Worries grow, but so do new business opportunities across ITS sector
A second survey of members of the UK’s Intelligent Transport Society suggests that a growing proportion of private companies are worried about their future in a post-Coronavirus world, but that they have had success in generating new business.
After ITS (UK) surveyed members in March, the same questions were shared again six weeks later to see how attitudes have changed as the implications of travel and other restrictions are more widely felt.
The survey discovered that, while a greater proportion of companies – 37 per cent compared to 33 per cent – reported a significant impact on their business, many more now say that they have seen no effect, with the number reporting “slight” impact reduced by around a third.
More than half of private members have had to furlough staff or implement pay cuts, compared to two-fifths six weeks ago, while nearly half (47 per cent) admit they are worried about the long-term effects on their business, up from 40 per cent.
However half of those surveyed say that they have found new business opportunities during the crisis, almost double the number who had managed to in the early weeks. This suggests technology is able to deliver new innovations very quickly, even in the toughest of circumstances.
ITS (UK) Secretary General Jennie Martin commented, “While it’s clear many of our members are suffering real pain at the moment, it is heartening to see how many have used their skills to find new business during this extremely difficult time. We at ITS (UK) are here to support all our members however we can, so encourage those worried about the future to engage with us and we can all share ideas on how ITS can contribute to ‘The New Normal’ and a better world. I know ITS (UK) members will continue to deliver transport technology solutions and innovations which ensures our relevance in the post-pandemic world.”