1. INTRODUCTION:

The consequences of the coronavirus disease (COVID-19) outbreak are unprecedented and felt around the world. The world of work is being profoundly affected by the pandemic. In addition to the threat to public health, the economic and social disruption threatens the long-term livelihoods and wellbeing of millions. The pandemic is heavily affecting labour markets, economies and enterprises, including global supply chains, leading to widespread business disruptions. The rapid outbreak of the coronavirus presents an alarming health crisis that the world is grappling with. In addition to the human impact, there is also a significant commercial impact being felt globally.

As viruses know no borders, the impacts will continue to spread. In fact, 94 percent of the Fortune 1000 are already seeing COVID-19 disruptions.

It’s possible that the coronavirus threat will eventually fade, as the Ebola, Zika, and Severe-Acute-Respiratory Syndrome (SARS) viruses have in recent years. But even if it does, the next devastating, yet-unnamed outbreak is not so much a matter of “if” but “when.”

In the light of the current coronavirus crisis, business-to-business firms face a variety of challenges in a complex and fast-changing environment. Every business firm adopt the different approaches to support their working according to the change.

In order to provide structured analysis and to guide strategic decision-making, business firms adopted different approach to analysing the impact of a crisis on a firm's business model.

Since the Covid-19 pandemic hit the world, businesses have been turned upside down in almost all aspects. The evidence suggests very different impacts of the coronavirus crisis on business-to-business firms, and that understanding these differences is important for strategizing during the crisis but also to navigating successfully into the future.

2. MATERIAL AND METHODS:

2.1 Objectives of Study:

Every researcher has some purposes to conduct a study. This paper is also written with some specific purpose. The main objectives of this study are:

i. To understand the concept of COVID-19

ii. To study the impact of COVID-19 on business firms

iii. To study the PPF statement of business

2.2 Research Methodology:

2.2.1 Research Method:

Research is designed with Descriptive method of research to study the objectives. All description highlighted the characteristics of relevant content.

2.2.2 Data Collection:

Data Collection Method: Secondary data are used to design the Descriptive method of research.

2.2.3 Sources of Data Collection:

The data is collected from available articles, published research, magazines, published journals, different websites, different published reports such as WHO report, etc.

3. ANALYSIS AND INTERPRETATION:

3.1 COVID-19:

The COVID-19 or Coronavirus is an ongoing global issue which affects the all activities of an economy. It is basically a respiratory-diseases. According to World Health Organisation, COVID-19 states as a Corona Virus Disease of 2019 which caused due to the virus of SARS-CoV2 virus (Vergnaud, S.). It is the combination of words, ‘CO’ stands for ‘corona,’ ‘VI’ for ‘virus,’ and ‘D' for disease, and 19 represents the year of its occurrence. It is a single stranded RNA virus which has diameter ranging from 80 to 120 nm ranging of diameter. The first of this pandemic issue was reported in December 2019, in Wuhan, Hubei province, China (Chakraborty and Maity). The WHO declared this virus as the outbreak of the Public Health Emergency of International Concern as a novel disease on 20 January 2020. (Wikipedia).

TABLE: 1

New Cases	47,262
Confirmed Cases	11,734,058
Deaths	160,441
Vaccine Doses Administered	50,075,162

3.2 Impact on Business:

Where a stringent policy response is deemed necessary, business will inevitably be impacted, with both near-term effects and less-expected longer-run consequences.

· Travel restrictions and quarantines affecting hundreds of millions of people have left Chinese factories short of labour and parts, disrupting just-in-time supply chains and triggering sales warnings across technology, automotive, consumer goods, pharmaceutical and other industries.

· Commodity prices have declined in response to a fall in China’s consumption of raw materials, and producers are considering cutting output.

· The mobility and work disruptions have led to marked declines in Chinese consumption, squeezing multinational companies in several sectors including aviation, education abroad, infrastructure, tourism, entertainment, hospitality, electronics, consumer and luxury goods.

Following are some points which highlighted the impact of COVID-19 on different sector of business in India:

· Impact of COVID-19 on Pharmaceuticals Sector: Bulk drugs and drug intermediates accounted for $1.5bn or 3% of India’s imports from China. As per Trade Promotion Council of India, the country imports around 85 percent of its total requirement of active pharmaceutical ingredients (APIs) from China. These active pharmaceutical ingredients are essential to a large number of pharmaceutical manufacturing companies in the country. Dependencies on China have impacted manufacturing operations in India. However, demand for essential medicines and safety equipment has gone up. Government has restricted the export of certain medicines and pharma products and is monitoring the overall inventory on regular basis. As COVID-19 is rapidly making its way through India, medication is going to be the number one consumer demand, and because there aren’t nearly enough APIs to manufacture drugs, the subsequent traders and the market are witnessing skyrocketing prices.

