COVID-19: How has the tech and software industry managed to limit the damage?

COVID-19: How has the tech and software industry managed to limit the damage?

No industry hasn’t been affected by COVID-19. Most of the countries are staring down the barrel when it comes to their economy. WHO has already warned us that this global pandemic is here to stay. As the fight is going to last long, every industry needs to start preparing itself to function amidst the persisting risks associated with the pandemic. Many businesses have had to suspend operations, and many have completely shut down. The future is uncertain but not entirely out of our control.

What has the IT industry done differently?

Some industries have been more affected by the pandemic, and others have managed to somehow mitigate their losses by coming up with means to operate even amidst the prevailing conditions. The IT sector has been one of the very few that have somehow limited the impact that COVID-19 has had on almost every other industry. Let us see how?

So, the first thing that bespoke software development and other IT companies have done to minimise the damage, so to speak is to bring most of their processes online. As we all know that most countries have had two or three months’ lockdown in which no commercial or industrial building was permitted to open. So the best that could have been done in that scenario was for everything to go digital – everything from the management of employee attendance, work hours, and delivery to communication, collaboration, meetings, and more. It is what they say, the survival of the fittest. You have to come up with ways to turn the tide in your favour.

What did businesses that suffered the most due to COVID-19 didn’t do?

It would be wrong to say that the technology sector didn’t suffer at all. Well, it did. Bespoke software development companies like other IT businesses that had stricter policies in place for remote working or that didn’t have the infrastructure for it suffered the most. That is why it is imperative to be flexible. All you need in this situation is to ensure that all the remote working processes and technologies are well in place. It has been noticed that in terms of productivity, the IT businesses had faced challenges while making their employees work from home but later on, it matched with office working.

Now the companies that suffered the most are those that didn’t have a digital presence. Primark retail clothing store is a good example. It didn’t have e-commerce set up, and it had to pay a heavy price for it. It had to shut operations completely. Can you imagine loss it would have suffered in that time? There has been so much emphasis put on having digital presence over the years. Companies that didn’t realise why it was necessary now do it the hard way.

Conclusion

Remote working or work for home is going to be the future of work. More and more companies will move towards this model of work not only because of the pandemic or any other such situation but also because of the cost-saving opportunities it offers them. The pandemic will also make more and more companies outsource their software development function to other companies that have the expertise. It will help those companies that have limited resources to stay relevant without having to go beyond their budget.