Verifying purchase and sales forecasts and monitoring actuals diligently is more important than ever to safely navigate our new business ‘normal’ of on-going disruption due to COVID-19. The potential impacts on a business extend well beyond the in-house position: how have suppliers been hit by COVID changes to their own supply chains? What changes are being witnessed through customer behaviour – and how has their ability to pay been affected?
Businesses across all sectors are facing uncertainty as New Zealand remains vulnerable to disruption in international trade and global financial markets. Over the coming weeks, Bancorp will share analysis and market insights on the new ‘normal’ of doing business in the midst of a pandemic.
Robustness, resilience, antifragility: Three words, each with different implications for economic survival through and out the other side of a pandemic.
- Robustness: Ability to resist failure
- Resilience: Ability to recover from failure
- Antifragility: A property of systems that increase in capability to thrive as a result of stressors, shocks, volatility, noise, mistakes, faults, attacks or failures