Wipro Corporation Chairman Azim Premji on Monday warned the business community to be prepared to face more shocks similar to the September 11 terrorist attacks in the US.

Delivering the keynote address on 'Leading in Uncertain Times' at the International Facilities Management Association conference in Bangalore, he said, "The September 11 milestone was only the beginning, and the business community needs to face the Iraq war and many more such difficulties."

Premji noted that security concerns had accentuated after the September 11 incident and the biggest challenge currently facing the industry was proceeding through such turbulent times. The business community should learn to manage during unstable times and be proactive to overcome the challenges, he said.

Business had already been affected by the changing landscape of the market and competition due to globalisation. Then came the economic downturn and recession, which led to many companies shutting down shop after decades of success, he noted.

"While economic downturns and business cycles are an intrinsic part of any business, they hurt us most when we are not prepared for them. At the same time, a downturn teaches us many lessons and offers us several opportunities," he said.

Stating that significant developments had taken place during the last 18 months compared to last seven years and many more changes would take place during the next two years, the Wipro chief said customers had of late realised their power and were demanding high quality and services.

He observed that the key lesson learnt from the disturbing times was to optimise resources and keep costs down. "There is no need to waste something because it is available in plenty. And in a downturn, this can actually determine the survival of business," Premji said.

Painting a bleak picture in the power situation, he said it might get worse in the future as the gap in the demand and supply position would increase.

The senior leadership of political parties had stated with pessimism the difficulties in the situation, he said, adding that there should be liberalisation on the lines of the telecom sector in the power sector.

UNI