The coronavirus crisis continues to unfold, stoking fear and confusion, whilst reminding us of the many things that we take for granted as we go about our lives.
For some, it’s being unable to buy the toilet roll of their choice. For others, it’s worrying about how the crisis is going to affect their livelihoods and ability to provide for their families. And for the unlucky few, it’s suffering from the physical effects of the virus. Our thoughts are with those who are sick. And we sympathise greatly with businesses that are feeling the commercial pain of disrupted supply chains, dislocated workforces, and collapsing demand.
But we should also open our minds and recognise Coronavirus as an opportunity for businesses that are open minded enough to look at things from a new angle.
The events of recent weeks have got me thinking about creative destruction, described by political economist Joseph Schumpeter as a “process of industrial mutation” that “revolutionizes the economic structure from within”. This ongoing process of mutation is being accelerated by the pandemic, creating big risks and even bigger opportunities for companies. As Helena Morrissey recently noted in response to the crisis, “Opportunities can emerge even from disaster and new ideas from times of reflection. At present, we have both on a grand scale.”
Here at Envizage, we’re currently working from home, seeking to protect our people (and their people) from harm as best we can. Rather than burying our heads in the sand (or the news) and hoping the crisis will go away, we’re treating this as an opportunity to spend more time listening to clients and understanding the challenges they face – both near term and long term.
The virus is forcing businesses globally to reassess how they operate, interrogating so-called “truths” that once appeared self-evident. Some may find that these truths are in fact stories that they’ve been telling themselves. We must confront the fact that the world has changed. The virus may be a short term dislocation, but it’s one with profound long term implications for economies and individual businesses, particularly those with large headcounts operating across borders.
Businesses are suffering, but some positives have emerged from the maelstrom. Our partners and friends are realising immediate cost savings as a result of travel controls. They are becoming savvier in terms of working from home, implementing remote project management.
Financial services providers need to find a way to engage and do business with their customers in this strange new environment, which is likely to continue for some time. At Envizage, we feel that our offering can help financial service providers to navigate this process. We can create high-quality and differentiated digital experiences that engage customers around products and solutions. Indeed, we’re excited about enabling clients to build and deploy apps powered by our API into production in as little as four weeks.
On a deeper level, difficult times like these are triggers that remind people about the need to protect themselves and their families. There has never been a greater need for individuals to develop thoughtful, holistic strategies for protecting themselves and their loved ones, so they can own their future. And there has never been a greater incentive for financial services companies to step up and help their customers meet this challenge. We created Envizage to make this a possibility for clients everywhere.
Clearly these are fraught and alarming times. We have first hand experience working with large clients in Asia that have suffered greatly from the first wave of coronavirus, so we know what’s coming in the days and weeks ahead. We have learned how to deliver and keep projects on track in the face of these developments.
If you’d like to hear more about how we’re delivering for our clients despite the impact of coronavirus, please get in touch. In the meantime, keep well and take care.
