Fintech

Market Watch Industry Bulletin – Fintech & Financial Services

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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.

BPO and IT

Market Watch Industry Bulletin – BPO & IT

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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

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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 Industry Bulletin – Cleantech


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The global cleantech and energy industry is experiencing significant disruption and operational issues due to Covid-19. In addition, changing patterns of energy demand, declining oil prices, the continued growth of renewable energy generation and stringent climate action plans, means global markets are changing at pace.

In this bulletin, Enterprise Ireland’s market advisors assess the implications of Covid-19 on the sector and summarise the major developments, opportunities and challenges across international markets.

Read the full report here.

Transport

Market Watch Industry Bulletin – Transport

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As an island economy, our economic prosperity is heavily dependent on the reliability of the global transport networks to consistently source key materials from suppliers and in turn ship the finished goods to customers.

The Transport Bulletin provides insights from Enterprise Ireland’s market advisors and industry experts across the world, bringing you a practical overview of freight transport conditions from different markets.

Agritech

Market Watch Industry Bulletin – Agritech & Machinery

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The Irish agricultural machinery and agritech sector has been designated as a critical service, committed to supplying customers and fulfilling current and future orders. While the sector is open, the Covid-19 crisis presents significant challenges.

Enterprise Ireland‘s Agritech and Machinery industry bulletin looks at international developments from labour shortages to supply chain issues to border closures, and industry stimulus packages which may impact your business.

Read the full report here.

Andrew O'Shaughnessy, CEO, Poppulo

Communications moves up to the Covid-19 front

Poppulo helps ensure first casualty of war on virus isn’t truth

 

Irish technology company Poppulo is supporting critical communications for frontline workers in the battle against Covid-19.

The company, which is a global leader in employee communications technology, has opened up its secure, effective communications platform to healthcare crisis teams battling the pandemic – for free.

It is already assisting public health services such as Ireland’s Health Services Executive (HSE), having fast-tracked the set-up process so that its Covid crisis team can get up and running on the platform as quickly as possible.

Effective employee communications are Poppulo’s stock in trade.  It manages secure communications between over 25 million employees, in over 900 companies, across more than 100 countries, every day.

Its clients are some of the world’s most successful organisations. These include pharmaceutical company GSK (GlaxoSmithKline), car maker Rolls Royce, fast moving consumer goods company Unilever, telecoms giant Telefónica and building systems specialist Johnson Controls.

The Cork, Ireland based company has its US headquarters in Boston, MA. It specialises in enabling organisations with more than 1000 employees to solve the kind of complex employee communication and engagement challenges that can arise in large, international workforces.

Its custom-built software is designed for internal communications only, enabling managers to plan, target, publish and measure the impact of their communications across multiple digital channels.

These include email, mobile, video and social networks, all of which are handled securely via the Poppulo platform. It also provides organisations with extensive analytics, enabling them to measure and assess employee sentiment.

 

Staff under pressure

In recent weeks, communications relating to the COVID-19 crisis have soared on the platform.

“The key thing for organisations is to understand how important good communications is to all employees,” says Poppulo founder and CEO Andrew O’Shaughnessy

Frontline workers are shouldering the heaviest burden right now but all employees are facing challenges in a changed world, especially remote workers.

“Everyone is under a lot of pressure. This is something that was forced on all of us really quickly and all of a sudden many employees found themselves at home,” he says.

Equally suddenly, organisations must find ways to replace all the invaluable interactions that usually take place in the workplace.

“With remote workers, you can’t just pick up the phone and ring people because they are in virtual meetings, and their calendars are crowded,” says O’Shaughnessy.

 

Single source of truth

Yet good internal communications are more essential than ever. “Employees are under pressure not just from their job but from feelings of isolation, overwhelm, and mental health issues. At a time like this, your employee base needs huge support,” he says.

Clear, secure and engaging communication is one of the most effective ways you have to support staff them.

“Right now there is a lot of disinformation about, and things are changing very quickly, on a daily basis. It is therefore really important for every company to establish itself as a single source of truth for employees,” says O’Shaughnessy

In “just a couple of weeks” organisations, both private and public, have undergone the kind of transformation project that would previously have been given 18 months to plan and execute, he points out.

Such a radical transformation can only succeed on the basis of having an effective communications strategy, both in terms of content and delivery.

