Evolve UK – Construction and the impact of Covid-19 webinar
Market Watch Industry Bulletin – Traveltech
Enterprise Ireland travel technology companies are facing unprecedented challenges to continue to build and scale their businesses globally as the travel industry is arguably the most affected by Covid-19.
Many are demonstrating impressive flexibility, innovation capability to adapt to the new situation, and collaboration with partners to overcome enormous challenges. Our Market Watch Industry Bulletin for the travel and tourism industry provides insights on the potential impact of Covid-19 on your business.
Read the full report here.
Middle East to join the CREW
Irish software services innovator 8 West is bringing its Covid-19 early warning system, CREW, to the Middle East.
Building on its existing success in the region, the company plans to increase its activity in the Gulf region, which includes the United Arab Emirates, Kuwait and Oman.
Innovation to protect frontline workers
8 West is the company behind an innovative new remote monitoring system, CREW, which is designed to protect frontline healthcare workers and their patients from the spread of Covid-19.
CREW, an acronym for Covid19 Remote Early Warning System, remotely identifies healthcare workers who develop a temperature.
A rise in body temperature is the symptom that is most common among all sufferers of virus. A spike in temperature, particularly when combined with an increased heart rate, at a time when no other physical activity is taking place – such as when a person is asleep – can provide a key early warning sign for the onset of Covid19.
CREW consists of a wearable digital thermometer sensor which measures body temperature, and a sensor platform such as a smart phone, smart watch or other IoT (internet of things) device, which runs the CREW app.
A cloud based server then runs the CREW system, monitoring incoming data from frontline workers wearing the device. If an elevated temperature is recorded over a specified time frame, CREW generates an automatic alarm warning both the wearer and their employer of their need to take remedial action and self-isolate.
Collaboration for the greater good
The system has been developed by 8 West in partnership with the Ireland’s College of Medicine and Health at University College Cork (UCC), its ASSERT Centre and the renowned Tyndall Institute. 
UCC’s ASSERT Centre enables clinicians to design, develop, deploy and trial innovative healthcare solutions in a simulated healthcare environment. The Tyndall National Institute is a leading European research centre specialising in integrated ICT hardware and systems.
Trials are being undertaken at Cork University Hospital.
“CUH Emergency Department staff are delighted to have helped pioneer an innovative 24 hour monitoring device like this,” says Professor Stephen Cusack, recently retired Professor of Emergency Medicine at University College Cork and emergency medicine consultant at Cork University Hospital.
“We are 24 hours on the front line of care daily, and it’s good to know that efforts like this are being made to support our wellbeing 24 hours a day too.”
Product Innovation with SafeTRX
8 West has extensive experience in developing remote monitoring safety and security systems.
The company, which has been in operation since 1998, specialises in providing technology service solutions to the healthcare and retail sectors to international clients such as insurers Anthem, Delta Dental and DentaQuest, and brands such as Estee Lauder and Ralph Lauren.
It is a product innovator too however, developing its own proprietary solutions. One of these is SafeTrx, which is now Europe’s leading tracking and alerting software platform for the marine sector and which was used in 625 rescue missions last year.
It is thanks to SafeTRX that 8 West has an established presence in the Middle East. A bespoke version of what was originally a marine product is now relied on by Dubai’s police force as a way to remotely monitor and leisure sailors in Dubai waters.
CREW is available on iOS and Android smart phones, Apple WatchOS and Google smartwatch operating system WearOS with the mSafety platform from Sony to follow soon. In developing it 8 West received technical and hardware support from a range of companies including Sony Network Communications Europe, Cambridge Wireless, Vodafone Ireland, Huawei, Davra, BlueBridge Technologies and PMD Solutions.
Addressing an immediate need
According to 8 West founder and co-chief executive John Murphy, the solution was developed from start to finish in just three weeks, “a Herculean effort from our employees” and a part of its contribution to the global crisis.
“Fifty per cent of humanity is self-isolating at the moment. We’ve never seen anything like this before and we’ll most likely be living like this for the next 12 months.” said Murphy
As such he believes an early warning system such as CREW, alongside measures such as social distancing and workplace deep cleaning, will be required for a long time to come as part of all employers’ duty of care to staff.
In the meantime, his goal is to make CREW available to as many frontline staff as possible around the world as soon as possible.
It has the potential to help not only individual medics but the wider hospital and nursing home communities and the general public too, says Murphy, who is due to meet with healthcare sector representatives from Oman, Kuwait and the UAE over the coming weeks.
In developing CREW 8 West didn’t just leverage its own SafeTRX technology, it leveraged Ireland’s uniquely collaborative technological eco-system, he points out.
