Don't lose sight of the long term
As the economy and supply chains recover from the unprecedented impact of the COVID-19 pandemic, the companies focussed on the long term will be the ones which emerge stronger, Tammy Medard, incoming Managing Director, Institutional Australia at ANZ says.
Speaking at the ‘EIU & ANZ: Bringing the Supply Chain Home’ virtual event, Medard said there was definitely a place for short-term thinking as the recovery unfurls but it was critical to not lose sight of the future, when the pandemic is “in the rear-view mirror”.
“Companies that are making decisions with a long-term outlook are going to be in the best position going forward,” she said, encouraging them to ask, “’what is the long term solution? What is the sustainable model for my consumers and my shareholders?’”
Medard joined a roundtable at the event which also featured Patrick Vizzone, ANZ's Head of Coverage, Hong Kong & Head of Food, Beverage and Agribusiness, International; Charles Ross, Asia Editorial Director at The Economist Intelligence Unit; Ruth McLennan, Commercial Director South East Asia, Dairy Farm Group; and Michael Simonetta, Chief Executive Officer, Perfection Fresh Australia & Chair of the Australian Fresh Produce Alliance.
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Vizzone said while many specific supply chains have been disrupted, both regionally and globally, ultimately there would be some form of recovery.
“International supply chains are not going anywhere any time soon,” he said. “But the environment is betting more complex.”
Vizzone said things were changing, and risks rising, particularly around international policy.
“But on the other end, in agri and food, actually we’re seeing a surge in trade,” he said. “Generally speaking, good opportunities are at the intersection of supply and demand, but more and more of that intersects with government policy.”
Going forward that mix will be more complex, bringing more risk, but more opportunity, Vizzone said.
“You need an agile business model and need to react to that environment very quickly,” he said.
Medard said companies that had embraced technology before the crisis had had a “leg up” on competitors, although noted the gap had closed quickly when the pandemic forced businesses to adapt.
“What we’re seeing is some of these five-year plans have just been implemented in the past five weeks,” she said. “Those that have fallen behind are quickly catching up.”
Shane White is Content Manager at ANZ Institutional
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