Businesses need Technology Upgrades for a Stronger Recovery Performance

In a recent podcast by the CD Howe Institute of Canada (see link below), Glen Hodgson, fellow in-residence, with previous experience at the International Monetary Fund, discusses a recent study of 13,000 businesses. The study gauges business confidence today and for the future. It revealed four out of five Canadian businesses have seen a drop in demand and half have seen revenues drop by 20%. More concerning is that half of those surveyed said they do not have the cash flow to survive 90 days without revenue.

On a positive note, more than 60% of Canadian companies said they expect to bounce back quickly when businesses migrate to a new normal.

Finally, particular emphasis is placed on the importance of traditional companies competing with newer, well-established companies with highly effective digital platforms. We have seen companies move quickly to upgrade their technology during the crisis, but is it enough to compete? There is much more to the discussion here: https://www.cdhowe.org/s2-e7-%E2%80%93-business-impacts-pandemic-and-restart-glen-hodgson

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