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The economic impact of covid-19
The ongoing COVID 19 outbreak is unprecedented in modern times and will have a lasting impact on the everyday operations of businesses long after the pandemic is under control. However, even when COVID 19 has eventually passed, the way enterprises will work and prepare will likely not revert to the status quo ante. In order to prepare for the new normal, there are immediate tactical moves enterprises can make to mitigate the imp act from coronavirus as well as longer term strategic moves to ensure more robust business operations to prepare for future disruptions.
COVID 19 will spur rapid technology adoption
The COVID 19 pandemic has revealed just how vulnerable globally integrated supply chains can be. Specifically, a model in which businesses rely on a single supplier or a handful of suppliers concentrated in one country now appears particularly fragile. COVID 19 will spur rapid technology adoption.
Fear of contagion
The fear of contagion is leading many to abandon cash in favor of digital payments. Social distancing is prompting organisations to embrace videoconferencing, virtual classrooms and telemedicine at an unprecedented scale. As the crisis continues, it could accelerate development of next gen remote working technologies, such as augmented and virtual reality.
Banking
The industry is witnessing a continued and aggressive focus on Digitalization.
Banks are reducing expenditure on branches and investing in self-service digital channels such as mobile and online banking which are becoming more popular among customers.
Government
The group of Institutions, Organisations and stateowned companies focused on the implementation and the administration of public programmes, laws and politics of a country.
Retail
Retail is the sale of products to consumers in relatively small quantities. The buyer (consumer) does not resell what they buy. Most of the time, the buyer is the final consumer.
Retail is one of the most visible activities of any economy and is dominated by large corporations that work worldwide.
Transport & logistics
The Transport & logistics Sector considers all those companies whose activity is around movement of cargo in all its known forms (air, sea and land) transporting inputs, raw materials, finished goods or any other type of assets from one point to another.
Construction
The Construction Sector considers the set of operations and activities that are carried out to erect a building, a public infrastructure as well as an industrial plant or any other infrastructure. Some companies of the sector also participate in operating those infrastructures.
Manufacturing
The manufacturing industry accounts for a significant share of the industrial sector in developed countries. The final products can either serve as a finished good for sale to customers or as intermediate goods used in the production process.