“The Irish response from around the world and particularly the tech sector, was very collegiate. Everybody was ready to give support because, with Covid19, we all share a single purpose now.” said Murphy
CREW’s market expansion strategy is being supported by the Enterprise Ireland team in Dubai who are working closely with 8 West to identify optimal routes to market with key local partners.
According to Mike Hogan, Regional Manager Enterprise Ireland, “Markets across the Middle East are always keen to acquire cutting edge technologies and we think this is even more prevalent in the current situation fighting the spread of Covid-19. I’m sure 8 West’s CREW solution will play a big part in fighting the spread of the disease and protecting the frontline health workers who are doing an incredible job keeping our communities safe”.
Read more about the Irish companies using innovation to make a difference.
Managing liquidity through the Covid-19 crisis
Cash really is king for businesses contending with the Covid-19 crisis. Many of those still trading have to meet ongoing payroll, rent, utilities and other costs in the face of rapidly declining demand, while many others have been forced to close either as a result of government directive or adverse trading conditions and are looking at ways to reopen when the crisis abates.
The challenge for all of these companies is how to manage their liquidity through the coming weeks and months to ensure they are in a position to take advantage of the recovery when it does come.
Interestingly, recent events have served to prepare Irish companies for the shock. “We have been talking to a lot of companies in our role as an outsourced CFO,” says Barry Doyle, director of specialist financial advisory firm SGL.
“They have learned to deal with a lot of problems as a result of the Brexit crisis and they are better prepared as a result. With Brexit, the issues were reduced margins, foreign exchange issues and other disruptions, and they have been preparing for them.” says Doyle.
Of course, the scale of the impact of the Covid-19 crisis is greater by an order of magnitude. “This will mean a shutdown for many companies and a full loss of income for a sustained period,” Doyle points out. “They are seeing zero revenues on one hand while they face continued expenditure on staff, suppliers, customers and so on.”
Understand the Data with a Cashflow Forecast
Dealing with that situation begins with data. “The starting point is a detailed cashflow forecast,” Doyle advises. “That’s key to understanding where you are.” And what you need to do.
He describes cash and communication as the key elements of the approach to be taken once the forecast is complete.
“If working capital is the lifeblood of the business, cash is the oxygen,” he notes. “Companies have got to have working capital available to them to kickstart them after the shutdown.”
Engage with Creditors and Debtors
And that’s where the communication comes in. “You have to talk to your customers to identify what receipts are likely to come in. Are they still open? Are they still in a position to pay bills? Talk to your suppliers to see if they can extend credit to you. Part pay bills if necessary.”
Doyle says the best way for businesses to look at this situation is as akin to hibernation. “They have to squirrel away cash for when spring comes, so they can take advantage of the bounce that will come then. Many companies have seen this coming and have been working with their customers to get as much cash in as possible. Companies who haven’t done this should run an aged debtor analysis to see what might be out there. It might be a case of seeing who they can target for payment when business reopens, or it might be identifying customers to work with to find a way through the crisis.”
Wage Subsidy Scheme to Retain Staff
Cash will still be needed for payroll and other costs, of course. “Nothing is as important as your staff,” Doyle points out. “Your employees are a critical resource in business.”
He believes the Government Wage Subsidy Scheme can help companies avoid the damage of layoffs and advises them to avail of it where possible. “We are working with client companies to help them retain key staff and look after them during the crisis,” he adds.
Access Government Supports
Doyle’s Co-Director John Power describes the various State initiatives, including the Enterprise Ireland Stabilise and Rebuild Fund, Business Financial Planning Grant as a “huge boost”. Companies should monitor Government support developments and banking facilities offered from main banks and SBCI, to support their Working Capital needs to help them bounce back and restart their businesses quickly when working restrictions are eased
“The decision by Revenue to defer interest and penalties for late payment of VAT has also been very helpful,” he adds. “Revenue is not withholding Tax Clearance Certificates for late payment and that means companies will be able to continue to get paid by public bodies during the crisis.”
Power concludes by noting that businesses now have to become much more disciplined in terms of cost controls as well as in credit control. “In good times it is possible to be a bit more relaxed,” he says. “But companies now have to be a lot more disciplined when it comes to credit control. That means calling in debts as they fall due or even offering discounts to customers for early payment. They have got to build as much working capital as they can. Cash is king. That’s never been truer.”
Covid-19: Know your responsibilities as an employer
Employers and people managers around the country, especially those in small and medium-sized enterprises (SMEs) have legal obligations relating to the coronavirus crisis.
In conjunction with Enterprise Ireland, The HR Suite has produced ‘Covid-19: An Employer’s Guide’, a detailed document that outlines everything business owners and managers need to know about their responsibilities towards employees during this challenging time.
