COVID-19 Business & Economic Impact

In General by Peter Finn

The COVID-19 pandemic has brought fast-moving and unexpected variables, some of which existing crisis plans and teams weren’t prepared to handle. It has emerged as a significant and very global challenge that is creating disruption across the world. Organizations globally are experiencing unprecedented workforce disruption.

The coronavirus outbreak has forced companies to re-evaluate how contact centers are leveraged, how employees deliver relevant customer experiences, where they work, and how digital channels can be used to support business continuity through the crisis and beyond.

All industries have been impacted by the COVID-19 crisis, with varying degrees of severity. Some have stronger defenses, while others will struggle to return to a constantly shifting “normal.”

The hospitality and transportation are two of the biggest sectors impacted by COVID-19, including hotels, restaurants, and airlines. The infrastructure sector is witnessing headwinds since many projects have been put on hold, while the small- to medium-sized enterprises in the manufacturing sector, which also employs millions, will undoubtedly experience significant business, operational and financial stress.

Organizations have been forced to re-think how and where we work. COVID-19 has brought disruption that could accelerate digitization and re-shape their business models.

In the face of the COVID-19 crisis, leaders have had to act quickly to optimize their company’s resilience, rebalancing for risk and liquidity, while assessing opportunities for growth coming out of the downturn. Actions taken now can have an immediate impact on the survival of the company, how quickly it rebounds from the global downturn, and its financial health and sustainability going forward.

Even before COVID-19, many organizations faced considerable IT challenges. Now, COVID-19 is pushing companies to rapidly operate in new ways and IT is being tested as never before. As businesses juggle a range of new systems priorities and challenges― business continuity risks, real-time decision-making, workforce productivity, security risks―leaders must act quickly to address immediate systems resilience issues and lay a foundation for the future.

Once we reach the other side of this pandemic, it will be important to establish long-term strategies for greater resilience and to apply lessons learned from the experience to create a systems and talent roadmap that better prepares your company for future disruptions.