The months-long COVID-19 pandemic has forced company leaders to take huge decisions for their firms at speed.
A pressing issue is that startups tend to initially prioritize growth over profitability, meaning even some of the best and brightest won't have sufficient cash reserves to cope with months of reduced business. Others might suddenly have to cater for a huge spike in some parts of their business — such as telemedicine or online delivery services — while also seeing other parts of their business suffer.
Every business, including our own, is considering ways of doing things that we thought weren't possible even a month or two ago. With everyone's focus laser-tight, and forecasts uncertain, all businesses, had to work out how to rapidly re-prioritize and focus on what our clients need at this moment of crisis, and deliver them in days what originally could us months.
The positive impacts of this are plentiful; we'll be doing less harm to the environment; we'll have more time to spend with our friends and family; we'll be more efficient in the ways we do things. Overall, we can be kinder to our people and our environment without being wasteful with our resources. Luckily, we've never had the problem of having too much money, nor have we been able to enjoy a lack of competition. This has contributed to us being extremely frugal and spared us now from some of the painful decisions that other companies have had to make.
We have teams in China, Norway, the UK, US and other locations. But like everyone else, we're acquiring new skills too, such as running online seminars and delivering conference talks virtually instead of in-person. It has been a great way of reaching new audiences and I'd hope some element of that is retained.
Even among those who accept that the phenomenon is real, there are a variety of reasons or excuses commonly given for not taking more urgent action; the impact is being overstated by doom-mongers, we can act later when the situation becomes more pressing, changing out behaviour gradually lessens the economic shock.
Finally, the crisis has forced us all to reassess what will really drive value for ourselves and our communities.When we started eight years ago, we saw the world moving online – both in business and as consumers – and we recognised the need to find an easy and secure way to help users verify are who they claim to be in a remote environment.
Indeed, the value of near-instantaneous identity verification was evidenced after 700,000 people applied to volunteer for the NHS last month. The traditional process for verifying applicants was unable to scale with the surge in demand, which resulted in a backlog of nearly a week to verify some applicants.
This pandemic demonstrates how people turn to technology when they need a truly flexible service that can meet their needs in a crisis. People increasingly value instant updates on spending, secure transactions and transfers, and access to virtual and disposable cards as they rely more on online shopping.Yoti is unique in the digital ID space because we have business solutions, plus a ready-made product in the hands of 6.5 million consumers, the free reusable Yoti app. We've always focused on innovation, privacy and making it easier and safer to prove your identity and access places or services — that will continue.
Individuals won't want to have to re-verify their ID every time to get things done. Businesses will equally want instant results using something that's secure, scalable and portable. The industry will need to adapt to the new ways people require digital IDs and I feel the Yoti approach is well-positioned to bridge the gap between businesses, organisations and consumers in these challenging times.
Could be one factor in the unstoppable stock market rallies.
First all eggs landed in a basket called China and they gave us the ROYAL FINGER. Now again the same IDIOTS are heading for a NEW BASKET, TECH. As the saying goes, a dog will ALWAYS RETURN to its VOMIT and some eat it as well.
Make it free to read? Maybe?
Yup the chip is coming lol 😂
BI Prime. No thank you. 😕
Not on the food industry!
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