As many airlines are grounded and passenger operations halted, the short-term outlook and timelines for the global recovery of the aviation sector remain uncertain. However, once the pandemic becomes controllable and the travel restrictions are relaxed, there will be an influx of cultural and commercial changes across the world that will continue to have a significant impact on airline operations. Economic effects In its May 2020 report, the International Air Transport Association (IATA) forecasted total revenue losses of US$314 billion for the airline industry, as a result of the COVID-19 pan...
"The bigger the economic decline, the greater the acceleration, of what economist Joseph Schumpeter called creative destruction. This is the cycle where a recession causes declining industries and marginally successful business models to disappear faster than they would have if the national economy had continued to grow." by Author This truly remarkable quote comes from Alec Levenson, a senior researcher at the USC Marshall Center for Effective Organizations. It is a quote that echoes what I have been chewing over, ever since we saw the impact of COVID-19 hitting our industry with brutal force...
As the world learns to live with COVID-19, businesses are battling to stay relevant. The energy sector was hit a double blow with the prices of Brent hitting historical lows, and WTI futures running into negatives. Energy companies were quick in responding to the industry downturn by cutting capital expenditure by 30-40%, scaling back existing production, reducing workforce by 50-65%, running operations with essential workforce only, and halting drilling with rig counts reduced by more than half. Though a pandemic of this scale is unprecedented, energy companies have to find innovative ways to...
Several thousands of workers in oil & gas, mining and construction sectors are stranded at work sites around the world due to the COVID-19 lock down. While companies make the best efforts to protect the health and safety of workers with regular health screenings, reduced essential workforce at project sites, checkerboard seating, limited community interactions, electronic act of acceptance, regular cleaning & disinfecting, seating restrictions during dining etc., it will take several months for the workforce to return to their normal rotating schedule. Many workers are enduring their s...
To our valued customers and partners The COVID-19 pandemic has had a significant impact on all of our lives and as the world responds to this outbreak our thoughts are with the people affected and the medical teams working hard around the clock to save lives. At IBS Software, we're working hard to do our part by ensuring the health and safety of our employees as they work remotely to support our customers and maintain a high level of service. We continue to monitor the situation closely and remain confident that we will be able to operate on a relatively normal basis, despite the constantly ev...
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