· Impact of COVID-19 on Raw materials and spare parts: Nearly 55% of electronics imported by India originate from China. These imports have already slid down to 40% in light of the coronavirus outbreak and subsequent lockdown. As a countermeasure, India is considering the promotion of indigenous production in a bid to reduce dependency on a single market. Additionally, China is India’s third largest export partner for export of raw materials like organic chemicals, mineral fuels, cotton, etc.; and lockdown of the countries is likely to lead to a substantial trade deficit for India.

· Impact of COVID-19 on Tourism Sector: India is huge on cultural and historical tourism, attracting domestic and foreign nationals throughout the year. It does not come as a surprise that a large number of confirmed COVID-19 cases in India include foreign tourists. But with visas being suspended and tourist attractions being shut indefinitely, the whole tourism value chain, which includes hotels, restaurants, attractions, agents, and operators are expected to face losses worth thousands of crores. The World Travel and Tourism Council (WTTC) estimates the crisis to cost the tourism sector at least USD 22 billion, the travel sector shrinking by up to 25% in 2020, resulting in a loss of 50 million jobs. Experts believe the tourism industry is likely to take a massive hit, and it could end up crippling the industry for the foreseeable future.

· Impact of COVID-19 on Aviation Sector: After the Government of India indefinitely suspended tourist visas, airlines are said to be working under pressure. Nearly 600 international flights to and from India were cancelled for varying periods. Around 90 domestic flights have been cancelled, leading to a sharp drop in airline fares, even on popular local routes. Private airport operators have requested the Government to grant permission to impose a nominal passenger facilitation charge on airfares to cover the increased operating cost.

· Impact of COVID-19 on FMCG Sector: After the lockdown announcement, demand for essential FMCG products spiked up owing to hoarding and panic buying by consumers. Grocery items, milk, and hygiene products have seen a surge in demand while supply chain constraints have limited the manufacturing capacities.

· Impact of COVID-19 on MSMEs: Micro, small and medium enterprises (MSME) exporters have been impacted more by the current lockdown on account of Covid-19 pandemic as the sector accounts for over 45 per cent in the country’s total outbound shipments. They will also face issues in calling back their workers as several of them have migrated to their villages and towns. However, incentives will help exporters to resume work immediately after things start getting normal, otherwise they will not be able to restore their global suppliers.

3.3 PPF Statement:

PPF Statement of any business reflects the past, present and future statement of any business. Every party of society consider COVID-19 as a crisis but some experts and optimistic part of society take COVID-19 as an opportunity as well as seem the light behind this crisis. COVID-19 directly and indirectly promotes the technology and business intelligence. Both of tool consider as the main element of any business for their survival. The following points denotes the past, present and future of business:

Past of Businesses:

Technology Concern:

Back in the days when everything was manually recorded on paper within hard bound files, technology gave the world a better way to manage processes with IT systems. Once these systems were in place, everyone started creating a lot of data. Only after a few years of accumulation of this data did organizations thought about using this data for generating value. This is where business analysis took precedence. There was an obvious market need for innovation and organizations realized that they need to be able to analyse this data and draw insights.

COVID-19 Concern:

Before COVID the business were worked with profit motive earning. They were restricted with limited ideas and methods.

Present of Businesses:

Technology Concern:

Today business analysis courses have evolved as an amalgamation of domains and analytical skills. Domain is one of the key ingredients for identifying patterns because without an understanding of the business it is simply not quite possible to draw any kind of conclusions or even understand the data.

Today, data talks well with folks with a keen understanding of domain and a good grasp of implementing analytical techniques. Their key challenges are ensuring that data is relevant and integrated. Once solved, organisations can harness the data and release innovative solutions in the market. Over the past few years, the market has witnessed ideas ranging from digitised health platforms to big data stylist services – all born from data analysis. And this is just the tip of the iceberg!

COVID-19 Concern:

Business uses several analytical techniques. Some of mostly common techniques are: MOST (Mission, Objectives, Strategies and Tactics), PESTLE (Political, Economic, Sociological, Technological, Legal and Environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats), MOSCOW (Must or Should, Could or Would) and Six Thinking Hats.

COVID open the mind of business to adapt the change and use the intelligence. COVID change the motive of business from profit earning to survival.