That means avoiding the kind of disinformation that may come via public social media platforms, such as WhatsApp. These “can’t be locked down, are crowded with noise, don’t allow you to target individual people, and offer no visibility of who is reading them,” he says.

 

Tracking talk

Poppulo allows organisations to rapidly send urgent communications to whoever needs to get them, track what’s been read or not opened in real-time, and take corrective action through resends, updates and instructions.

Poppulo’s Blackout functionality kills the circulation of non-essential information by ensuring employees only get relevant and useful information, during specific times, increasing clarity while minimising over-communication. Its targeting capability lets users engage the people, sections, and geographies who need the information, without needlessly involving those who don’t.

Its survey functionality allows users understand how their communications are resonating, both in business units and across the organisation, with reports that can inform further actions. The platform also provides content templates which allow users to save valuable time, for greater speed, efficiency and sign off.

 

Trusted source

Crucially, it alleviates employee uncertainty in a time of crisis through personalised communications from trusted sources.

Poppulo’s secure communications platform works across a range of channels including email, mobile and video and right now video is proving hugely important as a way of helping remote workers cope with isolation, he says.

In any change management scenario organisations appreciate that good communications are the key to success. In a pandemic, they can be no less than the difference between life and death. It’s why communications has moved not just centre stage but up to the front.

“People are calling communications a critical business system. That has never happened before,” he says.

shipping containers

Managing supply chain risk

Global supply chains have been stretched to breaking point as a result of the COVID-19 pandemic. Enforced closures of companies, coupled with newly imposed border controls and other issues, have had a severe impact on many Irish businesses.

There are steps that can be taken to mitigate those effects, according to Shirlee Kelly, a strategic sourcing consultant with IDDEA, a strategic procurement consulting company.

“In Ireland, many companies rely on just-in-time delivery for the supply of goods and services, and the success of this strategy is dependent on highly integrated and efficient supply chains,” Kelly points out. “The availability of labour may impact on supply chains, while government actions may lead to delays in physically moving materials from location to location as well as at ports and across borders.”

As a first step, she advises businesses to assess their supply chain risks and identify those critical suppliers that can have a detrimental impact on the business. “Businesses should conduct a health check on their critical supply chains,” she says.

Start by looking at internal data.

  • Who are the high-spend, high-impact suppliers?

  • What are the immediate risks that you need to plan for?

  • How will you address any lack of supply?

  • What are the steps you need to take to ensure that you continue to meet your contractual obligations with customers?

Contingency Planning

The next step is contingency planning. “These plans may include, finding alternatives to normal supply routes, investing time in discovering and conditioning new suppliers,” Kelly advises. “Companies may need to change their sourcing strategies to include a more local approach. If companies are dependent on one supplier, they need to put measures in place to make sure they have sufficient stock and ensure business continuance. It is important for businesses of all sizes to build resilience across their supply channels and keep their key customers informed of the work they are doing to meet demand.”

Good supplier management is essential in order to reduce the potential impacts of supply chain disruption. “You may have 500 suppliers, so it is not possible to manage every supplier in the same way,” Kelly notes. “We use the Kraljic Matrix to categorise suppliers by the value you spend with them and the risk they pose to your ongoing operations.”

This matrix reveals those suppliers who are strategically important by evaluating them against their value to the bottom line and the risks of a disruption affecting their performance. High-value, high-risk suppliers clearly need careful management, as indeed do those in the low-value, high-risk quadrant who are defined as bottlenecks.

Supplier management begins with information.

“Capture all appropriate data about your critical suppliers, and use this information to drive value for your organisation.  Using tools such as Porters Five Forces and PESTEL analysis as part of your market research, will allow you to assess and evaluate the external factors which may affect your industry and business operations.” says Kelly.

The data analysed, and the knowledge gained, forms the basis of your supplier performance management. “Ensure you have a scorecard in place to allow you measure supplier performance? What metrics do you use and are they aligned with what you are trying to achieve in your overall business strategy?”

“It is important that strategic suppliers work with you on risk management strategies,” she adds.

Those risk management plans should be based on four key elements – awareness, impact, mitigation, and contingency planning.

“Awareness is about understanding the probability and potential impact of the risk,” Kelly explains. “The goal of risk management is to recognise, reduce or mitigate the likelihood of risk. The objective is to identify procedures for managing all stages of risk, this includes, disruption – interruption, response, recovery and restoration of service.

