How are Businesses coping with the current scenario of COVID -19?
Covid-19 is a threat to both life and livelihoods of people. It has deeply affected life in the outside world. This pandemic has put us in a situation where certain questions have been arisen by the corporate world that cannot be answered with certainty:
- How long will this pandemic last?
- How is it going to affect the businesses and the lives of common people?
- How can businesses prepare for the next normal?
Many Indian sectors were ravaged due to the pandemic putting them out of action. While most of the sectors suffered, some of them got a silver lining for themselves, one of the major sectors being the software and IT industry. The software and IT industry have not only tackled the current situation decently to keep their workflow ongoing but also became a saviour for various types of businesses and sectors. The software and IT sector have improved operations for quite many sectors like pharma, education, healthcare and more with its applications.
Despite the indefinite lockdowns and the global pandemic, the Tech Industry has been predicted to reach an estimated revenue of US$ 93 Billion in 2021 and further increase to US$ 98.5 Billion by 2022. In the Union Budget 2021, the allocation for the IT and Telecom sector stood at Rs. 53,108 Crores, creating a platform for global competition and manufacturing in India. Keeping in mind the need of the hour, many IT companies have improved or enhanced their work operations and infrastructure due to the Covid-19 outbreak implying an increase in their expenditures. With people locked up in their homes, the Cloud software and digital platforms witnessed the highest business expansion in the year 2020.
This global crisis has caused a positive impact on tech companies allowing them to adopt/develop modern technologies that could help cope with the current situation without discontinuing the common workflow operations. Many conventional technologies have been deemed outdated for business use, making the need for new and improved business management software. Some of the most important tech trends that grew its demand during this crisis were Artificial intelligence(AI) — for example — Google Assistant, Machine Learning(ML) software like Amazon and distributed cloud network platforms/ SaaS-based platforms.
The Covid-19 crisis has accelerated the need for new hybrid work models and new workforce skills, using software like White Label eCommerce platforms, CRM and Business Intelligence(BI) to manage and run businesses, thus, using a long-term approach of cutting operational costs. The dependency on virtual meetings has increased quite a bit and has remained constant during both lockdown and post-lockdown, implying working from home the “new normal”.
We can’t say that the software and IT industry has faced zero negative impacts. Many individuals and businesses when they were locked in their homes, conducted their work using digital platforms and tools to continue their job/business. The businesses that didn’t have an online presence were forced to undergo the required digital transformation or shut themselves down. According to a survey conducted by the community platform LocalCircles, 59% of the startups and Micro, Small and Medium Enterprises(MSMEs) are expected to scale down, shut down or sell themselves with the next wave of Covid-19. To cope with the situation, many businesses started their own online stores and partnered with different online platforms to sell their products in a widespread manner.
The impact of Covid-19 has increased the responsibilities of the software and IT industry, demanding better technological applications to deal with in the Post-Covid world. Once things go back to normal, many sectors will work in the same way as they were doing in the Pre-Covid times, but the same cannot be said for the software and IT sector. With increased responsibilities, they have to monitor a bigger picture and have to work on solutions that ensure the continuous workflow with a hassle-free experience to every business/sector they provide their services to.
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