Impact of COVID-19 on Major Industries
The effects of Covid-19 are evident on businesses across all industries. However, some sectors have suffered its impact the most. These are:
Warehousing
Due to multiple lockdowns, social distancing, and a list of other Covid-19 related safety protocols, warehouses are at much higher stakes now. They have to deal with short-handed staffing, unfulfilled orders, inconstant goods inflow, and disturbed supply chain issues along with the pre-existing business challenges.
All these serve as a catalyst for the warehouse businesses to adopt automation technology, to operate seamlessly despite markedly reduced operational aids.
Manufacturing
The unprecedented crisis has forced the manufacturing industry to suffer a fall in demand, employee shortage, and disrupted the supply of raw material as their major issues. Almost every business in this sector has witnessed a significant decline in production and for some, even the production facilities have halted.
Manufacturers need to adopt strategies to minimize the impact of the pandemic and generate revenue to sustain in the market.
Restaurant and hotel businesses
With social distancing in place, the revenue of restaurant and hotel businesses got down, particularly due to a strict ban on stay in hotels and restaurant sit-down services. However, when people are not able to visit restaurants in-person, they prefer online ordering, so the restaurants that are able to offer pick-up and take-out options are seeing some increases in order volumes.
Therefore, it is important for restaurants that are yet to offer takeaway services to work on making the options available soon to stay in business. Also, they would require implementing appropriate restaurant management software for overseeing the newly acquired processes.
Retail
The effect of novel coronavirus (Covid-19) pandemic has directly affected the demand, supply, and daily operations of the retail industry. However, its impact is heterogeneous, depending on the goods sold by the retailer. While most of the retail businesses dealing with non-essential activities have been temporarily shut down, there have been large spikes in demand noticed for some specific commodities.
Since retail is a labor-intensive sector, disproportionate employment has further amplified the consequences of the ongoing crisis. Considering adopting the right technology ensures retailers remain efficient and facilitate better workflows amidst all plight.
How ERP Software Helps Businesses Navigate COVID-19 Disruptions?
It’s not the first time that an ERP system’s ability to mitigate abrupt business changes is noticed. The software solution has always played a crucial role in keeping the entire business processes under control and efficiently operating.
With the global business market in dire straits, ERP software is playing an even bigger role in the continuance of business operations through remote access, automated reporting, digital data exchange, and real-time work floor control.
Makes remote working possible
The Covid-19 pandemic has forced businesses to shift their physical offices into remote working setups. Starting from drafting the work to managing constant workflows, the cloud-based enterprise resource planning software makes your business operation management relatively painless and maintaining employee engagement easier.
Mitigate operational risks through analytics
The presence of real-time data access and advanced analytics features in ERP software enables you to gain active visibility into the critical business components and anticipate disruptions. Therefore, the system prepares you to quickly adjust strategies for appropriately mitigating their impacts.
Enable systematic financial planning
ERP system allows data digitization which provides you with company-wide information transparency and improved collaboration. The unified data view breaks down departmental silos and enables you to make systematic financial planning, which reduces budget flaws.
Maintain information security
ERP software includes a strong authentication protocol for accessing and updating business data. This ensures that every information stored and transferred through the system is securely maintained from external attackers. It also helps you detect and respond to threats in a timely and organized manner.
Summing Up
As we all know, Covid-19 has caused severe disruptions in multiple industries. If this outbreak is forcing you to look at various opportunities for sustainability and business continuity, you have landed at the right place. We are one of the best solution providers in the ERP software industry. We offer a range of industry-specific ERP solutions designed to reduce the impact of the COVID-19 crisis.
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