The Coronavirus pandemic has left many field service and construction companies at a loss for how to continue operating.
Some companies have continued to provide services. But show that the majority of field services (67 percent) continued with restrictions while 21 percent stopped deploying field service engineers altogether.
The construction industry may not have been hit as hard right away, but construction companies, contractors, and subcontractors need to prepare for potential disruption in the future.
Over 20 percent were notified that their deliveries will be late or canceled in mid-March 2020.
Without knowing what path the Coronavirus and governments will take, it’s near impossible to create a plan for the outcome. The nonprofit business research group, Conference Board, conducted an economic analysis that resulted in three possible scenarios - all with their own challenges.
The best-case scenario has already passed. If there’d been a peak in new coronavirus cases by mid-April, they projected widespread economic activity to start happening in May.
The second-case scenario would happen if new U.S. coronavirus cases peak in May, causing an economic restart by July.
The third-case scenario would be the harshest on the U.S. economy. It would reduce the total number of deaths from COVID-19 but would not allow for an economic reboot until September.
But there is no evidence that the U.S. has peaked at the time of this writing. This becomes more complicated because some states will peak sooner than others.
If social-distancing guidelines are not followed when the country begins to open back up, there could be a devastating new outbreak that could bring us back to where we are now.
Field service and construction companies face unique challenges with so much uncertainty. Many are considering renegotiating their service contracts or evaluating existing contracts to determine what’s next.
It’s a challenging time but it’s also an opportunity to explore new, exciting ways to become more efficient, productive, and advanced with the right tools.