Businesses must thoroughly assess risk to survive - experts
Mr Ocici says business, especially in the oil sector must build capacity to compete. PHOTO | FILE
By Justus Lyatuu
Businesses must develop an effective risk and contingence plan to counter risks and vulnerabilities, according to the Tullow Oil Supply Chain Advisor.
Speaking during the an online conversation about national content supplier development, which discussed business continuity organised by Tullow, Total E&P and Uganda Chamber of Mines, Mr Peter Ssempebwa, the Tullow Oil supply chain advisor, said business continuity is now more pertinent than ever given the Covid-19 disruptions experienced at both personal and business level.
Therefore, he said, there is “need to insulate your business by developing a fallback position as well as evaluating the extent and impact of any form of disruptions”.
A study by Uganda Management Institute conducted by Dr Mary Kansiime Nyende, recently found that a number of businesses, especially financial institutions, have low capacity to thoroughly access risk, which lives them exposed.
However, Mr Ssempebwa said Covid-19 has presented realities that have exposed business vulnerabilities with many cutting down on operations while others have opted to close
Covid-19 continues to paralyse businesses and entrepreneurship, which demands that they put in place continuity plans amid uncertainties.
During the discussion, Mr Charles Ocici, the Enterprise Uganda executive director, said stakeholders in the oil and gas sector value chain must use the slowdown in activity occasioned by Covid-19 as an opportunity to build competencies to fit in the highly demanding sector.
Engaging across the value chain to build capacity to deliver functional solutions, he said, must be emphasised to deliver reliable and quality services as well as ensure that deadlines and quality standards are maintained.
The business environment has since March suffered a number of shocks, which according to Mr Ocici, calls for agility and steadfastness to ensure continuity.
Mr Daniel Kakuru, the Tullow operations supervisor, said businesses must invest in human capital, supply chains and processes if they are to survive the current challenges.
This, he said, will ensure that businesses get adaptable human capital, processes and supply chains.
