COVID-19: Impacts On Business

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COVID-19: Human & Business Effects of Coronavirus

Overcome uncertainty: what to do now

While governments are taking significant steps to combat coronavirus, companies are quickly adapting to the changing needs of their employees, consumers and suppliers, while solving their financial and operational problems.

With each industry, function, and region affected by the virus, the number of potential changes that need to be taken into account can reach alarming proportions. But we are ready to help you.

On this page you will find the expert opinions of our leaders who have the appropriate insight and offer a set of real actions that will allow your organization to turn the serious challenges it faces into significant changes.

System Impact

COVID-19 pushes organizations to rapidly change their way to deal with work and uncovered the solidness of different frameworks to genuine testing. Businesses have to face a whole series of new system priorities and challenges - risks of disruption to business continuity, sudden quantitative changes, real-time decision-making, labor productivity indicators, security risks - and managers must act very quickly, solving urgent problems of system stability and laying the foundation at the same time the future of their organizations. For example, chemical industry executives see sustainability as a key success factor.

To help company managers reduce the impact of COVID-19, we identified six main blocks of system stability, which will allow us to quickly and confidently respond to significant system vulnerabilities.

Impact on Experience

The global COVID-19 pandemic has forever changed our experience - consumer, professional, civil and just human - and this will certainly change our attitudes and behavior. As soon as the immediate threat of the virus subsides, how will our way of thinking and behavior change, and how will it affect the way we design, transfer, shape and manage the experience that people want and want to get?

The answers to these questions lie in the plane of how people and companies react and find innovative solutions to survive these difficult times. In the field of consumer goods, the current crisis is fundamentally changing how and what consumers buy and accelerating, for example, the pace of global structural changes in the industry.

To help respond more quickly to changes caused by coronavirus, we have identified five main possible consequences of human behavior, now and in the future. Each of them has serious consequences in terms of experience for all organizations.

Impact on operating activities

Due to the significant pressure exerted by the COVID-19 pandemic, business processes in most industries are severely disrupted. For many multinational companies, integrated and key services for global business processes should be reviewed and restructured. Organizations must respond quickly to changes and thereby ensure continuity, as well as protection and mitigation of operational risks, in order to ensure the functioning of their business now and in the future.

Switching to a distributed model of global services can help large organizations in all sectors - from oil and gas to communications and the media - reduce corporate risks. In addition, the automation of everyday tasks using various “man + machine” models, when everyone performs the functions of an information worker, can also help both in ensuring the functioning of the company now and in positioning it in terms of growth prospects after the end of the COVID-19 pandemic.

Now, more than ever, organizations should focus on areas that have good prospects after the end of the COVID-19 pandemic. We have identified five ways to support organizations in building resilient operations using smart technology.

Impact on business

While direct-selling or B2B organizations are trying to meet the pressing and urgent needs of their customers, the coronavirus pandemic has sparked a new wave of commercial innovation. New patterns of consumer behavior are being formed, which are likely to continue after the crisis, and this opens up new opportunities. Those who viewed digital commerce as a secondary channel should now reorient their business with a focus on the active use of digital technology in their commercial activities. For example, retailers are increasingly offering services to consumers such as “contactless” delivery or door-to-door delivery.

The COVID-19 pandemic is increasingly spurring the development of digital commerce around the world. Company executives can evaluate the opportunities offered by deciding for themselves three critical issues.

Customer Impact

The impact of a coronavirus outbreak requires unprecedented speed from companies. This means that it is necessary to evaluate the effectiveness of using contact centers, providing employees with an appropriate level of customer service, their jobs and possible options for using digital channels to support contact centers with an increase in workload.

During this time, managers who can switch to new methods of work will help organizations reduce potential loss of income, reach a new level of trusting relationships with staff and prepare their business to resume growth after the pandemic subsides. Take, for example, banks where restrictions in the form of social distance will push customers to use digital channels to receive a particular service and thereby increase the need for a team of specialists who are constantly in touch and able to respond quickly to changes.

During a crisis, contact centers play a critical role. We recommend that contact center managers pay close attention to three critical tasks.

Supply Chain Impact

Today, the supply chain plays an important role as never before. Companies must ensure a quick, safe and uninterrupted supply of goods and services to both those at risk of infection and those working in the medical field, i.e. those who are at the forefront of the fight against the virus - for example, biotechnology companies developing tests and treatments for COVID-19. Along with satisfying these unprecedented inquiries, companies are responsible for protecting the health and well-being of their employees, employees of organizations from the supply chain and the wider community within which they work, but at the same time maintain the necessary flow of manufactured products and consumed materials.

Companies need to develop an operational response package to adequately respond to current changes and strengthen operational activities in order to increase their willingness to confront future risks in the value chain. Learn how to use digital technology and analytics to manage complex supply chains, identify ways to mitigate the impact of change, and quickly develop a tactical plan for delivering products and ventures amidst the COVID-19 pandemic

Management Impact

The greatest direct impact of the outbreak of COVID-19 has on people. Organizations have focused on caring for their employees and quickly moving to new forms of work.

At this important moment, managers must take these changes into account, not forgetting the need to gain and maintain trust among their employees. The level of trust depends on the degree to which managers care about the community, about all personnel in general, and about each employee in particular. This means that they must demonstrate clear action plans and ensure transparency in decision-making. And this requires the creation of special teams with the participation of leaders capable of taking proactive measures, and not just reacting to what happened, and at the same time anticipating the changing needs of their employees. This is especially important in government agencies , whose leadership needs to reassure the markets, citizens of the country, business, civil servants and interested parties.

All top managers of the company are required to show maximum activity in their position. We offer a list of 10 immediate measures that top managers of the company can take to increase the viability of employees.

Workplace exposure

Among the main factors of the direct impact of COVID-19 is the need to manage the immediate transition to a remote work model and the willingness to increase the number of sick leave. The solution to these problems could be the creation of flexible digital jobs. The measures taken will differ from organization to organization, but they should be based on the following principles: protect employees and increase the level of opportunities available to them; Satisfy basic customer needs and maintain business continuity. For example, there is an urgent need for a virtual messaging system and organization of visits to the doctor in the field of healthcare .

Although COVID-19 is the catalyst for the immediate deployment of the Elastic Digital Workplace, we expect the crisis itself to fundamentally change our approach to work. Managers need to develop a comprehensive plan for implementing Elastic Digital Workplace, focusing on 6 key aspects.