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Home Business Insights

Coronavirus outbreak: 43% of APAC firms might restructure operations

Teresa Leung by Teresa Leung
February 27, 2020
coronavirus

Image by Geralt on Pixabay

Many companies in Asia Pacific will be forced to restructure operations to stay afloat if the new Coronavirus outbreak (COVID-19) worsens, said Tricor Group that recently released its COVID-19 Business Sentiment and Resilience Barometer Report. 

The report contains key primary research findings from a survey conducted of business leaders and finance executives at 1,050 organisations in APAC, sampling a cross-section of start-ups, SMEs, MNCs and listed companies in the private sector across 12 major industries, according to Tricor.

Key findings 

  • 1 out of 2 executives agree that their business has been impacted by the current public health situation and are concerned about the future of their business.
  • 43% of executives report that if the situation gets worse, they will need to consider restructuring operations.
  • Less than 1 in 3 executives are confident they have well-equipped crisis management teams capable of handling the situation.
  • 43% of the executives agree that COVID-19 has heightened their awareness of business continuity risks and has increased their need for third-party, consulting and outsourcing support.
  • 46% of the executives are actively looking for ways to streamline business functions through cost reductions and operational efficiency.
  • Nearly half of the executives cite cost reduction as a key strategic focus to help navigate business uncertainty resulting from the acute reliance on China.

Tricor advised businesses to focus on the following priorities to achieve resilience:

  • de-risking and diversifying supply chains;
  • rebalancing market interdependencies;
  • restructuring business operations to reduce costs; and
  • mitigating operational risk exposures through outsourcing and offshoring.
Related:  What are the top risks for emerging Asia?
Tags: Asia PacificcoronavirusTricor Group
Teresa Leung

Teresa Leung

A versatile content developer and editor, Teresa Leung helps a range of organisations — including technology and business media, tech heavy-weights, accountancy bodies, PR agencies, as well as art and cultural organisations — to enhance audience engagement with optimised content. Leung served as part of the editorial team at Computerworld Hong Kong and CFO Innovation.

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