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Conclusion: The COVID-19 pandemic has resulted in prolonged lockdowns and quarantines, limiting economic activity and resulting in closure of businesses and many people losing their jobs. Various institutions around the world are unanimous in predicting that a recession is on its way, if not already here. Unless a vaccine is developed in the immediate future, the uncertainty will continue to rise in the days and months to come. However, businesses can turn this situation into an opportunity to examine their current operations.
A review of the events of the recent global recession – the global financial crisis of 2007–2008 – reveals that six recession-seeded trends, when acted upon promptly, provided business advantage. Although the trends for the anticipated COVID-19-led recession are still to be established, CIOs can benefit from re-examining the lessons of the past recessions and exploring a recession’s potential to deliver organisational efficiencies and savings. The outcome may be selective adoption of technology or deferral of projects, but the potency of these trends cannot be ignored.
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Conclusion: The COVID-19 pandemic has taken the whole world by storm, shutting down establishments and pushing businesses and public sector agencies towards high levels of uncertainty. It seems it will be a while before this storm lets up.
Regardless of how bleak the effects of the pandemic and ensuing lockdowns are to the economy and the business sector, it can be a platform where leaders and innovators come forth.
Most companies are struggling to determine the next steps and are barely surviving through their business continuity plans. This paper aims to help you pivot towards a different perspective.
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