As the current pandemic keeps spreading across the world, the nemesis has showered a massive catastrophe across industries and businesses.
The US economy is hugely affected, and the United Nations Conference Trade and Development (UNCTAD) on the 4th of March hints that export across the global value chain could decrease up to $50 billion. According to the National Association of Business Economics (NABE), the US was already in recession, and the US GDP will experience a 26.5% contraction in the second quarter. Growth will start to show up in the third quarter but with 12% unemployment.
Responding to the economic doldrums, many companies have opted for furlough. Several industries exposed to the risk of non-completion of the projects due to the lack of workforce.
Daniel Sun, the VP Analyst, Gartner, says, “Companies need to leverage a systematic approach to strengthen the resilience of their current business models to ensure their ongoing operation during COVID-19”.
Businesses’ Unique Challenges
While business continuity is a significant area to focus on now, companies are still clueless about getting a productive workforce to help in their projects.
The VDMA (Mechanical Engineering Industry Association) has forecasted a 5% drop in the engineering products and services in 2020.
Many engineering firms across the US, Canada, and Western Europe have reported that the global pandemic has pushed them to adopt new systems that never availed before. Though the companies that have witnessed higher order intake in January 2020, they are expecting an 88% drop in the order values.
On the other hand, fighting the increasing uncertainty, businesses are in the utmost need of enormous, high-quality, well-analyzed, crunching data, market insights, analyzing trends, and making better decisions.
According to a study by Mckinsey, industries, and sectors who are spearheading and at the rear of the global crisis, like healthcare, telecom, grocery chains, are mainly counting on data in supporting the consumer needs in various ways and keeping the wheels of the economy turning. However, at present, there is a considerable gap between the demand for data and the skilled workforce to process it.
Even the IAB reported a grim scenario in the advertising sector after surveying 400 ad-buyers. In the media landscape, advertising and creative service have disappeared as another casualty due to the global business and economic shutdown.
The industry has witnessed colossal cancellation of campaigns, pausing of all advertising efforts, and shifted budgets. The sector has reported considerable challenges in finding remote workforces to work on the pending projects.
The unprecedented challenges in all sectors have called for temporary halts in services, postponement, and hold on the contracts.
An Ideal Solution for Businesses
The penultima of the noble virus on business is impossible to ascertain right now, yet on the global integrity front, companies must stand hand in hand to protect their employees’ health and identify vulnerabilities in the organizations.
Ramping down functions and operations, ensuring liquidity from the existing projects may secure cash inflow. Still, companies must look for a healthy workforce to prepare for a consistent continuity followed by an efficient restart shortly when the crisis passes by.
At this juncture, outsourcing to service providers in a comparatively stable country amidst the pandemic can act as a messiah, enabling business continuity. It will secure and remodel critical business functions, establishing a cohesive set of new best practices scaling to significant locations, at present, and when the crisis shrinks.
The BackOffice Pro Model of Support for Clients
The global approach being the only way to combat the significant crisis, BackOffice Pro, an outsourcing service provider in India, has proactively manifested robust support to the companies in the US, Canada, and Western Europe to stimulate the business continuity.
The available workforce and the extensive IT infrastructure of the company have facilitated them to provide seamless support to their existing clients as below.
- Remote Working – The employees are working from the safety of home to support efficient and continuous business processes.
- Business Continuity - They are enabling business continuity catering to various business requirements from the US, Canada, and Western Europe.
- IT and Software Infrastructure - The company is equipped with state-of-art IT and software infrastructure to support work-from-home.
- Data Security - Clients’ data security is among the topmost priority of the company.
- File Transfer – It has a secured file transfer, both internally and externally, is in place through secured file transfer protocol (FTP).
- Round-the-Clock - The well-managed workforce is working 24/7 to stand up for the crisis and encouraging global unification.
- Dedicated & Contract Hires - The company is also facilitating the hiring of dedicated resources for the number of days required based on the need.
BackOffice Pro continues to provide support to all their existing clients and to the companies who are seeking alliance for steady business continuity.
If you need an underpinning backend support from BackOffice Pro to handle your projects efficiently amidst the current global crisis, contact by submitting the form below.
