Abstract

The case study deliberates the impact of the COVID-19 pandemic on businesses globally and the responses and strategies implemented by them to tackle its implications. The case begins with a description of how the COVID-19 pandemic spread globally from China and created a health crisis across the world. As of March 31, 2020, COVID-19 had spread to 204 countries; there were about 697,244 confirmed cases and 33,257 confirmed deaths across the world. The case then explores the impact of the COVID-19 pandemic on businesses globally. In addition to the human impact, there was also a significant business impact being felt globally. About 94% of the Fortune 1000 companies were already seeing COVID-19 disruptions. The most immediate business impact of the COVID-19 pandemic was a major disruption in supply chains. The decline in industrial activity had also reduced the demand for energy products like crude oil, causing prices to drop sharply, which negatively affected energy producers, renewable energy producers, and electric vehicle manufacturers. The COVID-19 outbreak disrupted the education of a minimum of 290.5 million students worldwide. It also impacted the automotive industry, tech firms, small businesses, retail businesses, and the banking industry. Next, the case discusses the responses and strategies of businesses to tackle the impact of the pandemic on them. To reduce the spread of infection, many employers were allowing their employees to work from home. Many companies were offering counselling to distressed employees. Further, to mitigate the risk, experts were advising businesses to create a cross-functional COVID-19 response team and support customers and partners in every possible way. Experts from KPMG and McKinsey & Company also suggested that companies assess supplier risk. Finally, the case presents the future outlook.

Learning Objectives

The case is structured to achieve the following Learning Objectives:

• Examine the implications of the COVID-19 pandemic on businesses globally
• Analyze the need for businesses to focus on preparedness and responses to epidemics
• Examine how companies can make businesses resilient by diversifying supply chains
• Create a roadmap for leaders to lead businesses through the COVID-19 pandemic
• Analyze potential business opportunities due to the COVID-19 pandemic

Keywords

COVID-19 Pandemic; Corona virus; Supply Chain; Risk assessment; Economic health; Human tragedy; Impact of COVID-19 on Businesses; Responses & Strategies; Defending Retail against Covid-19; Working remotely; Employee protection in COVID-19; Online education; COVID-19 impact on Tech companies; and Banks in the Era of Covid-19