Implementation of Strategic Plans to Revamp Demands in the Global Market

Release date: 04-2020Author: Market Statsville Group

Market Statsville Group (MSG) is supporting its client and their businesses to deliver accurate market information to lead from the front in this COVID-19 pandemic.

COVID-19 has resulted in the global economic fallout and led to overwhelming requests for stimulus aid to recover business operations. In this scenario, the companies and startups have struggled to respond to these enlarged demands for products/services owing to limited financial assistance while they executed their business continuity plans.

Therefore, MSG estimated and recognized the need in the market and somewhat responded to those needs through our "MSG's COVID-19 Impact: Managing risk and opportunities" reports based on the well-trained AI algorithms to assist in the response. We are working on more than 500+ projects in different industry verticals to identify the impact of the crisis and related opportunities around the world. MSG aimed to helped its clients in this pandemic with discounted rates on their research studies/reports to reduce the price constraints and provide them with financial support to continue to pay their staff and business expenses. 

In the coming few months, we anticipate the second wave of demand for PPP forgiveness calculations, conversions to loan modifications, or forbearance extensions. The need for these programs has already diverted banks' resources and reduced their capacity to address risk and regulatory requirements. Two key issues further complicate these challenges:

•    The introduction of new programs has impacted the existing processes, and regulatory obligations (such as Fair Lending, UDAAP, and CRA) are not well understood.

•    Complexity in understanding banks' regulatory duties relating to these new programs depends on Treasury and Federal Government guidance, and this guidance is evolving.

Consequently, banks are concluding ways to ramp up monitoring and testing to confirm that they follow policy and regulatory requirements. Besides, COVID-19 forced many companies and startups and adopted remote or virtual working to implement the technology solutions, along with the necessary privacy and security protocols, to make this realistic.

We expect that many companies and startups may enter into 'New Reality, as they move beyond actual crisis response. They need to re-evaluate their business models with careful assessment of core versus critical capabilities. Moreover, this will drive a more significant planned response, particularly among executives who may have been reluctant to consider managed service/outsource options before the pandemic. In contrast, circumstances may have pushed some companies towards innovative ways of doing business and driven services backy by digital transformations, which will lead them to positive outcomes. Unique combinations of talent and technology offer companies and startups an opportunity to deliver incomparable customer experiences that further drive long-term value and growth in the operations and their revenues.

Post-economy stabilizes, and the recovery is underway, companies and startups are predicted to incorporate new technologies, along with changing consumer expectations and new ways of doing business and efficient working that will emerge them in post-COVID-19 conditions. MSG expects to witness those large companies significantly show interest in outsourcing products, services, and capabilities from small vendors or startups.

Anyone can witness a light at the end of every tunnel, but essential is its survival in the crisis. Therefore, reconsidering the business models and pivoting towards new ideas by focusing and targeting a better future. Companies and Startups accelerate their recovery and growth out of these uncertain times of the COVID-19 crisis.

Feel free to get in touch (mail to sales@marketstatsville.com) with our professional consultants and researchers for your specific market needs and information.