Bangladesh, a country of 170 million people and 49 years old was the top 10 countries with a robustly growing economy in the world, before COVID 19. The economy was growing close to 7% per annum over the past decade up until COVID 19 according to the International Monetary Fund (IMF). In this pandemic, the country has taken a big blow. The economy has been severely impacted. The impact has been seen in 3 main avenues. First is the drop in domestic economic activities, during lockdown since the end of March 2020; secondly was the declining export of Ready Made Garments, which represents 80% of the exports of Bangladesh; finally, the dip in the inflow of remittance from Bangladeshi living abroad especially the labour market, due to pandemic and also declining of oil prices for the Middle East.
To recover from this crisis, Bangladesh is providing stimulus to keep the economy wheel churning, because Remittance and RMG Export is dependable upon the global economy and its impact. As gradually the lockdown is easing, and life is going back to normal, but with a massive behavioural change like social distancing and wearing mask etc., life will not be the same as before. Similarly, business is evolving, and the way of conducting a business has changed. Digital Transformation and High-Speed Internet is leveraging the business.
Over the course of the COVID-19 pandemic, many industries and the businesses within them have seen fast, fundamental changes to the way they work. This accelerated shift toward digital technologies that enable remote working has inspired business leaders to re-think how to operate efficiently, effectively and profitably.
As countries worldwide are beginning to emerge from the confines of lockdown, many businesses are drafting roadmaps that will lead them not only to a quick recovery but to long-term success.
But what does that look like? The answer will vary from country to country as their situations evolve. If there is one thing that’s been made evident by this pandemic, it’s that the future is powered by digital transformation and will heavily depend on technologies that empower remote collaboration – such as Centric Software’s® Product Lifecycle Management (PLM).
Centric Software is from Silicon Valley having offices in trend capitals around the globe working to facilitate and accelerate retail, fashion houses, footwears, luxury outdoor and consumer goods industry with Digital Transformation. Centric Software has landed its footprint in Bangladesh. More than 400+ companies creating products for over 1,600 iconic brands trust Centric Software including Gap Inc., MAS Holdings, Brandix, Hirdaramani, VT Garment, Clover, Regina Miracle, Li & Fung, PVH, Calvin Klein, Tommy Hilfiger, Uniqlo, Under Armour, Superdry and many more.
Rifath Noweid, Sales Director in Centric Software and a keen business management professional, startup enthusiast, with vast business analytics experience in the UK, Malaysia and Bangladesh, and is driving Centric Software in Bangladesh. He came to Centric Software with tons of experience under his belt with more than nine years experiences in the garment technology industry, with BA Hons (UK), PGD, MBA (UK) and implemented production systems for over 30 manufacturers in Sri Lanka, India & Bangladesh. He was leading change management in Large Business Groups. Current leading tech evangelism, empowering manufacturers in SL, India & BD, towards sustainable growth. His local industry knowledge and experience gives him the advantage and makes him the best fit. He with Centric Software has massive plans to help and grow the companies in Bangladesh
The Road to Recovery
Experts have identified recurring trends that help to promote a sustainable, long-term recovery by enabling rapid response to market challenges. These include being connected to your customers, monitoring and reacting to detailed team insights, as well as end-to-end visibility of supply chain and operations.
Implementing the right technologies is essential to enable businesses to react to marketplace fluctuations and not only recover successfully but go on to thrive in the new climate. Many brands are revolutionizing the way they ideate, design and sell products with Product Lifecycle Management (PLM) acting as a digital backbone that enables them to capitalize on three key drivers:
PLM streamlines production, reduces errors, and empowers effective remote team collaboration, ultimately saving time and money; a strategy that’s vital for businesses entering a recovery phase. Many markets are still experiencing disruption and uncertainty, so adaptability and investing in foresight-oriented technology are of great importance throughout this period and beyond.
How businesses decide to return to the market and navigate a new normal is crucial to their success. Incorporating industry-leading insights and best practices, Centric Software has assembled a guide on how to select and utilize cutting-edge technologies to future-proof your business.
Read the guide from Centric Software and uncover three simple checklists for leveraging technology innovations and finding success.
Scan and Download the recovery guide today!
Want to see Centric PLM in action? Schedule a demo and see for yourself how you could make your brand more successful!