She concludes by pointing out that doing nothing is not an option.  “Companies need to act now, investigate the opportunities in your data, identify your key supply partners and work together on problem resolution.  Treat key suppliers as an extension of the business and find out how you can support each other. Irish businesses are very good at working together in difficult times.  Government bodies such as Enterprise Ireland are a great resource for information on the various supports available to Irish businesses.  The companies I am currently working with are sharing information with their supply base and this is helping to ease supply chain problems.”

Market Watch Industry Bulletin – Life Sciences

Download the bulletin here.

Enterprise Ireland life sciences companies are experiencing extraordinary market conditions, resulting in unpredictable demand, production shortages and bottlenecks, as well as fractured supply chains.

While these are certainly unprecedented and challenging times, there remain significant opportunities for clients within the global lifesciences market. Read the full report in our industry bulletin.

Industry Bulletin Construction

Market Watch Industry Bulletin – Construction

Construction Bulletin

Download the bulletin here.

Enterprise Ireland construction companies are experiencing unprecedented market disruption both domestically and across international markets.

In this first bulletin, we look at the movement of labour and materials, restrictions on access to sites, market supports and the projected implications of shutdown where this has occurred.

 

 

 

remote working

9 innovations in the era of remote working

While the way we work has been evolving significantly in recent years, the Covid-19 crisis has accelerated the need for many people to work remotely. And during this seismic global shift, Irish talent technology is helping thousands of employees and employers to transition from working at their office desks to their kitchen tables.

Ireland’s progressive, globalised tech sector has cultivated a particularly innovative group of talent technology companies. Their smart, disruptive products and services are enabling companies around the world to attract, engage, manage, and retain their workforce in these uncertain times.

 

Supporting employees

While remote working had become common in certain sectors, especially those in which skilled talent is in high demand, it’s new for many companies. They need to quickly implement new technology to ensure their employees can adapt and continue to be productive while working from home.

Talent tech is enabling home-based employees to engage with colleagues, maintain their wellbeing while in a new routine, and upskill at home through online courses.

 

Benefitting employers

Meanwhile, employers can use Irish-built tech stay in operation, keep their workforce engaged, and manage, schedule, and pay their employees while the latter work remotely.

While some industries will see temporary workforce reductions, those such as health, retail and other frontline industries will need to hire more people fast. Talent tech can provide them with remote technology for sourcing and interviewing potential employees.

 

How Irish talent tech firms can help

These nine Irish companies offer disruptive technologies businesses can use to manage how employees work as they navigate these turbulent times.

1. Wellola

With healthcare systems under huge pressure due to coronavirus, optimising care capacity is crucial. Wellola has collaborated with the Irish public health services provider, the Health Service Executive (HSE), to launch a new online portal that enables GP and healthcare providers to treat people remotely so as to protect themselves from Covid-19.

2. Abodoo

As the world turns to remote working, Abodoo is there to connect global citizens with remote jobs. With 23,000 members across more than 60 countries, Abodoo’s SaaS platform uses smart matching technology powered by data analytics to match people to roles. This means companies can build highly scalable distributed teams quickly and cost-effectively.

3. Sonru

With in-person interviews on hold for now, recruiters must turn to virtual solutions. Sonru is an award-winning global leader in asynchronous video interviewing, which gives both candidates and interviewers flexibility. Importantly, it also removes pain points such as interview scheduling, time zone restrictions, dispersed hiring teams, and time lost on no shows.

4. Peptalk

To thrive and survive, companies need to promote a high performance culture. PepTalk is a workplace wellbeing platform that drives team engagement, productivity and connection across organisations in a fun way. Peptalk’s ‘whole person performance’ approach unlocks employee potential, helps companies to reimagine their work cultures and delivers bottom-line results.

5. Workvivo

During times of crisis, internal communications are critical for engaging and reassuring employees. With the Workvivo internal comms platform, employees can read and post content to an activity feed, and like, share and comment as they would on non-work social media. They can also recognise others through shoutouts, link posts to company goals and values, create community spaces, and publish articles and events.

6. FlexTime

Especially now, employers need to be able to manage flexible working arrangements and the changing needs of their employees. FlexTime offers flexible working, time and attendance, and scheduling solutions. Its products, which eliminate the need for manual tracking, are used by over 400 customers, in more than 5,000 implementations for over 200,000 users.

