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Insight & News

The implications of COVID-19: Endure, Transform, Progress!

targit GmbH27.04.2020

The COVID-19 continues to march around the globe with slower – but not to be ignored – pace. In the past few months, just the blink of an eye, we all had to adapt to new rules of doing things: from simple daily tasks like (not) going to work or shopping for a new pair of shoes, to multi-company events as well as business or private travel.

There are three common parallels of the current global situation with similar ones from the past (in chorological order) – the 1918 flu pandemic, WW2, and the Financial Crisis from 2007-2009. Let me highlight some similarities and differences in short:

  • The 1918 flu pandemic. Similarity – in both cases there is a severe disease, the main difference – the modern health systems and personal awareness and knowledge
  • The WW2. Similarity – global lock-down, the difference – nations and countries are working together to overcome the situation.
  • The 2007-2009 crisis. Similarity – enormous losses, business disruptions and unemployment. The difference – now the banks are not the problem, but part of the solution.

We all will have to adapt to new routines, principles, and ways of working in our work, private and social life. It will not happen overnight, but there are lessons and good practices from the current situation, which could and should be leveraged on to ensure faster recovery and generate business models resistant to future shocks and disturbances.

 

Many of the companies in the affected countries and regions reacted fast and adequate to redesign their operations, protect their staff and customers and provide services and products in new ways. In most of the states we see estimable cooperation between business, administration and society. 

 

“Endure, Transform, Progress” is a simple motto, encompassing models, processes and solutions which will ensure business continuity and can minimize future disruption and risks. Those three words include various approaches and measures like:

 

  • Preserve business continuity and resources
  • Increase the customer care
  • Support the employees
  • Expand the plans beyond proximate future goals
  • Encourage and invest in digitalization
  • Adjust and improve the services offered
  • Trust the experts

 

The ones, who react prompt, adequate and endure the implications of COVID-19, will be in better position for the future.

 

By Marian P.