blog originally published on Linkedin