Coronavirus is spreading across the globe at an alarming rate. In addition to the lives lost, these are tough times for businesses too, as the pandemic has disrupted every industry and precipitated a recession. The priority for every business leader right now is to minimize the damage and come out of the COVID-19 recession.
When will the industry recover from the COVID-19 recession?
We partnered with NJTC to run a weekly survey and asked over 250 business leaders about the effect of COVID-19 on their organization, workforce, and deliveries.
We asked them when organizations expect to see a return to relative business normalcy. While 12% of business leaders said that their organization was not disrupted by COVID-19, 15% of business owners are of the opinion that business normalcy would not return until 2021.
Now, business owners can’t wait for the COVID-19 recession to be over. You need to take proactive measures for your business. Data is your best ally to navigate the crisis and come out stronger.
Another question was, did organizations have a business continuity plan before the COVID-19 recession started?
63% of business owners say that they did not have any contingency plan before the outbreak. Of which 52% of organizations have either created a plan post-COVID-19 outbreak or are still in the process of creating one.
How to recover from the COVID-19 recession?
McKinsey studied the 2008 recession and looked at the top 20% of companies, which actually came out stronger from the recession.
They found two factors: Speed and Discipline
With data, you can make sure your company can respond quickly, achieve the speed, and discipline during the recession and during the recovery period.
And that’s why we are organizing a webinar session on May 7th, 2020 for Business leaders, CTOs, CDOs, Analytics leaders. The intent is to help you leverage data and look for insights to manage the current crisis.
In this webinar, you will learn
- Which areas of your business can benefit most with a data-driven response.
- A framework to identify use cases that will deliver the biggest bang for the buck.
- How to identify new market opportunities and customers through creative approaches with data.
We are constantly working on creating solutions to overcome COVID-19
Check out the solutions and data stories on COVID-19 that we are working on. Here are some interesting blogs based on insights we extracted on COVID-19 crisis.
