Interview with Sara Costantini on the Business Barometer: Annual Review 2021. Insights, vision and business impacts.
The 'Business Barometer: Annual Review 2021' highlights the impact of the pandemic on the Irish economy over the past twelve months. Statistics collated and analysed by CRIF Vision-net paints a picture of the business environment in Ireland at the moment as well as what to expect going forward. Sara Costantini, Regional UK & Ireland Director, provides her view on the future business landscape in both the UK and Ireland.
“As we continue to navigate through the Covid-19 pandemic, the full extent of the economic impact remains unclear but what micro-economic forecasts reveal, is that the impact will vary across different industries and sectors across Europe.
“When we consider industries that are deemed essential, including those that are linked to core needs such as food and beverages or health, the overall impact of the pandemic is likely to be limited. Other sectors however, mainly those linked to social interaction such as hospitality and leisure, are likely to suffer substantially greater challenges in terms of adapting to new workflows, staffing capacities, credit flows, remote-working and regulatory obligations.
“For most businesses, the focus is now heavily concentrated on re-starting, stabilising and adjusting to the new normal. In doing so, identifying, and managing the risks within this new business environment will be a crucial step.
“At CRIF, utilising latest risk evaluation intelligence, allows us to combine financial, industry and company data, with the latest real-time alerts and risk monitoring to gauge risk quickly, and extend credit with more confidence in a more uncertain post-pandemic environment. These strategies and their execution are continually adapting in line with the rapidly changing environment, ensuring best services for our customers.
“In the current environment, the acceleration of digitalisation and disruption is one of the key driving factors of all activity. Never, have organisations experienced such a dramatic digital transformation in such a short period of time – a digital drive that is only likely to continue.
“In response, CRIF’s expertise, is continually adapting to complement the information needs of businesses. Supporting businesses across each wave of recovery going forward must be the priority and as a result, the ability to interpret the full value of information will become strategic for fast tracking progress, minimising bad debt and to recover turnover.
“Other factors such as the recent Brexit agreement, will also play a significant role in shaping the future business landscape in both the UK and Ireland. This agreement provides a unique opportunity for Ireland in particular, providing a strong competitive advantage going forward.
“Navigating the outcomes of Brexit may present a number of challenges for businesses, particularly in the early stages of it’s roll out. However, at CRIF we believe that the use of market experience and real time data to deliver tailored solutions can mitigate risks and allow businesses to capitalise on the opportunities that it provides", commneted Sara Costantini, Regional UK & Ireland Director.