No industry has been left unaffected by the COVID-19 pandemic. If you’re wondering how the future will be shaped by COVID-19, see what predictions the experts at the University of Canberra’s Faculty of Business, Government and Law can offer.
International business
“Lockdowns and movement restrictions have seen people-dependent economic sectors particularly negatively affected, while certain high-tech and online services have seen an upward trend, as lifestyles have changed.”
“This has caused international businesses to become even more competitive, while also highlighting global uncertainty. A program like the Master of Business Administration at UC is very relevant, as it provides the skills to navigate this uncertainty. It empowers students with the ability to learn, analyse and foresee what’s coming.”
– Associate Professor Dr Xiaodong Gong
“Different sectors will recover at different rates. But arising from the crisis are many opportunities, eg. remote working software, or a chance to diversify supply chains for a more efficient future.”
“A program like the MBA allows people to identify areas to leverage on, focusing on what changing times mean for individual businesses and roles – as well as global markets – with a practical, work-integrated learning focus.”
– Assistant Professor Dr Sarah Yu
Accounting
“Many of the fundamental questions and evidentiary estimates that accountants traditionally consider – business planning, debt governance and repayment – have now been completely up-ended.”
“But the crisis has also highlighted the importance of skilled accountants – leading to a shift in how we do things, and in the role of accounting itself, as it transcends the daily processing of information to incorporate more big picture strategising.”
“The MBA looks at the contextual understanding of business practice, and shifts us from thinking about what a business is to how we do business – a vital value add.”
– Professor Dr David Carter
Marketing
“The post-COVID era will see increased competition, with coordination at an international level necessary for recovery.
“Marketing strategies will have a huge impact – building trust is particularly important now. This is a time to expand client bases and prepare for the future, with government support to accelerate recovery and mitigate impact.”
“The MBA emphasises strategy, innovation and change – key drivers to positioning an organisation.”
– Associate Professor Dr Abu Saleh
Finance
“Various incentivisation measures are being implemented by different countries to stimulate international business revenue, as the focus has shifted from competition to recovery.”
“Post-COVID-19, international businesses will need to rethink their financial strategies, considering both rates and political situations in countries that are enacting strong recovery plans.”
“Globalisation in general will have slowed, but things like medicines and vaccines might balance that by providing more of a global push than even pre-pandemic.”
“To adapt, businesses will need to draw on skills of prediction and analysis for upcoming risks, and to build in added variability and coverage to accommodate the risk of rate fluctuations.”
– Senior Lecturer in Finance and Banking Dr Abu Mollik