An invisible & tiny entity called Coronavirus has taken the world into its storm. Two quarters before, when everything seemed to be going normal, the arrival of COVID-19 disease literally changed the entire lifestyle of the human race. Almost each and every country is being affected due to the direct & indirect consequences of this virus. The world is going through a global lockdown never before and everyone is waiting for the end of this pandemic so that people can get back to their normal life. Since it is quite unpredictable about the arrival of a vaccine on this virus, the uncertainty may remain with us for a while. In the majority of the regions, people are preferring to stay at their homes and avoiding unnecessary travel unless it’s very unavoidable. The public places which were full of friends, families, acquaintances & strangers are hardly occupying their presence these days.
Effects:
Since the entire world is going through this challenge, most of the industries are affected due to the slag into the dependent industries. The first & most affected industry is the Travel Industry, due to the cross-border travel restrictions between countries, states & cities, people are preferring to remain where they are. This caused a lot of strain on the supply chain and the logistics operations of all the companies. Due to the unavailability of the laborers, manufacturers are facing challenges while bringing their operations on the normal track. It is expected that 50% of restaurant industries may get affected due to their traditional business processes. Companies, where the physical presence of the human required, have come down to the 1/10th of their business operations. The malls, supermarkets & entertainment zones have been impacted significantly.
Even though similar calamities have influenced mankind many times in the past, the adoption of the new-normal may help all of us, to sustain ourselves and beat this challenge. People are going through the massive work-from-home culture these days, which earlier used to be the fantasy for many of us. Many of the essential service industries, who adopted the digital & cloud platforms for their operations, have seen a growth in the business despite the pandemic. Many of the IT, Services & Technology Companies are planning to acquire the remote-work culture as an inherent part of their businesses. The Ed-Tech platforms are being included in the global educational institutions over the traditional classroom culture.
Due to the extended locked-down from many months, the economy of many countries is significantly influenced. The acute recession has impacted the profitability of many companies and it has taken away the jobs of many employees. Even though the recession goes through the bell curves in every periodic decade, it is quite risky to remain unprepared to face another challenge. The adoption of AI, automated applications, and cloud services is the need of an hour and can help the industries in preserving their existence in the market and we can’t deny this fact.
A Ray of Hope:
If we take this pandemic in an affirmative way, a lot of businesses have grown exponentially. The migration of viewers on the OTT platforms from traditional theatres, video conference applications from the in-person meetings, small retailers from the big shopping malls, internet service providers, essential manufacturing and service providers, the traditional classrooms to online classrooms, accepting social distancing over the public crowding is quite trending in these days and these are the sign of the ‘New Normal’ for the upcoming future. Industries that are ready to migrate themselves according to the future need, will continue to grow. The vaccine on the COVID-19 is expected to enter the public domain in the next couple of months or a year, and we will be able to travel as before. But we should be prepared for such viruses for the future, as imposing the lockdown can never be an option, again and again, also it will bring more strain on the global economy.
Some primary measures we can take in the current situation while coping up with the virus. The manufacturers can refer to this article ‘Must Steps that should be taken by Manufacturers in COVID-19’ for bringing the energy into their organization. As history always says, all the global industry giants started their journey from minor or acute recessions. The industries will emerge again and the fear of coronavirus too shall pass.
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You may also be interested in reading this:Sustain yourself in COVID19 situation with Cloud ERP (https://www.saturotech.com/blog/?p=263)