Once upon a pandemic: Reflections on Crisis Management and Disaster Recovery

By: Omar Abdul-Hafiz

Around this time last year, the world was still freshly coping with the sudden and forceful impact of the COVID pandemic. Lockdowns were still strictly applied in many parts of the world and the vaccines were still in their early research stages.

Numerous studies and articles were written about the different aspects of the pandemic and lessons that we can pick up from it for the future. All these studies, however, point in one direction:

In order for businesses to survive through perilous circumstances, they need a strong ability to adapt, make well-informed on-spot decisions, and also learn from mistakes and improve accordingly.

In light of that, this article sheds the light on some of the core elements that need to be in place for successful crisis navigation.

Is COVID fuelling startups or stopping it?

By: Cesilia Faustina

Thanks to COVID-19 many businesses are at a standstill and struggling to make ends meet. It has created multiple challenges for the economy, which is affecting startups all over the world. Over the years, financial analysts and journalists have continuously covered stories of the development of startups. It was seen as a great contributor to the economy for the coming years. In a way, it still is, but startups are also one of the sectors most affected by the pandemic.

According to a survey by Startup Genome, 74 percent of startups had seen their revenues decline since the beginning of the pandemic. Even one of the most popular startups sectors, fintech, has seen decreasing profits due to the pandemic. Funding for fintech has fallen 45 percent compared to Q4 of 2019, according to a report by CB Insights. Startups will need and have taken tighter steps to reduce losses, with big startups like UBER having cut its workforce by 14 percent and other companies taking part in massive layoffs as well. Some have even been forced to shut down and start new businesses.

Internet solutions are fuelling the COVID holiday season

By: Cesilia Faustina

The holidays are just around the corner and everybody is getting busy, whether to finish last-minute tasks before the holidays or maybe to buy all the essential Christmas presents. Point is, there always seems to be a lot to do during the days leading up to the holidays. Unfortunately, with COVID all around, it’s getting tougher to finish all these tasks, which is why many of us are looking for online solutions.

Thanks to COVID-19, PR Newswire reported an expected growth of $968.7 billion in global wireless internet service market in 2020, compared to $569.2 billion in 2019. They also expected this number would eventually stabilize at $717.9 billion in 2023. Obviously, this is nothing to shrug off. If we look at the IFC’s report on COVID’s impact on the telecom sector, we can see that the global telecom market is improving and generally not restricted by the impacts of COVID.

How event management is expected to change post-COVID

By: Omar Abdulhafiz

The coronavirus pandemic came as a super blow to the entire event management industry. Not only corporate and business events were cancelled, but even social events such as weddings and graduation ceremonies. This dramatic impact raised a lot of questions about whether people will ever be able to gather physically in large numbers again, and if yes, then how soon?

All these concerns have immediately influenced the way we think about event management. For example, videoconferencing software used to be a supportive tool to host guests that were unable to be present physically. Now, however, they became our only way to hold large events over the Internet where we are all far from one another.

Why e-commerce is today’s go-to industry

By: Cesilia Faustina

From toilet paper to garden supplies, the COVID-19 pandemic has brought a new understanding to the term online shopping. With social distance and lockdowns all around, we have been forced to embrace the online sphere more than usual, especially when it comes to online shopping. As we speak, you’re probably online shopping while reading this, I know I’m online shopping while writing it. Being stuck inside definitely brings out the urge to shop online. Suddenly, your room seems emptier than usual and you have the craving to buy that vintage looking clock you have no use for.

The point is, since the start of COVID and with lockdown all around, it’s becoming more familiar to bulk buy or online shop. According to Paul Marsden, a consumer psychologist at the University of Arts London, as quoted in CNBC, he saw this trend as: “Panic buying can be understood as playing to our three fundamental psychology needs.” These needs include autonomy, relatedness, and competence. 

Hot topics in the Insurance industry 2020 and what to expect for the near future

 By: Omar Abdulhafiz

The year 2020 was certainly full of challenges the magnitude of which is rarely witnessed in the business world as a whole, let alone the insurance sector. With the COVID-19 pandemic as the leading factor behind the worldwide pandemonium, insurers have found themselves in a race against time to adapt to a completely new reality before it is too late.

