Covid-19 Effect Economic Impact & Human Solutions

Written by Shamshad Azam

Manager - Business Analyst at Royal Cyber

The COVID-19 pandemic is challenging every level of the U.S. economy with an unprecedented trial and having a significant impact on businesses and the economy.

5 Critical Areas of Focus for Organizations

  • Crisis Management

  • Workforce Management

  • New Offerings

  • Finance and Liquidity

  • Building a Trust

Crisis Management

The current business continuity plans may not be capable enough of handling the fast-moving and unknown variables of an outbreak like COVID-19.

What can be done now?
  • Help your customer in the crisis time and with 24/7 support & response
  • Develop incident management and plans that are specific to this pandemic situation
  • Focus on accurate and effective communication to stakeholders

Workforce Management

Current situations forced work from home, utilizing the workforce 100%, and bringing the balance between family and work is a bit challenging.

What can be done now?
  • Provide scheduled work and scheduled meeting hours
  • Plan the work for the day instead of hourly work
  • Collaborate workforce, have a connect with the team/management
  • Bring the binge a policy, appreciate the great work done and reward them
  • Stop hiring, start building skills internally, invest on digital upskilling

New Offerings

The ripple effects of the COVID-19 pandemic are the trying times to do business, but global businesses can begin to mitigate the new wave of solutions & offerings.

What can be done now?
  • Take an innovative & cost-effective solution to your customer
  • Time to invest & define your new opportunities in the market
  • Qualtrics of offering several free solutions that help customers & their organizations
  • Touch the pulse of your customers, thinking for longer-term considerations for shifts in core markets or business models

Finance and liquidity

Financial markets often see how companies plan and respond to events like the COVID-19 pandemic.

What can be done now?
  • Apply 80/20 principles and cut off the expenses
  • Plan your financials for the next three quarters
  • Customer acquisition & retention plans
  • Assess current and future impact on liquidity

Building a Trust

Building loyalty in time of crisis can make or break the brand loyalty. Organizations are turning on a dime to improvise and make difficult decisions that will eventually have lasting effects on their brands.

What can be done now?
  • Taking care of employees & customers
  • Right time to build trust with the customers with broad-minded vision
  • Highlighting the risk and helping the customer to avoid it
  • Showcasing the values and abilities to the customer and employees

Summary

Royal Cyber can be your partner in these trying times as we can consider this as a mix of opportunities and challenges. Royal Cyber experts can provide insights paired with tangible action plan your business can take to turn this massive complexity into a meaningful change. The journey to agility must start now, with successful customer references for Digital Business Automation Frameworks on BPM, ODM, RPA, and Integration, our technology SMEs specializes in supporting both onsite & offshore, implementation, training, consulting & managed services for, including but not limited to Chatbot, Middleware Integration Stack, Hybris Commerce, Amazon Cloud, ITSM, and DevOps. For more information, you can email us at [email protected] or visit www.royalcyber.com

Leave a Reply

Live Chat