As of today, 212 countries and territories around the world have reported a total of over 3.6 million confirmed cases of the coronavirus COVID-19. The dramatic spread of the deadly virus has left no territory uncharted. Be it the economy, infrastructure, or lives.
Organizations across the globe are coming together to find innovative ways to tackle and turn the crisis around through small yet powerful means. Among others, Praxis Global Alliance, the global management consulting, advisory, and data research and analytics firm, has pledged to mitigate risks for its clients, people, and the business ecosystem in the global fight against COVID-19 pandemic.
Using its research and advisory prowess, the company is supporting several COVID initiatives, clients and various SMEs with scenario planning and identifying possible initiatives given the rapidly evolving impact of COVID-19. From developing operational checklists to helping client leaderships through the crisis, Praxis has undertaken a gamut of initiatives to help protect and re-accelerate businesses in the post-COVID new normal.
Initiatives for clients and business at large:
- Strategic pro-bono knowledge partnerships: The company has proactively engaged with various non-profit institutions to mobilize resources, deploy effective solutions, and achieve impact. As the knowledge partner in Marico Innovation Foundation’s Innovate2BeatCOVID initiative, the Praxis team has screened 700+ applications on COVID-related solutions and is helping identify ones most feasible by usability, scalability, and cost-effectiveness. Applications relate to two key categories in the fight against COVID – PPEs and ventilators. The company is also supporting the COVID India Initiative across a range of areas.
- Industry sentiment survey: Early on in March third week, the company conducted an Investor Sentiment Survey in association with Indian Venture Capital Association – IVCA, with 100+ PE VC investors across firms and released a report with its findings within the business ecosystem to gauge and prepare for the new normal. During the same time, they conducted a Startup Sentiment Survey with 50 Indian startup founders to understand the impact and measures taken by the startups to counter the slowdown triggered by the COVID-19 and shared findings with the larger business group. Several other surveys were launched in Financial Services, Pharma companies and Consumer businesses to track key trends and anticipate upcoming changes early.
- Industry-practitioner led webinars: Across its 19 practice areas, Praxis has been organizing a series of industry practitioner-led webinars to help identify and understand the scope and ramifications of the COVID-19 crisis for their businesses globally. Also sharing ways to re-tweak business models for the new era. Their latest webinar for the Financial Services titles Banking in India: How to win post-COVID for banks and NBFCs by Shishir Mankad, Head Financial Services, Praxis Global Alliance and Anil Jaggia, Domain Leader, Financial Services, Praxis Global Alliance was attended by over 50 leaders from India’s top banks and NBFCs discussing the way forward for succeeding in the new world.
- #Re-accelerate campaign - interaction series with industry leaders: Another interactive series that the company has launched this month features CXOs from top global MNCs, Banks, Startups like Sidharth Rath, MD & CEO, SBM Bank (India), Vikas Chauhan, Co-Founder, 1mg, Umang Kumar, CEO, Cardekho and Ravi Shanmugam, Country Head, Singapore, Livspace among others have shared their views through this series on the current situation and how can businesses revamp their strategies to help reboot the economy.
- Crisis mitigation advisory to both large and small businesses: COVID-19 has had a strong negative impact on both large and small businesses. In this scenario, we have undertaken multiple rounds of one-on-one discussions and helped with scenario planning to protect businesses, their employees and to gear them up for the post-COVID scenario. We are also supporting businesses
- Reporting on the COVID-19 impact on business: The company started a twitter thread on How India is fighting COVID-19 covering all initiatives the country has taken to fight the disease, to raise awareness on the issue, and promoting the country as an innovation hub is leading the way in fighting the coronavirus.
Initiatives for employees:
The company has also ensured that the employees are safe and protected through this crisis with the following measures:
- Work from home: All employees were asked to work from home much before the country-wide lockdown keeping Employee Health as a priority.
- Technology scale-up: The company scaled up the use of digital technologies to help maintain employee productivity, morale, and motivation in these trying times.
- Swift action: Praxis responded promptly to take care of the employees by changing its key people policies including:
With these, the company is currently in discussion with the Government, non-profit agencies, and associations to work in cooperation and mitigate risks to the ecosystem in response to the spread of COVID-19.
Authored by (at the time of writing):
Parul Singh, Leader, Brand and Marketing Practice
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