COVID-19: Dramatical Impact to the Economy
In a baseline scenario, it is expected that economic growth in Germany will decrease by 2.8% in 2020 and recover by 3.7% in 2021.
The coronavirus pandemic is the most devastating global crisis since the second world war affecting everybody in the globe. It is also having a growing impact on the global economy.
To respond to the COVID-19 outbreak, within our expertise and resources, we have created hyperautomation solution use cases for the most affected industries e.g. Healthcare, Pharmaceuticals and Insurance etc. to help navigating through the crisis together. We are eager to help businesses benefit from much faster speed and accuracy and fulfil the market’s demand during the crisis. People in need can also expect less waiting time.
Impact on individual industries [%]
- 20% Severe Impact
- 5% Medium Impact
- 75% Mild Impact
- According to IATA, airlines worldwide are currently facing a loss of $ 63 billion, if the situation continues, up to $ 113 billion.
- The online giant Amazon plans to hire 100,000 additional employees to cope with the increased volume of orders placed.
- Zoom stock (provider of video conferencing solutions) rose from $ 79.60 to $ 140.36 within 6 months (as of March 25, 2020).
These Hyperautomation solutions designed for the challenges caused by COVID-19 are:
and can be implemented remotely for the largest part. This enables processing higher order volumes during the current crisis.
Hyperautomation use cases that can be applied to a large part of all industries:
The major challenges for the Healthcare and Pharmaceutical industry
Shortage of required Testing Kits and Medical Devices lead to increased Diagnostic Cycle Times and Volumes.
Fast track research and development for Testing Kits and Vaccine require fast track approval mechanisms and strong Trial Data management.
Business Continuity Plan management is suffering due to higher patient interaction and significantly reduced Predictability.
Disrupted Supply Chains slows down progress while Infection Control, Bio-Surveillance, and Clinical Reporting are more critical than ever.
The major challenges for the Transportation industry
Drastically reduced public life (e.g. Work from home) has majorly decreased the demand for public transportation.
E-commerce delivery companies are struggling to satisfy the demand that has risen from consumers and companies alike.
Aviation industry is cancelling up to 90 % of their passenger flights due to governmental policies and travel restrictions.
With social distancing being the recommendation, many Shared Mobility providers are struggling to receive any requests at all, while others are booming.
Major challenges for the Finance industry
Delay in loan payments or missed EMI payments by retail customers from distressed regions or corporates from impacted industries.
Reduction in fee income from corporates requiring Working Capital due to reduced demand and supply chain breaks.
Reduction in Branch footfall and transactions and services accessed through branches.
Impact to Identification & Verification required for completing KYC.
The major challenges for the Insurance industry
Increase in number of claims for Life & Health Benefits Carriers from impacted customers.
Increase in hardship withdrawals and Required Minimum Distribution cash-outs from the retirement funds.
Factory shut-downs and export curbs, leading to large commercial and specialty Claims for Insurers.
Adverse impact to travel and hospitality Industry revenue leading to shrinking of premium and revenue for Insurers.
The major challenges for the Service providing industry
Major uncertainties cause reduced order situation for many service providers.
Tourism agencies are suffering as international travelling bans entry bans lead to cancellation and refund requests.
Providers of software required to work remotely are seeing a major spike in demand.
Internet, streaming and cloud-service providers are dealing with up to 300 % more traffic than usual.
The major challenges for the Retail & Wholesaler industry
Retailers classified as „non-mandatory“ are forced to close local stores.
Mandatory institutions like supermarkets or pharmacies are seeing a significant increase in demand, which they have to coordinate with goods supply and human resources.
As E-Commerce will remain open, many businesses have to switch their retail concept to online if they want to survive.
As many production sites are closed, retailers have to find ways to fulfill their clients‘ demands.
The major challenges for the Manufacturing industry
Due to governmental restrictions, many production sites have to be shut down or reduced to a minimum.
During times of crisis, many manufacturers have to change their portfolio to produce goods desperately required by humanity.
As logistics and supply chains are majorly affected, many manufacturers see a shortage of supplies and materials.
The shifted focus of the public has caused a spike in the demand for essential goods, while the demand for luxury goods has fallen.
In order to provide help quickly and easily, UiPath offers the annual license of its Automation Hub for one year free of charge, an order must be placed by April 30, 2020.