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Industry Revival Post COVID 19 discussed in Webinars at Amity University

Webinar on Challenges in the new VUCA world organized at Amity University

New Delhi

Amity University Uttar Pradesh in continuation of its webinar series organized almost 30 sessions focusing on industry revival post the COVID19 scenario. In a webinar organized by Amity Institute of Travel & Tourism, a host of global leaders shared their views on ‘Post-COVID Industry Revival’ with more than 1200 participants online.

Addressing the gathering, Dr. Mohit Vij, Skyline University College, UAE said that they were facing a lot of problems in the tourism sector. “I don’t have any answer that for how long the current situation will go on and by when the sector will recover. Every country is working on 4 stages that include the Crises, Pre-Recovery, Recovery and Transformation. At this time partnership between public and private sector needs to be strengthened. Markets are not ready for now,” shared Dr. Vij.

He also stated that many people are stuck in places where they had gone but due to lock down or any other reason are unable to return. “They may be stuck in hotel and some hotels are also being converted into quarantine spaces. People in the hotel industry should not try even sell their product but it’s better to adapt new ideas like gift cards, vouchers, free cancellation etc, understanding their social responsibility,” stated Dr.Vij. He also added that the coming see new profile of travellers. “Hotels will have to take care of hygiene and raise their hygiene standards. Stay home travel tomorrow is the new trend for coming times,” averred Dr. Vij.

Samir Thapa, Chairman, Silver Mountain Hospitality Group, Nepal shared that it is a time when the hospitality sector would have to start from grass root level. “Due to COVID-19, economic recession has hit all of us. But COVID-19 has also given us an opportunity to grow. Like through these online classes you are able to connect large number of students from all over the country. Similarly, if we enhance our system this can be benchmark wherein students can apply all over the country siting in their homes under the guidance of their parents. Also, owing to strict or tightened visa system in other countries, domestic tourism will grow. Those who have good resources but can’t travel outside the country will travel domestically. It’s a right time to discuss the need of industry. If we design our curriculum according to the industry, it will be biggest opportunity. This is the time to build relationship between industry and education sectors which will yield profit post COVID-19,” said Thapa.

Prof. Justin Matthew Pang, RMIT University, Vietnam said that COVID -19 is like SARS virus which was like a huge wave in 2003 that spread to many regions. “But in the case of corona virus it is different than SARS. Singapore is handing the situation very well whereas US is not giving the correct picture. Also some countries don’t even have the testing kits to check the spread of COVID-19, like Africa. I think it will be by 2021 that everything will be back on track and industry recovery can happen in 6 months. Sectors like hospitality has to find ways and ensure the safety of customers only then they can grow. All the countries and their governments have to come together through online medium and make new strategies, which can help in recovery, averred Professor Pang.

Dr. Ankur Narang, Technology Expert & Sr. Vice President, Hike stated that due to corona everyone will be facing two major crises, health problems and economic recession. “While businesses will be back, we have to work on boutique based solution. We have to ensure the traveler that they are safe and we have to come up with various technologies like contact less virtual guides, ensuring social distancing and fast disinfecting technology. We can also give drone monitoring which can be used for travel areas and maintain social distancing or sending real time alert. These technologies are effective and it’s the right time to brainstorm on these ideas,” said Dr. Narang.

In a session on ‘Optimization of Content marketing’ by Harshit Pandey – Tech Writer Professional – Fiserv, students were given detailed insights on content that is defined as any information that is being recorded. Mr Pandey shared insights on cascading conventional approach to parallel the present cadence; understanding and accessing strategies and applying strategies to use cases. Students and speaker  deliberated  on optimization and marketing skills as well. Pandey gave students a four-pronged approach of Discovery-Definition-Design-Model while designing content.

“Following minimalism, value driven narrative as approaching strategies, keeping consistency; strong structure, linking and localization in our concepts will help attain better results,” informed Pandey. The webinar was well attended by hundreds of students.

In another webinar, Arun Karna, Managing Director & CEO, AT&T Global Network Services India Private Limited said that with the current scenario of COVID -19, new trends need to be adopted which can help the business to grow or at least survive. “Entrepreneur sector has to re-look into their business models to even survive. There are many things which will end forever like the hand shake. COVID -19 has accelerated the existing trends and not a short-term thing. Changes made during COVID-19 will be mission critical for the long term. Enterprise priorities will be changed due to the current crisis. In earlier times operational efficiency was the priority, where now survival is the basic agenda for all which can be attained by reducing costs. To sustain the business one has to look for new approach for the customer’s satisfaction,” said Karna.

He further added that acceleration of product development has been replaced with cutting back spending and putting the projects on hold. The supplier relationship is more critical than ever. “All you have to wait and watch, which will show how effective value global chain can continue. Survival journey is long and full of struggles. Aviation, Travel, Automotive, Hotel, restaurants, catering, chemicals textile manufacturing, agriculture, logistics, traditional media and entertainment are the sectors which will face a lot of struggle due to COVID19. On other hand Health care services, Telecom, internet providers, digital payments portals, food and consumables, education, pharma, IT and insurance are the sector that will rise high,” shared Karna.

An Orientation session on Insolvency and Bankruptcy Code 2016 was conducted by Dr. S.K. Gupta, MD &CEO – IPAICAI (Insolvency Professional Agency of the Institute of Cost Accountants of India, New Delhi). Dr. Gupta stated that Insolvency and Bankruptcy Code (IBC) is one of the most significant economic reform taken in India since Independence. “It is said that IBC has been a game-changer, and I would agree to it. It is a milestone in Indian economy to boost the ease of doing business process. It is also one of the biggest economic reforms adopted by India, being a rare example of a much-needed law, which has witnessed speedy roll-out and implementation. IBC is a one-stop solution which addresses all insolvencies in a time bound and economically viable set-up also bringing a significant change in the power-sharing equation between creditors and debtors,” shared Dr. Gupta. He further stated that in a VUCA world it is but natural for some of the plans of some of the businesses to fail. “IBC provided the much-needed freedom to fail and exit (Chakravyuh Challenge) if the business plans do not work out the way they were expected,” elucidated Dr. Gupta to a wide spectrum of students who had logged in to listen to the eminent speaker.