Future of Business:

Technology Concern:

With automation and agile becoming a norm, there is an obvious push towards complexity. This means a major chunk of business analysis tasks that require human intervention today will be automated. While this is great news from a business perspective because it will bring reduced errors, lower cost of maintenance and less time to insights. The other end of the impact would be on utilisation of the insights resulted from data analysis. This would most likely be the next sweet spot where a keen understanding of business strategy would come into play to make real business decisions.

Business analysis used a much-advanced version of what it initially was scoped to deliver. Today, business analysis attempts to solve the data challenge by identifying the right data and analysing it to solve business problems. While the future looks complex, we can expect some real innovation and market disruptions from business analysis.

COVID-19 Concern:

· Open doors for the innovation adaptation.

· Businesses adapt the changes for survival.

· Focus to increase the number of delighted and loyal customers.

· Remove dependency to other; make decision should be better for sometimes.

· Increase more flexibility in business working

· Make different analytical models rest of structure.

4. FINDING AND SUGGESTION:

Like India, several international economies are becoming cognizant of the risk they have faced by being overly dependent on one market. Making the current situation a learning opportunity, it is believed that this is the time India can work on capturing potentially 40% of their competitor’s market share by looking at indigenous production of goods, furthering the country’s Make in India campaign.

4.1 Findings of the Study:

According to Lou Paskalis, “You don’t need to abandon traditional in-person meetings and sales, but maybe now those become more of the exception and you build your business around new digital opportunities that enable virtual interaction at greater scale.”

· The government has already announced several fiscal measures to assist traders in this period of uncertainty. Various policy measures/relaxations and changes in regulatory compliance have been initiated to minimise the hurdles faced by the exporters/industry players and facilitate ease of doing business in such a critical time. (Times of India)

· COVID-19 in the present, will need to turn their attentions to the future politics of work.

· Consumers are changed forever so due to COVID-19 they adapted new ways to buying goods and interacting with business quickly.

· Technology is the new and strong toolbox to connect and interact with business and their parties authentically.

· Technology and Intelligence are only tools which helps businesses to face any crisis and stay their customers with them forever.

4.2 Suggestions:

Some suggestions are under below for better improvement and to face this crisis.

Table: 2.5 Rs

1. RESOLVE	Address the immediate challenges that COVID-19 represents to the institution’s workforce, customers, and business partners.
2. RESILIENCE	Address near-term cash management challenges, and broader resiliency issues during virus related shutdowns and economic knock-on effects.
3. RETURN	Create a detailed plan to return the business back to scale quickly, as the virus evolves and knock-on effects become clearer.
4. REIMAGINATION	Re-imagine the next normal- what a discontinuous shift looks like, and implications for how the business should reinvent.
5. REFORM	Be clear about how the regulatory and competitive environment in specific Industry may shift.

5. CONCLUSION:

India is at a crucial juncture in its fight against COVID-19. The country has responded with urgency and determination as reflected in the Prime Minister’s bold and decisive leadership. The government has also aggressively stepped up the response measures – find, isolate, test, treat and trace. WHO is supporting the government’s endeavour to further strengthen and intensify surveillance and build capacity of the health system. The above paper presents the most important information on the effects of the coronavirus (COVID-19) in India. It delves into the impact on the country's GDP and other key indicators. Information on the virus and lockdown's impact on employment, businesses, retail and consumption and lifestyles is also curated.

6. REFERENCE:

1. https://www.europeanbusinessreview.com/business-after-covid-19-what-will-change/,Business After COVID 19: What Will Change, June 11, 2020

2. Vergnaud, S. (2020), “What does COVID-19 stand for?” March 2020

3. Chakraborty, I. and Prasenjit, M., COVID-19 outbreak: Migration, effects on society, global environment and prevention, Science of the Total Environment (journal) www.elsevier.com/locate/scitotenv

4. https://en.wikipedia.org/wiki/COVID-19_pandemic

5. Lou Paskalis, Senior Vice President, Customer Engagement and Media Investment for Bank of America, Global Banking & Markets, Preparing for the new consumer

6. https://timesofindia.indiatimes.com/life-style/fashion/luxury/cover-story/future-of-business-after-covid-19/articleshow/76649370.cms

7. http://www.conass.org.br/painelconasscovid19. Accessed: July 11, 2020

8. Kirkcaldy RD, King BA, Brooks JT. COVID-19 and postinfection immunity: limited evidence, many remaining questions. JAMA 2020, doi: 10.1001/jama.2020.786

Received on 11.09.2021 Modified on 13.11.2021

Asian Journal of Management. 2022;13(1):85-88.

DOI: 10.52711/2321-5763.2022.00015