Caroline McEnery, Managing Director of the HR Suite says,
“Some of the relevant legislation is new and the changes in it are unchartered for both employers and employees. Other legislation was already in place, but most people wouldn’t have had to worry about it before so it wouldn’t have been on their radar.”
New legislative changes
The main points employers need to be aware of is emergency legislation introduced by the Government related to employee wages and payments.
Companies who can show their turnover has reduced by more than 25% due to Covid-19 may qualify for the Wage Subsidy Scheme. This provides a temporary wage subsidy of up to 85% of take home pay up to a maximum weekly amount of €410 per week to affected companies to help them continue to pay their employees.
Separately, employees who lose their jobs qualify for the new Covid-19 Pandemic Unemployment Payment of €350 a week for up to 12 weeks.
A new Illness Benefit, paid at the same rate, is also available — for two weeks to any employee medically required to self-isolate and for up to 10 weeks for any employee diagnosed with Covid-19.
“The good news is that the process of processing the payments and benefits is very straightforward,” says McEnery. “It’s really important that you communicate all the above information as empathetically and sympathetically as you can to people who are already in a very emotional place.”
Relevant existing legislation
Among the older laws employees may now find relevant is the Redundancy Payments Acts 1967-2014. Under this act, people who are temporarily working fewer hours than they normally would can claim for a payment called Short Time Work Support. It is paid at the same level as Jobseeker’s Benefit (€203 a week), but on a pro rata basis for the days the person is not working.
Layoffs are also covered under the Redundancy Payments Acts. Employers can place employees on a period of temporary unpaid layoff if they believe they will be able to have them back in paid work again when the crisis passes. Employees who have been temporarily laid off qualify for the Covid-19 Pandemic Unemployment Payment, as outlined above.
“The only difference now is that if an employee were laid off previously, they could apply for redundancy after four weeks. That option is paused until the end of May [2020] and will be reviewed again then,” said McEnery.
Stay informed and communicate
With the Covid-19 situation remaining fluid, McEnery says employers should keep up to speed with what is happening and make sure their employees are in the loop too.
“Review your plans every two weeks in line with the latest Government and HSE guidance, while taking into account what is happening in your business,” she says, adding that employers should also make sure they keep communications channels open with their employees and make sure they are informed of any changes they should know about.
Download the ‘Covid-19: An Employer’s Guide’
Market Watch – A view from the Middle East, India and Africa
The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.
Key Takeaways
- Companies need to closely monitor the changing business environment and be prepared to quickly pivot their offer or business model if the market demands.
- Business is severely affected in the region even though the spread of the virus in Africa and India is weeks behind Europe.
- Borders have been closed, international events cancelled, and most companies are looking to cut costs.
- The Middle East is expected to return to business sooner than Africa and India with the tech industry being the first to recover.
- Communication is vital for to maintain long term relationships.
The global pandemic has indeed affected every corner of the world and according to Conor Fahy, Regional Director, Enterprise Ireland, India, the Middle East, and Africa is no different.
“The area encompasses over 40% of the world population so lockdown and self-isolation presents many challenges,” says the regional director. “The situation in the Middle East is similar to Europe in timing and response and most companies are expecting a decrease in revenue and are looking to cut costs and consider cost containment and defer or pause investments.
“The double whammy of an oil price war and Covid-19 will affect budgets and Dubai has introduced highly restrictive measures, including closing its airport, so there is a risk of a sharp increase in business defaults and liquidations in the travel and tourism industry. Also borders have closed across the region and major international events have been cancelled or delayed.
“India and Africa are currently around three weeks behind in terms of cases and government response. But business is severely affected, while economic activity is suffering from the initial phases of lockdown. The medium-term impacts will be severe and combined with oil-price shock and reduced demand for commodities, the region is likely to tip into an economic contraction in 2020/21, in the absence of major fiscal stimulus.”
There are eight Enterprise Ireland offices across the region which are helping Irish companies stay informed, connected and exporting. And Fahy says it’s crucial for people to avail of this support and keep communications lines open in order to survive the challenges.
“We are providing in-depth customer engagement, virtual itineraries, bespoke buyer webinars and one-to-one advice and guidance,” says Fahy.
“Personal connection is vital to winning and retaining business so it’s essential to stay connected with existing customers. Be the trusted source of information: and proactively communicate with accurate market information and insights from your industry contacts, and from Enterprise Ireland’s Market Research Centre. When things get tough, the temptation is to become acutely focused on immediate problems but while these should be addressed, developing a strategy for recovery is just as vital. So extend your timeline assumptions and planning-against scenarios, even if it appears difficult. Now is the time to invest in strategic planning and to start thinking through decision criteria and conditions for return to business.”
