How will data help us to get through the corona crisis? Sam Vandormael will tell you more about this in the next two minutes. ?
How will data help us to get through the corona crisis?
On behalf of Altares Dun & Bradstreet, I’d like to explore this subject in the next few minutes from my home office
It is my belief the duration and depth of this recession will be closely tied to the speed at which we can overcome the medical issues. Without stability on the healthcare side it will be hard to kickstart economic recovery. The sudden drop of both supply and demand side made the crisis abrupt as well as severe. Reports from the Belgian National Bank and the Economic Risk Management Group show that companies are postponing their investments. Looking at our own data in the Benelux we see several tens of thousands of companies having limited financial reserves. These will be at risk in the weeks and months to come, certainly in sectors as art, entertainment, recreation and the catering industry.
A strong political answer is needed, where data will be crucial to make the right decisions. Handing out financial lifelines to companies already on the verge of collapse before the crisis is not beneficial for society as a whole. It is my belief we must, in the weeks and months to come, find the right balance between managing this health crisis while keeping our economies as performant as possible. Currently our focus is very much on the public health side: we receive daily updates on the number of hospitalized people, on the number of Covid-positive patients… but more and more we should also start looking at the economic indicators.
As such, I think that the time is right to start a debate on deconfinement strategies. How will we roll back imposed policies while being cautious not to allow a second or third peak. A complex and huge challenge. It is of the utmost importance we tackle this challenge well: by having adequate risk assessment processes in place, by relying on data-driven decision making, by ensuring data becomes a trustworthy asset for both public and private stakeholders.
How about your organization?
How are you making use of data in these challenging times?
I look forward receiving your feedback!