7. PulseLearning

Now more than ever, it’s vital to protect employee mental health and wellbeing, and promote self-care. PulseLearning, an award-winning, global top 10 learning company founded in 1999, developed the I Am Here programme to facilitate a cultural change within organisations so team members know it’s absolutely OK to ask for help and how they can.

8. Flexiwage

Managing finances can be challenging at the best of times. Flexiwage, which integrates with existing payroll packages, empowers employees and employers to make smarter financial decisions. Employees gain a fully flexible pay schedule, getting paid when it’s best for them, while employers can consolidate payroll, reduce costs and promote financial responsibility.

9. LearnUpon

It’s still vital for employees to learn and train while they work remotely. LearnUpon is a powerful learning management system (LMS) platform with a practical approach. Organisations can use it to manage, track, and achieve their learning goals. Trusted by over 1,000 customers worldwide, LearnUpon is one of the fastest growing LMSs in the world.

Aerogen

Ireland races to produce ventilators, nebulisers and more

As the global battle against Covid-19 intensifies, Irish medtech and life sciences firms are ramping up production to meet soaring demand for nebulisers, ventilators and other badly-needed treatment and protection equipment.

Doubling production of critical devices

Half of the existing ventilators in acute hospitals around the world were made in Ireland, which is ranked as one of the top five global medtech hubs.

Medtronic, the world’s largest standalone medical device maker, produces ventilators in a large manufacturing plant in Galway, in the west of Ireland. It is doubling its capacity by more than doubling its workforce of 250 and moving to round-the-clock production.

Another firm increasing production to meet high global demand related to coronavirus treatment is Enterprise Ireland-backed client Aerogen. It’s the world’s leading supplier of aerosol drug delivery products through ventilators to patients in critical and intensive care.

Before the current crisis, Aerogen already provided hospitals in more than 75 countries with its products, benefitting 10 million patients.

Aerogen CEO John Power expects the company could ship 3m or 4m units in 2020, up from 2m in 2019. It is also investigating how to address the global ventilator shortage by adapting non-invasive ventilation systems and are striving to ensure they can meet the sudden and unprecedented growth in demand.

“We are a global company and we are balancing demand from across the world.” says Power

Demand up by as much as 300%

Galway-based M&M Qualtech manufactures products for the medtech, aviation, ICT and other sectors. It produces ventilators, nebulisers and medical monitoring equipment for its medtech customers, including Aerogen and Medtronic. It says it’s seeing capacity demand three to five times higher than the usual pre-crisis level.

M&M Qualtech began to see this spike in manufacturing demand in early March and already expects to produce 4m nebulisers this year, up from 2m last year. It also anticipates a similar rate of increase in production of nebuliser controllers (likely to produce 45,000, up from 35,000) and ventilator AC modules (expecting to make 18,000, up from 5,000 in 2019).

It’s increasing capacity by focusing factory production on the most critically needed medical products, hiring up to 25% more Production Operators, engaging with suppliers daily to expedite materials into production, and redesigning its factory to meet social distancing requirements.  

Ripple effect of Covid-19 crisis 

Also based in the west of Ireland, Vitalograph is the world leader in the analysis of cough drug trials. It specialises in cardiorespiratory and related devices that measure lung and cardiac function, diagnose lung disorders and also produces associated products and software.

Vitalograph is working to meet increased demand for spirometers and consumables such as bacterial-viral filters and test kits and seeing a significant increase in orders of remote monitors. Over the past 15 years, Vitalograph remote monitoring has mainly been used in clinical trials but is now rapidly being adopted by mainstream healthcare.

According CEO, Frank Keane, “Remote monitoring enables the most vulnerable patients with conditions such as COPD, cystic fibrosis and IPF to remain in their homes and not travel to hospitals or clinics and risk picking up infections,”

“As the patients we serve will be the most vulnerable to a respiratory disease of this nature, we are doubling our efforts to ensure we can fulfil our mission and serve them at this time.” said Keane,

Vitalograph has also recruited more staff, and increased both capacity and orders from sub-suppliers, and activated their comprehensive business continuity plan.

Deirdre Glenn, Head of Lifesciences with Enterprise Ireland, said “In the face of the Covid-19 pandemic, Irish medtech companies are rising to the challenge of meeting the increased global demand for essential equipment needed for the treatment and prevention of Covid-19. As the second largest exporter of medtech products in Europe, and with the highest number of people per capital employed in medtech in Europe, Ireland is primed to play its role in the global fight against Covid-19”