Renew: Revival and reinstating the business.Recover: Take measures to recover financial losses.Response: Immediate action to tackle employee safety and follow government norms.
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However, in the current VUCA (Volatile, Uncertain, Complex, and Ambiguous) generation, businesses do not have time to wait for.Īs per Gartner, COVID19 response required businesses to focus on three phases as: Historically, for such shifts in technology orientation, businesses look at Consultancy firms or in-house thought leadership to rescue them. If technology is the solution, then a gigantic technology shift is required to handle the behavioral and economical change induced by COVID19. As per the current COVID19 situation, there are bigger than ever problems to be solved. However, in reality, the technology works only when it is solving a business problem. Whereas, there is a perception that technology will play a vital role in this recovery. To tackle the current COVID situation Gartner predicted that most of the organizations in Q2 FY’20 will primarily focus on enabling the remote working and mitigating any immediate losses. It’s a black swan event that is supposed to bring radical changes in the way businesses are conducted. In the middle of this technological disruption, we have a COVID19 crisis. International Data Corporation (IDC) assessment on digital transformation spending in 2019 was $1.18 trillion that is 17.9% over 2018. Amid this crisis, there are several entrepreneurs and existing business leaders that are anxiously waiting for the markets to restore normalcy. This unfortunate event created a situation that is testing the resilience of every business. Yet there is no concrete answer to what the immediate future holds. With death toll continuing to climb across countries, COVID19 pandemic has shocked the global economy bringing it to a halt.