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PwC’s Global Crisis Survey – Thailand Report
Building resilience for the next normal
PwC Thailand’s Global Crisis Survey 2021 examines the Thailand business community’s response to the most disruptive global crisis of our lifetime, the COVID-19 pandemic. Discover Thai companies’ responses, what they’ve learned and how they’re preparing for what’s next.
More than 80% of Thai respondents said their business was negatively impacted by the crisis
The increasing strength of climate change, political unrest and fraud around the world indicate that a robust crisis strategy is a necessary part of business success. The challenge of crisis management is not to predict or measure every possible incident that could impact business. Rather, as we move away from 2020, organisations should recognise and prepare for the inevitability and unpredictability of disruption.
Businesses that prioritise and invest in building a foundation of resilience to manage disruption will be better positioned to weather what comes next.
Areas most impacted by COVID-19
COVID-19 transport restrictions disrupted production plans as some materials couldn’t be imported.
87% Operation and supply chain
Managing human resources to align with business needs became much more difficult during lockdowns.
79% Workforce
Many Thai businesses faced finance and liquidity problems, and 27% said their company’s financial position was worse off than it was pre-COVID-19.
69% Finance and liquidity
Post-crisis review: learning the lessons
A quarter of Thai respondents said they won’t conduct an ‘after action’ review of crisis incident lessons learned for future incidents, and 29% are unsure whether they will do so. Reviewing a crisis plan helps to improve how to respond to a future crisis and assessing the crisis response performance helps to improve response plans.
Most Thai respondents have not assessed long-term threats and the impact on corporate strategy. Identifying the root cause and assessing the impact on corporate strategy can help companies to better manage the next crisis.
Crisis management: preparing for the future
Crisis response and management involve an enterprise-wide strategy formalising how an organisation manages, responds to and positions themselves to emerge stronger from a crisis. Anticipating, preparing for and responding to significant disruptions will help companies survive crises and keep business going.
Key steps for building organisational resilience
- Define a crisis response strategy and plan.
- Designate a dedicated crisis response team to lead the response.
- Collaborate with key stakeholders in decision-making.
- Regularly review the crisis response plan and update corporate strategy.
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