The Covid-19 Pandemic Global Risks and Uncertainties
The Risk and Uncertainty Affect of Covid-19 Pandemic on BusinessElçin Şişmanoğlu
The WHO (World Health Organization) China Country Office was informed of cases of pneumonia of unknown etiology determined in Wuhan City, Hubei Province of China on December 31, 2019. These viral pneumonia cases have subsequently been defined as coronavirus disease COVID-19. The COVID-19 pandemic is unprecedented for the whole world. The COVID-19 pandemic is a shock for the global economy that has influenced all over the world. This has not only outcomes for the economy; whole communities have been influenced, which has caused significant changes in how businesses act and consumers behave. The COVID-19 pandemic has affected various sectors of society in different ways. Many companies have implemented their business continuity and crisis management action plans in the face of unexpected situations. Throughout the process, companies have had to take radical measures in order to continue their services and not to risk their operations. It is important to look forward and plan ahead for businesses in this process. Long-term effects of this event for businesses are very difficult to predict for now. In this study, the general effects of the COVID-19 pandemic on businesses, business risks during COVID-19 pandemic, supply chain risks of businesses during COVID-19 pandemic, the importance of corporate social responsibility for businesses during the COVID-19 pandemic and possible changes expected in businesses postCOVID-19 pandemic are included. As a result, businesses need to develop new strategies, new practices, different methods and tools to succeed in this process. In order to get out of this process with minimum damage, companies need to create a roadmap and take action in line with their own strategy. At the end of this process, it is expected that digital business models and automation will no longer be among the targets of industrial organizations, but among their obligations.