Amidst all these challenges and turbulence, market experts are working to map out the main critical trends that have grasped insurers’ attention. Most notably, statistics show that customer satisfaction was perhaps the most trending concern among insurance providers. This article touches upon this issue, among several others, in some detail.

What the COVID-19 challenge means for Customer Experience in the Insurance industry

By: Omar Abdul-Hafiz

In a previous article, we talked about how the ongoing pandemic has spurred investment in InsureTech. We touched upon the immense rise in investment in InsureTech through the first half of 2020, then discussed three main factors behind this upsurge in investment. Interestingly enough, however, this interest in investment in InsureTech was looming in the air even before the COVID-19 crisis had struck the world.

In their 23rd annual global CEO survey, PWC identified the top three opportunities that CEOs have prioritized investing in for 2020.

As shown in the diagram below, these three factors were Customer Experience, Core Technology Transformation, and Intelligent Automation. What is more intriguing is that Customer Experience was at the very top of the list. But, why?

The COVID-19 impact sends InsurTech investments through the roof

 By: Omar Abdulhafiz

Make no mistake, the COVID-19 crisis of 2020 is one of the biggest shockwaves in the history of business as a whole. And if we were to pinpoint the single most remarkable impact it had on business, it is that COVID-19 has pushed virtually every last major sector forcefully toward investment in digital transformation. The insurance sector, naturally, is no exception.

One aspect of this impact can be seen in the big fluctuation in InsurTech investment during the first half of 2020. According to a Deloitte report published earlier this year, InsurTech investment plummeted between March and April, but it skyrocketed between May and June (see figure below).

Digital technology and COVID-19: Reflections and Expectations

By: Omar Abdulhafiz

As the turbulent year of 2020 approaches its final quarter, now is a good time to reflect on how Information Technology persevered among these exceptional circumstances. In this regard, we may ask ourselves, what role did Information Technology play? And how did it (or did it not) help us cope with these unprecedented challenges? Moreover, and more importantly, what does this all mean for the future?

In this article, we will discuss two main lessons that we learned about Information Technology this year, and they are as follows.

Education in the time of Corona: What lessons can we learn?

By: Omar Abdul-Hafiz

If you had the impression that the title of this article faintly resonates with that of the famous Gabriel García Márquez novel “Love in the Time of Cholera”, then you are correct. After all, the dramatic impact that the coronavirus pandemic had brought on the world in virtually all facets of life is nothing short of a drama itself.

But one particular aspect that was especially affected by the coronavirus pandemic is education. According to UNESCO estimates, as of March 2020, over 90 percent of the world’s students were already forced to stay home. And that was only two months after coronavirus had spread in China. So, what does this all mean for the future of education as we know it?

What to expect from healthcare technology in these current times

By Cesilia Faustina

Since the start of the COVID-19 pandemic, there has been huge pressure on the healthcare sector to handle huge intakes of patients and demands for healthcare products and services. This obviously has not been easy for healthcare providers, hospitals in particular, but it has shown some great utilization for the health tech sector though.

The coronavirus is changing the way we understand the world, and the way healthcare is operating. Society is coming to terms with the fact that coronavirus is here to stay and are slowly adapting to the new normal. One prominent way communities are handling this new normal is with the implementation of technology.

The future of HIS and what you need to know

By Cesilia Faustina

Hospital Information System, also known as HIS, has become an important part of hospitals today with many healthcare providers adopting HIS as an important mean to establish efficiency.

HIS itself is a data system used to manage associated hospital activities, such as finance, administration, planning, and documentation. It functions as a centralized platform where all data about patients, doctors, staff, and any hospital-related information are stored and collected.

This system has made it easier for hospitals to function in a more productive manner, limiting the amount of errors and achieving speedier results in the process. The rising demands for healthcare nowadays have made it impossible to manage overwhelming amounts of data through manual processes, which is why HIS has become an integral part of the way hospitals function.

How to get your business back on track after COVID-19

By Omar Abdul-Hafiz

After nearly three months of tight measures against the spread of the coronavirus disease, many countries around the world are starting to bring things back to normal at a slow and cautious pace.

