What should you do to minimize COVID-19’s economic impact on your business?

10:00 | 28/03/2020

CoVid 19 is moreover suffering a growing impact on the global economy. This article aims to suggest to business managers a perspective on the evolving situation and implications for their corporations, especially cloud-based companies.

Briefing: 
 

Amid the pandemic, the domino effect of the economy has overwhelmed many businesses, and the closure of trade in many countries has caused unemployment to skyrocket to unpredictable levels. In the US market, this country has had over 3 million claims for unemployment insurance in just 2 weeks - an unprecedented figure in US history.

Economists even called the pandemic a black swan. It appears to end the longest period of growth in the world economy and eliminate businesses that are already weakened. Thus, CoVid 19  will have devastating effects on the global economy that will certainly be more intense than and distinct from those felt during the 2008-2009 global financial crisis and started a period of recession with unforeseen consequences.

 

In this article, we want to pay special attention to cloud - based businesses. Our customers from all economic sectors, from e-commerce, real estate, automotive industry to service industries such as social networking, booking, e-wallets, blockchain... Suffering the pandemic's negative consequences via numerous channels, our customers also try to counteract the recession. 

 


Solution: 

1. Review & optimize system to cutting cost 

There is the fact that businesses should consider reducing operating costs as soon as possible. Besides, this is the time that businesses should take advantage to review and evaluate their systems to optimize costs while ensuring performance, security and reliability factors. Businesses are often concerned about rebuilding or checking the system health because that affects business operations or increased workloads for employees. However, reducing costs now is an essential solution for businesses to survive until the economy is recovered.

 

2. Using the billing services

The recording of expenses in this time is extremely important. As a partner for Cloud providers, OSAM will help businesses solve billing issues or apply credit packages. Since then, businesses have reduced concerns about finance and corporate tax.
 

3. Apply the discount program from Cloud providers

A lot of technical companies are offering timely incentives to support users and the cloud computing providers have no exception. OSAM is still working with companies to implement programs to help our customers overcome the negative economic effects of the pandemic.. The message of these incentive programs is to help businesses reduce worries about infrastructure costs and also let them feel secure when using cloud-related services. 

To sum up, we want to emphasize that OSAM always accompanies enterprises to go through this crisis period and get ready to develop together when the economy recovers.

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