Dear Reader
To combat COVID-19, the Indian Government, under the able leadership of the PM, Sh.Narendra Modi, has taken the bold step of announcing a nationwide lockdown, where people are mandated to stay at home except those involved with the manufacture and distribution of essential goods and rendering of essential services. This is not an easy decision to take and Sh. Narendra Modi’s government needs to be complimented for taking this resolute step to curb this deadly infection. Till the time of my penning this editorial, it had claimed the lives of over 23000 people globally, and God only knows how many more all over the world are going to succumb to this deadly virus in the next few months.
While the world is trying to find ways to minimise loss of lives and break the chain of the spread of infection, over a billion people worldwide have been confined to their homes. With the collapse of many businesses millions are facing an uncertain future, but still happy to be alive and hopeful of this dark phase passing soon. They are rediscovering their family and learning to be grateful for what they have. They are also getting used to communicating in newer ways by leveraging technology, and many are now also spending time in upgrading their skills and knowledge using online resources.
With production at a stand still, manufacturers and distributors are finding it an opportune time to reach out to their network of system integrator partners to strengthen their relationship with them and utilise this time to build their knowledge about their products. Education is crucial, and now is an ideal time to develop the knowledge base across the industry and help prospective customers make informed decisions.
Keeping in touch with partners, clients and prospective clients is a vital aspect of the lockdown situation we find ourselves in. With less pressure from businesses, the audience has more time to identify and understand the benefits of the products and services.
Progressive brands are smartly leveraging tools such as linkedin, facebook posts, tweets or blogs on their websites, publishing and promoting webinars, presentations or training videos, or simply engaging with the industry at large.
This is the best time for System Installers, Integrators, End-Users and even Consultants to improve their technology and product information and learn newer application possibilities. Once the businesses resume full scale activities, prospective customers, especially in the North Indian marketplace would hopefully transform to be more business-like and take quick decisions without insisting on the sales people coming to them and holding face to face meetings, an activity which wastes too much of everyone’s time.
The phase when normalcy is being restored may get stretched as the global supply chains and transportation logistics sector could take a considerable amount of time to return to the status quo ante.
Production of video surveillance equipment is mostly concentrated in China, with the country accounting for 90 percent of global production of video surveillance cameras, and 45 percent of worldwide global market revenue in 2019. It is home to several major suppliers of lenses, CMOS sensors and system-on-chip devices used in cameras and other video surveillance devices. As a result, the analysts suggest that any corona virus-related disruption to production, supply chains or workforces in the country could have a significant impact for a global video surveillance market totalling $19.9 billion in 2019.
As we see China relaxing its lockdown orders and people slowly coming back to workplaces, it still has a huge challenge ahead, as it finds that its client countries to which it exported a major portion of its produce, are still in a lockdown state. So, with a weak order book, China will have no option but to scale down its production and lay off many of its workers. The global economic impact will be humongous, resulting in a huge correction in consumption patterns and we will find ourselves trying to readjust our businesses to a new world order.
In Bill Gates words, “Whereas many see the COVID-19 virus as a great disaster, I prefer to see it as a ‘great corrector’. It is sent to remind us of the important lessons that we seem to have forgotten and it is up to us if we will learn them or not.”
Till we meet next month,
Cheers, Stay Safe and Keep Others Safe.
G B Singh
Group Editor
Email: gbsingh@1stasset.org
Follow me on @EditorGB
Connect with me on Linkedin.com/in/gbsingh9
