It has been almost one year since COVID-19 was established as a pandemic by the World Health Organization (WHO). Although this virus is a serious threat to public health, it has also been affecting the world economy in different ways.
The economy started feeling some negative effects in the early two or three months, and even sooner in smaller companies. Even now that we are in the recovery stage, many sequences are expected to remain.
The revenues will continue to be affected: there was an 86% drop in revenues due to the direct impact of the outbreak, and it is anticipated to continue at lower rates for months after complete recovery from the COVID-19 pandemic. The healthcare sector is one of the industries that will experience the biggest drop in revenue.
Distance working: During the pandemic, online platforms such as Zoom, Skype, Microsoft Teams, etc. were the communication channels for employees and employers to keep the business on track. Now a large number of companies, especially in developed countries, are well equipped with remote work technology, and it seems to be an ongoing approach in the case of having an acceptable level of productivity.
Cybersecurity tools: as mentioned before, due to more reliance on technology-based platforms for distance working, having control and protecting the provided data, some of which is extremely confidential, is essential. Recent research shows that data science and analytics hold a high priority in the minds of business leaders.
Budget control for business continuity: The necessity of budget control or revision of the current budget cannot be neglected by organizations. This budget control can be done by changing business strategies and plans, which means that even a four-year plan needs to be modified to meet this unwanted situation.
Written by Mahan Mohammadi, Ph.D. Candidate & International Ambassadors