Companies impacted by the COVID-19 pandemic expressed concerns about the global impact of reduced consumer demand, yet remain optimistic about their ability to respond should a similar pandemic strike again, according to the results of a recently-completed Schneider Downs survey.
In total, nearly 200 companies from 20 industries across 11 states participated in the survey, which invited companies to share their insights and activities associated with the COVID-19 pandemic. While each organization had unique circumstances coloring their individual responses, the survey yielded several themes that resonated across all surveys received.
We believe the diversity of responses provides us with a well-rounded overview of the thoughts and opinions of business in our regions. We are equally excited, however, that our survey offers the opportunity to provide a deeper dive, enabling users to explore subsets such as industry or region. It is our goal to present this data to you in variable formats.
Below are six interesting trends we identified through this analysis. Links within each paragraph provide access to an interactive dashboard that will allow you to view the survey data in the manner that best meets your needs. To view only responses to a certain industry, simply just click on that industry name. To understand what industries responded to a question a certain way, just click on that response and see the percent of each industry that responded with that option. These dashboards were created by our Automation and Data Analytic Process Team (“ADAPT”) using a Microsoft tool called Power BI, a powerful software that makes it easier to review complex data in relevant profiles.
We hope you’ll enjoy your introduction to Power BI through the COVID-19 Response Survey dashboard. Should you be interested in learning more about how Data Analytics could provide new insights to your organization, please reach out to us at [email protected] .
Remote work was and will continue to be a top priority.
Of the organizations currently in operation, 58% are working remotely. Many lamented not implementing a plan sooner and several mentioned the need to further train employees on the tools that aid remote work or upgrade IT infrastructure to accommodate. Three in five companies are also either creating or adjusting work-from-home policies for the future. Explore the data in our dashboard.
Unprecedented times inspire companies to think creatively.
Half of surveyed organizations reassigned staff to complete new tasks and a quarter are creating new products, initiatives, or services. One in five are also pursuing new funding sources. Though some companies seek only to address short-term problems, many are looking to make long-term pivots as well. Explore the data in our dashboard.
Revised marketing and sales strategies reprioritize customers.
Fifty-six percent of organizations have developed or are planning to create new marketing, sales, or advertising strategies. The biggest change is reevaluating how they think about their customers and how their organization can accommodate shifting customer/client needs. Explore the data in our dashboard.
Companies are concerned that reduced consumption will linger.
The top three effects of COVID-19 that decision-makers believe will continue to impact their business are all related to customers/clients and a lack of demand. As budgets tighten and individuals and companies reprioritize spending, organizations worry that customers will reduce budgets, even after normal business resumes. Explore the data in our dashboard.
Despite this, organizations believe that their customers/clients will return quickly.
Though only 57% believe that they will be able to return to business as normal within three months after the pandemic ends, 76% of disrupted businesses believe that their customers will return in the same time period. The bigger concern seems to be the volume of spending rather than a fear of returning. Explore the data in our dashboard.
And, businesses are both prepared for and optimistic about their ability to navigate.
Approximately 77% of Schneider Downs clients are very or extremely confident about their company’s ability to handle a similar outbreak in the future. Many commended their organization’s reaction and those that did not felt that they now understand the mistakes that were made. Implementing remote work sooner, better communication with clients and customers, and faster acquisition of PPE and sanitization materials were the three most common reported regrets. Explore the data in our dashboard.
On behalf of Schneider Downs, thank you to all of the participants in the survey.
For a deeper dive into the results, or for more information about Schneider Downs’ Data Analytics services, contact Matt Kraemer, [email protected].
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.