Navigating disruptive crises through service-led growth: The impact of COVID-19 on Italian manufacturing firms

Rapaccini, Mario; Saccani, Niccola; Kowalkowski, Christian; Paiola, Marco; Adrodegari, Federico

doi:10.1016/j.indmarman.2020.05.017

Cited by 320 publications

(400 citation statements)

References 32 publications

(38 reference statements)

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“…A survey of 19 questions included closed and opened-ended questions. Sixteen (16) enablers and sixteen (16) barriers of manufacturing were identified from the literature [11,[18][19][20]. Respondents were allowed to choose multiple barriers and enablers and were also allowed to specify barriers and enablers which were not present in the survey.…”

Section: Methodological Approachmentioning

confidence: 99%

“…Italian manufacturing firms was examined by academics in Italy, Sweden and Finland in an extensive survey of 177 respondents distributed across SMEs and across large companies. Their study focused on comparing the impact of the disruption caused by the pandemic on product and service businesses in order to develop a crisis-management model [11]. The impact of low-tech manufacturing solutions argued that solutions need to coalesce around approved designs to have a real impact [12].…”

Section: Manufacturing and The Pandemicmentioning

confidence: 99%

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Manufacturing in the Time of COVID-19: An Assessment of Barriers and Enablers

Okorie

Subramoniam

Charnley

et al. 2020

IEEE Eng. Manag. Rev.

132

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Pandemics and other forms of epidemic outbreaks are a unique case of manufacturing risk typified by high uncertainty, increasing propagation and long-term disruption to manufacturers, supply chain actors as well as the end-users and consumers. For manufacturing the COVID-19 disruption scope has been largely twofold ; an endogenous disruption of manufacturing processes and systems as well as extreme shifts in demand and supply caused by exogenous supply chain disruption. Existing literature on disruptions in manufacturing suggests that pandemics are qualitatively different from typical disruptions. There is no literature available to manufacturing practitioners that identify the barriers and enablers of manufacturing resilience, especially with regards to pivoting of the manufacturing sector in response to a pandemic. This study draws on an extensive survey collected during the COVID-19 pandemic. The respondents were employees of manufacturing firms in all regions of the world who had engaged in manufacturing during the pandemic or had opted out from manufacturing due to various identified reasons. By collating their responses, we offer to practitioners and policymakers an analysis for identifying a bestpractice framework for pivoting successfully as a response to major manufacturing disruptions.

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Section: Methodological Approachmentioning

confidence: 99%

Section: Manufacturing and The Pandemicmentioning

confidence: 99%

Manufacturing in the Time of COVID-19: An Assessment of Barriers and Enablers

Okorie

Subramoniam

Charnley

et al. 2020

IEEE Eng. Manag. Rev.

132

View full text Add to dashboard Cite

show abstract

“…Since the outbreak of the COVID-19 pandemic, various studies were conducted to investigate its effect on the economy, including its impact on the correlations between crude oil and agricultural futures [ 1 ], co-movement between COVID-19 and Bitcoin [ 2 ], the tourism industry [ 3 ], the covariance between temperature, COVID-19 and exchange rate in Wuhan [ 4 ], Italian manufacturing firms [ 5 ], B2B sales forces [ 6 ], efficiency of equity and cryptocurrency markets [ 7 ], airline employment [ 8 ], entrepreneurial uncertainty [ 9 ], consumer behavior [ 10 ], marketing innovations [ 11 ], corporate social responsibility and marketing [ 12 ], and randomness and mutual information between markets [ 13 ], to name few. In addition, other interesting studies focused on the forecasting of new cases [ 14 ] and knowledge sharing and collaboration for preparedness to fight the pandemics [ 15 ].…”

Section: Introductionmentioning

confidence: 99%

Randomness, Informational Entropy, and Volatility Interdependencies among the Major World Markets: The Role of the COVID-19 Pandemic

Lahmiri

Bekiros

2020

Entropy

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The main purpose of our paper is to evaluate the impact of the COVID-19 pandemic on randomness in volatility series of world major markets and to examine its effect on their interconnections. The data set includes equity (Bitcoin and Standard and Poor’s 500), precious metals (Gold and Silver), and energy markets (West Texas Instruments, Brent, and Gas). The generalized autoregressive conditional heteroskedasticity model is applied to the return series. The wavelet packet Shannon entropy is calculated from the estimated volatility series to assess randomness. Hierarchical clustering is employed to examine interconnections between volatilities. We found that (i) randomness in volatility of the S&P500 and in the volatility of precious metals were the most affected by the COVID-19 pandemic, while (ii) randomness in energy markets was less affected by the pandemic than equity and precious metal markets. Additionally, (iii) we showed an apparent emergence of three volatility clusters: precious metals (Gold and Silver), energy (Brent and Gas), and Bitcoin and WTI, and (iv) the S&P500 volatility represents a unique cluster, while (v) the S&P500 market volatility was not connected to the volatility of Bitcoin, energy, and precious metal markets before the pandemic. Moreover, (vi) the S&P500 market volatility became connected to volatility in energy markets and volatility in Bitcoin during the pandemic, and (vii) the volatility in precious metals is less connected to volatility in energy markets and to volatility in Bitcoin market during the pandemic. It is concluded that (i) investors may diversify their portfolios across single constituents of clusters, (ii) investing in energy markets during the pandemic period is appealing because of lower randomness in their respective volatilities, and that (iii) constructing a diversified portfolio would not be challenging as clustering structures are fairly stable across periods.

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“…This makes it necessary to change management practices. One often talks of the need for digital transformation [21,22]. The literature also indicates that in a pandemic era it may be necessary to re-evaluate the business relationships of the company as a whole, as it may be an opportunity to find new partners who will be able to better meet the urgent, short-term needs of the company [23].…”

Section: Literature Reviewmentioning

confidence: 99%

Distribution of Services Within the Call Center and Covid 19 – a Case Study

Dankiewicz

Tworzydło

Ostrowska-Dankiewicz

2020

Wseas Transactions on Business and Economics

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The considerations presented in the paper concern the impact of Covid-19 on sales possibilities in the pre-paid system and development perspectives of the researched business entity. As part of its operations, this entity is responsible for the supply of fuel to nearly 4,500 customers conducting business operations throughout Poland. The study was carried out by means of the method of quantitative analysis of economic data. The acquired data constituted a closed set of 518 479 contacts collected as a result of reporting the work of the call center department. The purpose of the paper is to analyze the impact of the Covid-19 pandemic on the possibilities of acquiring new customers by the entity that sells pre-paid fuels and the prospects for its future development. The analyzes allowed showing the relationship, before and after the introduction of socioeconomic restrictions, between the number of sales contacts made and their effectiveness. It was proved that lockdown caused changes in the scope of managing executive operations within the call center of the entity. This, in turn, affected operational and management decisions at both ownership and management levels.

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Navigating disruptive crises through service-led growth: The impact of COVID-19 on Italian manufacturing firms

Cited by 320 publications

References 32 publications

Manufacturing in the Time of COVID-19: An Assessment of Barriers and Enablers

Manufacturing in the Time of COVID-19: An Assessment of Barriers and Enablers

Randomness, Informational Entropy, and Volatility Interdependencies among the Major World Markets: The Role of the COVID-19 Pandemic

Distribution of Services Within the Call Center and Covid 19 – a Case Study

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