Covid-19 indeed had brought the world to its knees. At the beginning of the pandemic, not much was known about the virus. However, transmission medium and rate were established in the initial days itself. Hence, strict lockdowns were imposed throughout the world as a precaution.
With that came the need to stay connected and keep the industries running. There was a sudden and substantial shift in the business approach. The lockdown caused huge economic upheaval, forcing hundreds of firms to close, and the continuous safety precautions have made remote working and online operations the new normal.
Businesses of almost all stripes are required to have an online presence these days. The rapid shift has also necessitated existing IT businesses to have a complete overhaul of the IT infrastructure with an even bigger room for scaling up and down as and when required.
Nevertheless, prominent software firms like as Tata Consultancy Services, Infosys etc. will be most hit by reduced technology investment from customers in the United States and Europe as they were one of the most heavily impacted.
As the bulk of firms have gone digital, the global IT sector has expeditiously swung into action to meet the increased need for remote working and collaboration solutions.
As a result, even though IT Industry was no exception to the adversity of the situation, it was quicker than any other industry to gain the momentum back. One such field of IT is the online payments industry.
Online Payments and Fintech Industry
In the months following the initial lockdowns, e-payments surpassed the multi-billion-dollar mark especially in India where UPI as a payment method has grabbed the world’s attention.
This shift occurred mostly as a result of the WHO’s warning that banknotes might transmit coronavirus and urged people to use credit cards or shop online. The present circumstance has driven banks to recognize the need for digitalization, which is where fintech startups come in. Independent fintech firms have far more to offer than traditional banks.
Moving to Cloud
The second thing that can be done is to move the resources to clothe instead of the traditional approach of having everything on-premise. This would allow for the reallocation of resources for those who don’t need to work from the office. It’s the most cost-effective approach for t m to obtain the flexibility needed to deal with any situation while also lowering future technology operational costs.
E-Commerce
The covid-19 crisis has also spurred the spread of ECommerce. It has given people access to almost anything from the comfort and safety of their own homes and it has allowed businesses to function in the face of adversities. Utilizing the trend, local traders must also be given assistance to grow so as to keep the price in check and not serve as a dumping ground of cheap quality foreign goods.
Way Ahead with AI and ML
The next step moving ahead should be the adoption of Automation Technology like Artificial Intelligence and Robotic Process Automation. The use of artificial intelligence and machine learning in health care, diagnostics, predictive models, data analysis as well as its future prospects have been highlighted immensely.
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Semiconductor Chain
Imports of IT products from China have been affected, as has the supply chain in India, resulting in a crisis of IT items, particularly hardware which requires semiconductor, that rely on Chinese imports. In order to overcome the semiconductor crisis, governments must work closely with countries like Taiwan that has over the years carved their own niche to globalize the supply chain.
Website and Software Development
Since, more and more firms are increasing their online presence, the skill of Website Development services and Software Development should see a boom. In order to meet the demands a variety of boot camps and webinars must be organized to train the already immense workforce on different technologies. Moreover, since scaling and deployment have become more critical than ever, Agile methodologies should be the new norm.
CONCLUSION:
To conclude, the post-COVID-19 world is predicted to result in diversification of supply chain rather than monopolization. Developing countries, mainly in the Southeast and ASEAN areas, are anticipated to receive the economic boost and overhaul of their GDPs. All necessary steps should be taken to train students and professional on different technologies and if done correctly can prove to be a boon for the IT industry.
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