Businesses need to rebuild their model with digital transformation

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As the famous adage goes, necessity is the mother of invention; the Covid-19 pandemic is endowing new ways to disruptive innovation. Everyone is aware of the impact of the pandemic on the global economy. Not only enterprises, and medium scale businesses, small businesses as well as micro-enterprises realized the severe effect during the COVID-19 crisis. MSMEs are more vulnerable to this crisis due to fewer assets and limited resources, including cash reserves. Most countries, including the united states, it has disrupted production, diminished demand for numerous goods and services, broken supply chains, and forced SMEs to suspend or scale down operations.In the U.S., the world’s largest economy, more than 26 million jobs were lost over the last five weeks. The country’s unemployment rate of 4.4% in March was the highest since August 2017, according to the Bureau of Labor Statistics.According to a BCG report, as of April 8, more than 90 percent of on-premise foodservice MSMEs in Colombia, 70 percent in Brazil, and 30 percent in Mexico have closed.Realizing the crisis and challenges mentioned above, there’s an urgent need to reimagine how MSMEs will operate and build their business continuity plan to survive a major system outage.Digital rebuild strategy …

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