The dreaded RECESSION word is now upon us. As more positive cases test, fear is almost palpable in the air. Equally frightening is the state of economy. The economic activity is almost at a standstill. While the COVID-19 crisis has led to working from home for most in this industry, the uncertainty of not just growth, but even sustainability of many players in this field is a big question that is yet to be answered. We have tried to throw light on some of the challenges this industry may face post-pandemic and how one can mitigate these challenges.
impact of covid-19
– Even though there seems to be an upcoming demand post-pandemic, companies are ready to layoff their employees. Economically and psychologically, this will impact not just the working individuals but also their dependents.
– The self-employed, who typically rely on freelance projects and job assignments, are hit particularly hard – they report having earned much less comparatively post the pandemic.
– Overall purchasing power of individuals is on a decline, and the intention to spend on electronics and non-essential services is at an all-time low.
– Contracts relating to services have been deferred as businesses have shut shop and may never be able to revive; consumer confidence is low.
– No revenues from offshore projects and no new clients has led to disruptions in the IT industry.
challenges that lay ahead
– Security is of utmost priority and due to the new remote working culture, managing data access in large numbers will be a major challenge for large companies.
– Deviation from existing systems could lead to unexpected changes in policies and procedures. Change in work modules will require developing apt supporting principles and communications.
– Dependency on 3rd party service providers for internet and supporting accessories creates risks of discontinuity. The increased demand for IT gadgets and lack of production thereof could lead to shortage in supplies which could result in an unnecessary
inflationary effect for the industry.
– Adapting to the immediate global immobility will need reviewing of travel rules, HR policies, remote working strategies, communications etc. and would demand the need to set up a resilient, flexible and secure organization network.
– Supply chain constraints may result in delays of project schedules, product go-to- market strategies may need to be reviewed to meet the velocity of the value chain (designs, decisions, etc.).
– Adapting to the new regime may result in differential pricing of projects and services; acceptability of new prices is a challenge.
ISO 9001 Certification
ISO 27001 Certification
ISO 20000 Certification
ISO 22301 Certification
ISO 21001 Certification
ISO 41001 Certification
ISO 50001 Certification
ISO 29001 Certification
ISO 14001 Certification
ISO 45001 Certification
ISO 22000 Certification
FSSC 22000 Certification
ISO 17025 Certification
ISO 13485 Certification
CE Mark Certification
– Companies with remote-working technologies are already seeing increased demand as businesses increase their remote-working capabilities.
– IT spending forecasts indicate continued demand for cloud infrastructure services and potential increases in spending on specialized software. Forecasts also anticipate increased demand for communications equipment and telecom services.
– The need for ever-faster access to data and automation will enhance the focus on network equipment and communications giving birth to newer technologies.
– New services and jobs will be created to address the new regime of Work-From-Home. Many companies have already reported an increase in individual employee productivity; this could lead to new era of WFH, thus cutting operational costs of companies.
solutions to adopt post covid-19
– Developing an apt Business Continuity Plan by integrating various management solutions such as Incident Management, Disaster Management, Business Continuity Management, Resource Management, Risk Management etc. with a view to avert any disruptions due to a similar crisis in the future.
– Empower your remote workforce: Remote work is no longer a bottleneck, it’s an immediate imperative, and the way we work has changed forever. Find guidance and solutions to help you adapt now and activate a resilient, flexible workforce with employees who are productive, engaged and empowered.
– Address new cybersecurity risks: The sudden shift towards remote business requires a dynamic response to protect your employees, your clients and your business. Discover solutions for secured endpoint
management, identity and assess management and threat defences.
– Cloud migration: Due to the lockdown situation, there has been a lot of latent demand for cloud computing and its related services. Migration to such platforms reduces the dependence on in-house systems and infrastructure requirements. Cloud brings with it many advantages apart from remote access, like lower down-time, greater computing capabilities, quickly adapting to the latest technologies, lower security risks.
– Service delivery innovation: A complete rework of the way a service is delivered could be the only way forward. Distance learning solutions, using of AI, drones, robotics etc., online migration of service platforms are just some of the ways companies are innovating to adapt to the change in the economical environment. Find ways to reach and service your clients without physically being present.
how we can help
We have services that primarily help with the resolution of a lot of challenges mentioned herein. As a part of our response to the current situation, we have teams dedicated to this industry who are available 24/7 to address any queries/requirements you may have. We have also ensured that our services are delivered with promptness and we have tried to keep the consulting and certification process itself as flexible as possible to meet your timeline needs. Business Continuity, Risk Management, Information Security, IT Service Management, HIPAA are some of our services aimed at assisting organizations during this crisis.