The sudden outbreak of the Covid-19 has hit the world with trauma and bestowed a greater impact on the business and technology sector with financial and operational challenges. It has a greater effect on the lives and livelihoods of people who are trying to cope with the new normal. This global pandemic is a forewarning from the nature and a reminder that we have been facing pandemics like this for years and will be facing in our near future. This article provides insights on how the organisations and people are affected by this pandemic and how they are dealing with it.
Economic Crisis
The pandemic has led us to an ambiguous position where we are completely uncertain about various matters like the global economic outlook for the coming years, how long the pandemic will last and answers to most of the business-related issues but we would like to share some information regarding the impact of Covid-19 on business and the economic dislocation we are facing right now. The pandemic has affected the business sector ferociously affecting the supply of basic raw materials, halting the business trips and spoiling the product values causing a high risk on the product, leading to economic uncertainty and loss for the organisation. It has brought many new hurdles and has changed many of the existing plans and has changed the workforce management during this crisis, which the team was not prepared for. As business activities during Covid-19 are slowing down, revenue and cash flow reduce putting the economic condition of the organisations at stake. But the option to stay uncertain and not act accordingly is never a good option. It’s possible to uplift the productivity but what about the consumption. It always depends on the consumers and there is a need to understand the behaviour of consumers during the COVID 19. There are changing trends among the consumers and to know more about this please visit our blog-Consumer Behaviour During COVID-19.
According to the world bank, this is going to be the worst recession that has hit the world until now since the second world war. Most of the countries whose revenue largely depended on tourism, trade, exports are the ones worst affected. The economic condition of the country depends on the number of people affected and the severity of the pandemic in that country and hence it varies from region to region.
How technology sector varies from other sectors?
In this situation, we have understood the importance and relevance of technology and how it has become part of our life in a very less span of time. Many businesses started instilling technology to deal with the pandemic. The technological sector being a broad and versatile sector is not affected the same way as other sectors. It has better options to work from anywhere which offers employees to work from home without affecting the productivity of the organisation in any manner. Working from home seems like the most viable option to hold on to the business during Covid-19 without putting the life of their employees in danger. Employees are settled in remote areas and the company should ensure that they have enough facilities to work under conditions and should ensure the security of the data being handled by the employees.
If the organisations try to understand the new consumer behaviour or trend during the pandemic along with the ease of handling their employees, they could sustain the recession by staying in the market as the situation demands the dependency on technology. Since most of the countries are locked down due to the pandemic, the people have started spending more time online than offline. Everything is available online and people find it more comfortable staying home in this situation and avoid the risk due to the pandemic. Entertainments also play a very important role as it keeps the society and people from turning off during this lockdown. When the modern pandemic locked billions of people inside the home, gaming and streaming services like Netflix, amazon prime has gained a lot of popularity and subscribers leading those companies to success and make greater profits. This is indeed an excellent opportunity for most of the organisations to evolve as digital transformation is becoming a necessity or requirement among the public. Technology sectors which involve digital technologies, gaming, eCommerce, communication tools are having disguised benefits during this lockdown and these sectors are really booming. The demand for social media platforms and conferencing tools like meet, zoom, hangouts, Whatsapp, the duo are increasing to stay in touch with the families, to attend the meetings, conferences and work simultaneously.
There is also a high demand for the industries which are related to healthcare. Healthcare technology is moulding the future of healthcare as situations like this might arise in the future and its better to be prepared than before. Technology is the most effective weapon during the pandemic to examine and control the outbreak. People are consulting doctors online for medical supervisions and medical assistance to avoid risk in visiting hospitals. Most of the hospitals demand more ventilators and other pieces of equipment due to the increasing cases of COVID-19. So the companies should try to evolve along with changing trend and the pandemic conditions. Simelabs has introduced a project named Indventr to provide innovative, efficient and emergency care ventilators to all COVID patients at a very low cost. This was started with a mission to be a helping hand and save millions of lives, especially in Covid-19 pandemic. To know more about this, visit here-Indventr
Conclusion
With experiences from the past, Organisations are trying their best to face the situations, survive the economic crisis of the pandemic so that they could thrive successfully in the future. With the pandemic causing disruption in every life, technology is playing a vital role in tackling the problems and challenges raised by them. Businessmen all around the world are fighting this war against the crisis and trying to bring out the light of hope in these dark times.
