The world is currently on a standstill with most of the industries and business houses negatively impacted by the corona pandemic. COVID-19 not only affected the growth rate but also placed many of the big projects on the pillion seat.
There are both positive and negative aspects of the current circumstances. Many countries are under a complete lockdown situation, promoting social distancing, and taking every possible step to cease the virus from spreading within communities. The travel and tourism industry, fashion and lifestyle, construction and real estate sectors are fighting for their survival.
But on a brighter note, the COVID impact has reduced the raw material cost and this may help economies heal. For example, the price of crude oil touched a new low due to excess production and a sharp decline in consumption.
Few are waiting for this pandemic wave to calm a bit before they take their boats in the sea while some are preparing to capture the uncertainty and bank on its energy. It’s easier said than done, but a great opportunity for those with well-designed plans and execution strategies. Startups and companies in IT outsourcing can benefit from the current wave of digitization.
There are ample of opportunities as more and more companies are now taking their operations to the cloud. The need for IT services like website design and development, eCommerce development, database management, etc. will witness an increase in demand.
- A lot of time to rephrase and plan.
The lockdown period has blessed business owners with plenty of time to rethink and revisit their existing plans and strategize the way forward. At the same time, they need to take precautionary measures to deal with issues soon, specifically related to the economic slump.
- Availability of remote resources.
COVID-19 has forced all organizations to place the idea of digitization above their business needs. Work from home was always one of the most debatable topics for the company’s management and human resource. But the current pandemic made organizations opt for remote operations, and the results are breaking all myths surrounding productivity issues during the remote working phase.
Sadly, large corporate houses had to furlough their resources due to the crises and it has resulted in huge availability of talent across the globe. This surge is in addition to the already eager, large pool of talent which was looking forward to getting onboard on new projects.
- U or V curve recovery of the economy.
Economic gurus and institutes have a different outlook on the post-pandemic, economic recovery. Countries under lockdown are expecting a good percentage of their GDP as a fund to support the economy. And leading rating agencies around the world have downgraded the post-pandemic economic growth rate of many countries.
With recession as the outcome due to slowdown in economic growth, the decreasing rate may land the economic recovery into the U or V curve. Recession and its recovery curve will leave a negative impact considering the issues which different countries were already facing even before the pandemic.
Few industries are doing well in the pandemic economy
Few segments of the Industry are doing really great during the lockdown period. It includes eCommerce, pharma, food supply, entertainment, and online collaborative applications. Many of the major players in these industries are experiencing a golden period in terms of their business growth. Broadband subscriptions, streaming services (Netflix, Amazon Prime, Hotstar, etc.), sales of video games are hitting through the roof during the lockdown.
Learning from the past, preparing for the future, and managing the present.
The world is waiting with bated breath for any sign of development in coronavirus vaccine, drug, or treatment. For many organizations, this pandemic has hit the chords of the time they faced during the great 2008 global recession. While some say that it is even worse. But the time available right now is perfect for learning from past shortcomings, devising future strategies and business plans to protect operations in case of any future pandemic. From the current point of view, the primary focus of many businesses will be to reduce the cost as a post-pandemic survival strategy.
What is your take on how companies can turn the post-pandemic time in their favor? Share your views with us.