Many organisations are still dealing with immediate concerns around the availability of cash.
While all sectors are being affected across the region, Tourism, Aviation, Construction, Industrial Manufacturing and Mining and Oil industries have been hardest hit but technology related businesses will be the first to make a recovery.
“CFOs in the Middle East are expecting to get back to normal sooner rather than later; pausing or delaying investments instead of cancelling them altogether,” he says. “In fact, the majority expect to return to business as usual within three months if Covid-19 were to end today.
“Investments in digital transformation, customer experience and cyber security are most likely to be protected as a result of Covid-19 and all indicators point to a technology-led recovery as AI is becoming pivotal in managing the huge amounts of data needed to deliver services and product.” said Fahy
While there are certainly challenges facing Irish exporters, Fahy says there are also some emerging opportunities, particularly for digital payments and cloud services.
“The near collapse of many online grocery retail platforms is driving demand for process automation and intelligent self-service and Irish companies quickly recognize the changing market dynamics,” he says. “But while positivity may be in short supply, there is optimism in around returning to business and continuing to invest where it matters.
“Business leaders need to invest time away from crisis management to show leadership and strategically look to future opportunities which will emerge when these economies rebound.”
Conor Fahy is Enterprise Ireland’s Regional Director of the Middle East, India and Africa. To learn more about the steps companies can take to address the impact of Covid-19 visit our business supports page.
Market Watch Industry Bulletin – Digital Tech
In the context of the ever evolving Covid-19 situation in which we find ourselves, Enterprise Ireland‘s digital technology companies are experiencing unprecedented changes in the market, facing extreme challenges but also unique opportunities as
they are forced to quickly adapt and thrive in a more virtual and digital reality.
In our bulletin, Enterprise Ireland’s market advisors provide insight on specific market developments, challenges and opportunities as well as some market specific Government supports and industry trends.
Read the bulletin here.
Market Watch Germany – Webinar – Impact on Supply Chain
Enterprise Ireland’s offices in Germany have launched a series of Webinars: Market Watch Germany. Every Wednesday at 14:00 BST/15:00 CET a new theme will be addressed to help Irish companies exporting to Germany navigate the challenges and opportunities presented by Covid 19.
For the second webinar in the series on Wednesday 15th April, we were joined by Dr. Patrick Kim from BridgeBuilder.de and Dr. Gökhan Yüzgülec from Inverto GmbH.
This Webinar explores how to cut through the noise to stay reliably informed during the crisis, the impact on supply chains and procurement, and how to prepare for the shifts after Covid-19.
Market Watch Industry Bulletin – Fintech & Financial Services
Download the bulletin here.
Enterprise Ireland financial services & fintech companies are facing unprecedented challenges to continue to build and scale their businesses globally at the rate they were before the crisis. Though they are demonstrating an impressive flexibility and innovation capability to adapt to the new situation and to fulfil their clients’ emerging challenges.
Enterprise Ireland‘s Market Watch for the financial services industry provides insights on the potential impact of Covid-19 on your business. Read the bulletin here.
Market Watch Industry Bulletin – BPO & IT
Download the bulletin here.
In a time of uncertainty and disruption across every industry, companies are reliant on their customer experience and IT teams to ensure they remain connected to their client base, particularly those in front line industries
Irish Outsourcing and IT companies are providing critical services to ensure international companies can overcome these engagement challenges from a remote setting. In our BPO & IT Services Industry Bulletin, Enterprise Ireland’s market advisors reflect on the impact of Covid-19, and outline significant international developments, opportunities, financial supports, and challenges facing Irish companies in the sector.
Read the full report here.
Market Watch Industry Bulletin – Automotive
Download the bulletin here.
The global automotive industry faces an as of yet unseen level of disruption to its production capabilities. Companies along the supply chain are challenged by a drop in demand for vehicles and related products, fragmentation of international supply chains and production plant closures of most OEMs and Tiers. Markets are transforming at an unprecedented pace, with experts rushing to forecast the outcomes and offer solutions to the rapidly changing industry where necessary.
Enterprise Ireland’s first Automotive Industry Bulletin contains a summary of major developments, opportunities and challenges as well as relevant funding supports for each region. The assessment is based on the insights from Enterprise Ireland Global Market Advisors for the automotive industry.
Read the full report here.
Market Watch – Benelux
The Market Watch bulletin for the Benelux region (Belgium, The Netherlands and Luxembourg) provides insights from Enterprise Ireland ’s market advisors across the region that may be helpful for your business, in the context of Covid-19.
Reporting from each Benelux market, in this edition we share information on travel to the markets and market specific government supports & initiatives.
Download the bulletin here.
