Business organisations must not jettison the lessons COVID-19 has taught the world when the pandemic is eventually defeated, a professor of International Business, Jurgen Bode has said.
He said businesses were now diversifying, innovating and sourcing most of their raw materials and inputs for production within their respective countries.
Speaking at the University of Cape Cost (UCC) School Of Business e-seminar series, Prof Bode who is also the Deputy Vice Chancellor for International Affairs and Diversity at the University of Applied Sciences, Bonn in Germany, explained that, “COVID-19 has led to de-globalisation in which many businesses are focusing on their strategies within.”
The seminar, the sixth and final session of the e-seminar series of the University of Cape Coast School of Business was on the topic, ‘Coronavirus pandemic: Global marketing, logistics and supply chain.’
Prof Bode emphasised that the Coronavirus pandemic had taught companies and businesses that “they can cut down on travel cost and still be productive and relevant”.
“COVID-19 has saved a lot of expenditure budgeted for business, conference and other related travels by organisations,” he said, and stressed the monies saved on the aforementioned expenditures could be ploughed back into the business.
A Professor of Marketing and Associate Dean of Lindner College of Business, University of Cincinnati, USA, Susan Powell Mantel said COVID-19 pandemic had created opportunities for some businesses through adaptation, innovation and diversification.
She called on corporate bodies to review their business strategies and ensure a good balance between risk and return during the pendency of the Coronavirus pandemic.
The Executive Director of Chartered Institute of Marketing Ghana, Kwabena Agyekum explained that COVID-19 has taught marketers to engage in constant communication and give continuous assurances to their customers about their risks, products and services as well as their innovations.
The Dean of the School of Business, Prof John Gatsi, in his remark thanked all the discussants especially those from other universities in Ghana, Germany, United States of America and South Africa as well as professional bodies.
“The blend of international and national academics on one hand and industry and professional bodies’ representation on the other, demonstrates the strength of the School of Business in ensuring diversity and closer affinity with professional bodies in accounting, taxation, marketing, human resource, banking, corporate governance, procurement and supply chain,” he said.
The Provost of the College of Humanities and Legal Studies, Professor Francis Amanquandoh, who chaired the programme, lauded the UCC Business School for the topics and discussants chosen for the e-seminar.