As businesses grapple with the effect of the pandemic on both the production
processes and enterprise bottom-line, Dr. Greg Ezeilo, a consultant to the Public
Accounts Committee of the House of Representatives has identified outsourcing
of certain business functions and right-sizing staff number as measures needed to
reduce the further impact of the rare outbreak.
Dr. Ezeilo, who spoke at a recent webinar themed “Business Recovery and
Survival Strategies Post Pandemic”, said digitization of business operation and
diversification into profitable new ventures comprising the agriculture value
chain, transportation, commodity brokerage, food retailing, and bakery are some
of the other valid options businesses should look to explore in a bid to survive the
unpredictable post-pandemic environment.
He stated that the COVID-19 dealt a devastating blow to the long-term plans of
businesses and government as Global Gross Domestic Product (GDP) Contracted
sharply by 7.7 percent, and the Nigerian economy shrunk by 5.3 percent.
Therefore, putting in place appropriate survival and business revival plans should
form the major focus of small and big enterprises, he added.
Generally, Business Process Outsourcing (BPO) and Information Technology
Outsourcing (ITO) have been touted as vital tools for modern organizations that
seek to improve business performance and enhance competitiveness.
Going forward, the adoption of those business-enhancing tools which form the core of what is globally termed strategic outsourcing will prove handy in pushing
small and big businesses through the present tough operating environment,
especially in this digital age.
Precisely, businesses should explore outsourcing business processes such as
market research, brand communication, human resource, accounting, legal
administration, tax administration, distribution, and IT management. Those key
areas will take some burden off the subject organization while ensuring efficient
delivery of key services that should optimize the few retained internal value chain
to focus on improved customer satisfaction.