IMPACT OF COVID-19 ON BUSINESSES

Date:August 24th August 2021

Location: Singapore

Companies will have to resolve, take up, and face the immediate challenges created by COVID-19. On the level of resilience businesses will need to address the challenges of short-term cash management and the broader issues of resilience during the virus-related outages and the economic impact in order to sustain themselves through this period. Companies will then be able to ensure their return by creating a detailed plan to get back up and running, one which deals with the changing situation and makes the economic impact clearer.

After analyzing the situation, understanding the repercussions and putting short-term solutions in place, it will be time to re-imagine themselves and find ways to reinvent every institution affected by the crisis. Finally, businesses will need to reform with awareness, and with clarity about how the regulatory and competitive environment of the industry can evolve. These five key determinants have been selected in order to identify a set of ‘common solutions’ in the second part of this chapter.

We come to ask ourselves the question of the efficiency of the traditional system: Why should employees have to fly when videoconferencing is available and cheaper? Wouldn’t it be easier for a job seeker to conduct a video interview? Everyone should ask themselves these questions and act accordingly, as have large companies such as the major investment bank J.P. Morgan, Twitter, Amazon and others, who have chosen to have their employees work from home. Google, for example, has informed job seekers that “in light of COVID-19, all interviews in the world will be conducted virtually via Google Hangout”. The crisis has forced companies to renew their approach and turn towards digital technology, which has been offering cheaper and more efficient means for years. Communication streams can rely these days on Google Hangouts, Zoom or Teams for video interviews, online conferences, and meetings. Businesses have to adapt to these changes and work towards making the best out of the current situation by digitally transforming themselves.

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