The future economic performance of organisations operating within the TIC market are closely linked to the end markets and given the on-going disruption to global supply chains, dispositions on the basis of emergency situations have relaxed or diluted the effectiveness and efficiency of some activities, whilst the need for predictability in performance has become more critical given the urgency and dependence on products and services upon which we all rely, as we retract to seeking the satisfaction of our physiological and safety needs. For most, many luxuries are now either not a consideration, or may even be subject to restrictions in relation to the containment of the pandemic.
The image¹ highlights the negative impact on end market sub-sectors and whilst niche markets may have been more or less resilient, the news that the UK economy shrank 2.6% in November indicates that the enduring impact of the financial crisis linked to the pandemic may, as some predict, be worse than any economic depression in recorded history.
As a Certification Body we will need to help our Clients through the short to mid-term situation, ensuring the welfare of our workforce and being flexible to accommodate restrictions in place on their organisations and those of their customers. We will continue to adapt to and adopt emerging processes and technologies as permitted and promoted by the International Accreditation Forum (IAF) and our national Assessment Body (UKAS).
If any of our current or potential future clients are experiencing significant change including commercial or operational stressors, we will seek engagement in order to help review risk and support our valued customers and partners.
In 2021 SCS will be developing a number of projects in relation to new markets sectors, enhancing our ability to provide a digital service and engaging complementary partners to support the technical capacity and capability of the organisation.
Although a muted recovery is now clearly apparent as the Virus is not yet contained, the TIC market has demonstrated to be more resilient than many end markets and the ‘Assurance’ segment (incl. Management System Certification) of the TIC market is the most resilient of all the propositions.