The coronavirus outbreak, which originated in China has affected 196 countries and territories around the world as of March 25, 2020. The disease causes respiratory illness (like the flu) with symptoms such as a cough, fever, and in more severe cases, difficulty breathing. COVID-19 infection begins with a 2-14 day incubation period before symptoms arise followed by severe flu-like symptoms for ~2 weeks. At present, research suggests that approximately 20% of those who contract COVID-19 will need hospital treatment that is extensive. This puts significant strain on healthcare facilities as well as on the economy.
Although the outbreak appears to have slowed in China, COVID-19 and its impacts have gone global. Infections are increasing at an alarming rate in Europe, South Korea, Iran, the United States, India, and elsewhere, with government authorities implementing increasingly restrictive measures to contain the virus. As COVID-19 cases continue to grow, many states and territories around the world have imposed measures such as lockdowns, placing quarantine methods to curb the spread of the virus. People are advised to avoid social gatherings and traveling to different countries and within the cities. Several countries have expanded telehealth, telework options, which will help slow the spread of disease. All these have contributed to business slowdown, everywhere. Some of the industries that are highly impacted by the COVID-2019 outbreak include finance, entertainment, healthcare, travel, retail, hospitality.
The COVID-19 outbreak has generated both demand and supply shocks reverberating across the global economy. As authorities encourage “social distancing”, tourism and travel-related industries have been hit badly. Airlines are drastically cutting flights and flight rates. According to the International Air Transport Association (IATA), global airlines may lose $113 billion in sales. Stock markets have been hit hard, with major indices registering falls in excess of 10%. Shops and car dealerships have all reported a fall in demand in China. Coordinated and individual government action is underway to mitigate negative health and economic impacts. However, circumstances and anticipation of work can be powerful tools to imagine a possible future.
During this challenging time, countless organizations are facing a risk that would hamper their business functions and operations. Well, to overcome such sudden or unexpected disasters, outsourced services can be an efficient solution. For many countries outsourcing has become one of the most economical business strategies. Choosing the right outsourcing partner with which to collaborate can provide tremendous savings and relieve numerous work burden. Moreover, by outsourcing business functions to a reliable partner, you can gain benefits in terms of business performance, cost reductions, reduced overheads, risk management, and more.
With so many advantages out there, it is wise to outsource services to reliable companies. Obviously, the COVID-19 pandemic is serious. And it is important that every business must take all necessary precautions to remain secured during this Coronavirus pandemic.