In the aftermath of the global coronavirus tragedy, many businesses, big and small, are faced with an urgent need to re-think many of their long-standing plans and strategies.

Assess the damage

The first step to take right after a crisis is to look and assess the damage it has inflicted upon your business, and this damage can take many forms. To put it simply, this article will focus on two major points as far as damage assessment is concerned.

Where manufacturers are headed in light of uncertainty

By: Cesilia Faustina

Coronavirus has caused great disruption towards global manufacturing and supply chain. Since the start of it all, it has continued to challenge the path our economy is headed towards and witnessing permanent change for our global economy.

This is not a new thing, however; our world has undergone major changes in light of a crisis for years. The Great Depression redefined the way our economy worked and has since affected people impacted until today. World War II also created a major shift in the way manufacturing and the economy worked; many people went unemployed and were forced to shift to different industries, while manufacturing became a powerhouse industry to provide for the war.

Business Expenses to Reconsider in the Wake of COVID-19

By: Drew Page 

In light of the global pandemic, the economic landscape is changing for nearly every industry and it’s essential business leaders act swiftly and diligently in order to survive the recession.

No matter what industry your business serves, whether it’s insurance, healthcare, or education, disruption has rippled through them all. From uncertain claim coverage regarding coronavirus, a freeze in elective healthcare, to campus closures, we’ve all had to adapt.

The strategic actions taken by business owners and operators during this time will determine the future of their companies.

What to expect from the office post-lockdown

By: Cesilia Faustina

As more and more countries are easing their coronavirus lockdown, we are witnessing increasing number of offices opening again. Some implementing full precautionary work-from-office days, while others are still being extra careful by limiting the number of office days for employees. Either way, businesses are trying to get back to the office routine, however, this is easier said than done.

We surely cannot expect everyone to simply go back to their past lives right away, not only will it take time again, but coronavirus is still on the loose and companies still need to take precautionary actions.

Balancing spending during the pandemic

By: Cesilia Faustina

Since the start of the COVID-19 pandemic, the economy has been on thin ice all over the world. While some are adapting to online workspaces, some are greatly struggling with unemployment and the need to continue working despite the risks. It is clear that COVID-19 is showcasing some clear winners and losers in the industry spectrum.

Companies that focused on marketing products online are soaring compared to those who don’t. Other than that, digital communication tools like Zoom and online food delivery services are also increasing. According to data from Avalara, since the start of the pandemic there has been a decrease for items unnecessary to everyday life and there was a huge increase in survival, hobbies and home entertainment supplies.

Tips for unemployment and career change in uncertain times

By: Cesilia Faustina

Faced with uncertainty, many businesses are having to let go of employees, while others are shutting down; many people are at a cross path as to what to do about their futures. The rise of COVID-19 has made a huge gap in the economy, with many industries unable to operate and businesses coming to a halt. People that were looking for jobs are now having an even harder time, and those that have to halt their operations are looking for some career changes.

In America alone, 4.4 million people filed for unemployment insurance due to the coronavirus not too long ago, while other countries are also going through the same problems. S&P Global has also stated that job losses in the Asia Pacific could double to the virus.

How are Human Resources personnel coping with the Coronavirus situation?

By: Omar Abdul-Hafiz

Back in January, when the true magnitude of the coronavirus pandemic was still unclear, HR managers were merely concerned about how to protect staff as they came to the office or attended corporate events.  But as weeks unfolded, they found themselves racing against time to plan and implement a swift work-from-home transition to keep the flow of work from falling apart. So how have been the HR teams coping with the urgency of this whole situation?

Uncharted waters

The rapid unfolding of events has revealed that companies around the world are facing a challenge in adaptability unlike any other they faced before, and hardly anyone could have accounted for it at an early stage.

COVID-19: The new normal of education

By: Cesilia Faustina

Around the month of February, schools around the world started to shut down since the start of the coronavirus pandemic. Most countries were in unison about the decision to stop gathering kids in a communal space, however, many were not sure about the impacts towards the education system.

As soon as the COVID-19 took place, it was obvious that closing schools was the right action, however, shutting education institutions is not something any country could afford to do on a prolonged basis. Courses eventually continued to be given through online conference calls and many education institutions are depending on the use of education software.