Updates from the CMI Sri Lanka BoardTuesday 25 May 2021
Finance for the Now Normal: financial stability in the hotel industry
CMI Sri Lanka recently hosted a webinar titled 'Finance for the NOW NORMAL' with Mr Nirmalan Nagendra FCMI FIH, who is a senior Hospitality Finance Professional and Consultant for KPMG. Moderated by Mr Chaminda de Silva (MBA), GM of Orel Corporation, the session focused on the need for collaboration among multiple divisions, hiring for attitude, avoiding price wars, and driving the efficiency of labour. You can watch the webinar here.
Management and sustainability
Health and safety has been considered important for businesses for a long time, but it is highly technical and not central to the dialogue around sustainability – until now.. COVID-19 has changed this perspective completely. What we can see now is that what began as an emergency response has led to a more profound change in operating models, with remote working and flexible structures becoming more finessed.
Furthermore, the pandemic demonstrated the viability of the environmental, social and governance (ESG) agenda for both stakeholders and investors. Specifically, it has boosted the significance of social factors at the present time and of environmental factors in the longer term.
Key factors that can influence business resilience and sustainability include:
- Awareness: Act on credible and reliable information before making any ESG decisions.
- Behaviour: Communicate with and educate your people about best practice and behavioural expectations in your organisation
- Culture: Have a plan and be prepared to react should there be problems within your culture - inclusivity is a big factor here
- Demonstrate: Protect employees, supply chains, customers, and the public – actions are louder than words
- Invest: In sustainable products and supply – it’s never too early to start being more environmentally conscious, and your customers and your stakeholders will notice
- Encourage: Cleaner production and less material-intensive lifestyles, both in corporate messaging and brand messaging
Dr Malraj B. Kiriella CMgr CCMI is a multi-disciplinary professional and currently serves as the Founder/Owner of South Asia Multidisciplinary Advisory Services (SAMAS). He is a past president of CMI and also CMI Chartered Manager Companion.
The essentials for making the new Digital transformation right
The volatility of the pandemic forced businesses to become more agile– technological efficiency, business agility and enhanced security are vital for organisational survival in New Normal. We’ll have to keep learning and adapting to new technologies and working practices emerge. Partnering with a trusted adviser is a prudent step to fast-tracking technology enablement. Businesses should aim for a balance of efficiency and growth. Maximizing investments in technology will continue to be a major consideration, as businesses should be ready for the new world that will soon pick up momentum. Some of the other important considerations are as follows:
- Focusing on eCommerce Intensifying Mobile adoption
- Drawing up a “pivot plan” for technology transformation
- Creating an organisational digital culture for a connected, hyper-digital future
- Modernising the IT infrastructure and adopting cutting-edge technologies
- Cultivating technology agility & resilience at multiple business levels
Sajith de Silva FCMI, is the first vice president of CMI Sri Lanka, the CEO and director of eBEYONDS Pvt Ltd, a world-renowned IT Solutions Company, and also a director of a few other corporate entities.
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