COVID – 19 has become a dreadful five letter word in the history of mankind. The intensity with which, it is creating mayhem, in the lives of people, is unprecedented. It has brought a standstill to the otherwise, evolving and progressing, personal and professional lives. The world economy is nose-diving, literally, impacting the corporate world. There are several reasons for the corporate world to panic, due to the outburst of the deadly coronavirus outbreak. The growing impact of the unprecedented human tragedy in the global economy has hampered the functioning of several sectors including Information Technology. Global giants such as Apple, Google, Amazon etc., are facing unexpected challenges in these tough times.
However, there exists an array of opportunities, in this sector, if we analyze the growing opportunities even in this gloomy situations
New Age mantra
This rapidly spreading coronavirus has prompted technology companies to encourage a remote work culture for its employees. Global businesses, as well as small entities, were smart enough to embrace the “Work-from-home” culture during the early days of the pandemic. This cultural will present an opportunity to reassess and realign, the way, they look at their present and future employees. This would prove to be a game-changer and transform the work culture drastically. In these times of social distancing “Work from home” culture, is proving to be a blessing in disguise, especially for startups. The main reason for the increase in the economy for this industry is the increased demand for software and social media platforms such as Google Hangouts, WhatsApp Video call, Zoom, and Microsoft Teams.
With more focus, on Virtual Web Conferencing, Video Conferencing, Virtual meetings taking place, Cloud telephony and Cloud-based document sharing has made, communication between teams, seamless and flexible. Right strategies, tools and methodologies will keep the show going.
Despite COVID-19, new business opportunities for the technology sector seems imminent. Business leaders are doubling their focus on Advanced Technology Solutions. Hence technology is emerging as a critical tool. Apart from remote participation by the workforce, Telehealth and Robotics are seeing a spike in demand. Extensive use of drones, Machine Learning, AI technology will lend technological support in the years to come.
Technology for many businesses, until today, was considered to be a support function with it being used as a means to get to an end. This is set to change as technology will now become the frontline requirement in most organizations. Its importance will be comparable to that of revenue-generating functions – sales and business development.
Trends will accelerate. Automation will gain momentum as the spend on sophisticated IT infrastructure solutions, gain momentum
Data is the new Oil
Data will become even more valuable. We are already experiencing the use of data in contact tracing in patients, affected by Coronavirus.
Data and IT security will become even more important for businesses. Traditional businesses, including heavy industries, will find it difficult to survive without access to information that would help with optimization and extracting efficiency.
Don’t be evil – Technology, will continue to thrive in the backdrop of the Coronavirus