CORONAVIRUS UPDATE: Economic Impact on Singapore

singapore

The nCov outbreak hit Singapore’s tourism sector faster than expected. However, economists say it’s still too early to measure the Coronavirus’ overall economic impact. They are taking into consideration mainly two things:

  • The speed of which the virus is spreading
  • The speed of the epidemic repression

The impact on small and medium-sized enterprises (SMEs), nonetheless, is evident.

 

 

Coronavirus Economic Impact & effect on small and mid-sized enterprises (SME)

 

Let me calm your nerves first. The effect it has on SMEs is not all-encompassing.

For large enterprises, the scenario may be different. A large possibility is that they already operate using high-end technology with automated implementation. But for small to medium ones whose operations mainly rely on manpower, these are most probably taking a hit.

Imagine if your employees file for an emergency leave of absence. This would usually happen on small doses but during an outbreak, it is reasonable to expect a higher number especially for safety precautions. While this is essential for everyone’s well-being, we could only think of the adverse effects on business processes leaning on the workforce.

 

 

Importance of enterprise resource planning (ERP) system

 

The importance of ERP implementation is so much evident in high-pressure instances. Calamities and outbreaks are occurrences that are not easily remedied. That’s why during these events, it is important for businesses to have streamlined processes and simplified solutions. This empowers businesses to run smoothly without having to mainly rely on employees.

Investing on the right system is vital for businesses may it be small, medium, or large. Not only does it give owners better visibility, it also protects employees, clients, and customers. 

 

 

NOTE: If you are not yet acquainted with a reliable and experienced software company, let me point you to one that’s been providing excellent service for multiple industries throughout the years. Here’s the link

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