The COVID-19 pandemic has pushed the global economy into a recession, which means the economy starts shrinking and growth stops. As the virus swept through the world at an alarming rate, bringing disruption and infecting millions of people, it has also evidently damaged the economy. Several countries across the world resorted to lockdowns to “flatten the curve” of the infection. These lockdowns meant confining millions of citizens to their homes, shutting down businesses and ceasing almost all economic activity. The world is experiencing the largest economic shock in decades. According to the International Monetary Fund (IMF), the global economy is expected to shrink by over 3 per cent in 2020 – the steepest slowdown since the Great Depression of the 1930s. Global Economic Prospects has envisioned a 5.2 percent contraction in global GDP in 2020—the deepest global recession in decades. Over the longer horizon, the deep recessions triggered by the pandemic are expected to leave lasting scars through lower investment.
The question now isn’t how to do more with less, it’s how to make sure you’re around to do anything at all. In these conditions, the first step which the companies follow to ensure their survival is cost cutting. And the next step followed is a sizable impact that recession has on organizations – layoffs and furloughs. It is found that analytically mature organizations are much safer in times of recession. Lotus Analytics helps businesses analyze and focus on their business objectives by tracing viable solutions and their requirements with the necessary set of features, thereby making sure you build the right thing, at the right time, for the right reasons. At Lotus Analytics we help companies evaluate which parts of their solutions or services are most likely to flourish regardless of what the global economic circumstances are. Using business Intelligence, we identify quickly how the recession has affected customers’ buying behavior, and tailor the marketing and products strategies of the business in alignment before significant damage is caused. Furthermore, we assist businesses in the decision-making process in the future and empower companies to expand operational efficiencies and reduce costs.