The world economy is on the brink of recession thanks to the coronavirus. Countries have closed their borders, gas prices are falling precipitously and businesses world-wide have/are considering closing their offices temporarily to limit transmission among employees. The coronavirus will pass, but it will seriously impact some businesses before it goes; especially those that have resisted digital transformation.
How the virus spreads
According to the World Health Organization, the coronavirus is spread through close interaction between infected and non-infected persons. Recommendations to avoid infection include but are not limited to:
- Regularly and thoroughly cleaning your hands with an alcohol-based hand rub or washing them with soap and water.
- Maintain at least 1 metre (3 feet) distance between yourself and anyone who is coughing or sneezing.
- Avoid touching eyes, nose and mouth
Companies that have invested in digital transformation; incorporating technology to automate repetitive tasks and reduce the need for human intervention/interaction, have already setup themselves to reduce the risk of transmission among staff. Their investment in digital transformation will also facilitate continued productivity among employees if/when they can’t be on-site due to office closures/self-quarantine.
For example, our HR software (EpicHR) allows employees to request leave, letters, payslips etc. from their computer/mobile device reducing the need for them to physically go to HR. Our vehicle valuation/damage assessment software (EpicASSESSOR) allows loss adjusters to receive and complete jobs for insurance companies without having to physically interact with them.
Investing in digital transformation will give companies the resilience needed to recover from the coronavirus pandemic.
What can you do?
It may be too late to implement digital transformation strategies and technologies into your organization if the COVID-19 is already in your local community. However, if the disease has not spread through your local community/territory as yet, now is the time to invest in digital transformation to help full-proof your business against the COVID-19 and similar epidemics.
Coronavirus disease (COVID-19) advice for the public –
A ‘short, sharp’ global recession is starting to look inevitable – https://edition.cnn.com/2020/03/09/economy/global-recession-coronavirus/index.html)