The coronavirus .i.e. covid-19 outbreak has caused widespread concern and economic hardship for consumers, communities, and businesses all over the globe. It has caused crises in the management, workforce, tax and trade, supply chain, and financial reporting. The technology sector is impacted due to the unpredictable crises which are caused by covid-19. So, the corporate world has many reasons to panic in the wake of the deadly coronavirus outbreak.
It has hampered the global economy and also the functioning of several sectors, aviation, including technology, automotive, banking, pharmaceuticals, consumer electronics, travel and tourism, and many more.
The big stories of the moment is the major hit delivered to the technology sector that had behemoths like Apple, Google, and Amazon grappling with unexpected challenges to the business continuity. The after-effects of the pandemic were the low inventory, delays on the launch of the smartphones, supply constraints technology accessories.
Twelve high-profile technology conferences were also canceled, and this resulted in the missed partnership opportunities for the stakeholders. Due to covid-19, some of the key industries like Facebook’s Global Marketing Summit, Barcelona’s Mobile World Congress, and Google’s annual I/O developers conference were the events that stand canceled this year. According to the report, due to these events’ cancellations, which is estimated at $1 billion, it caused economic loss.
If we talk about asia India, analysts believe that the $190 billion IT services and the Business Process Outsourcing sector will lower discretionary spending, posing a challenge to the industry for at least a couple of quarters. When the pandemic ends, it will be very difficult to recover, and it will be painful for the sector even as the leading technology companies started closing offices, stores, and factories in China. They also braced themselves for the medium-to-long term implications of covid-19 for the IT sector.
For starters, as the global technology industry, including India, is heavily dependent on Chinese vendors for the design and manufacture of components and systems. The global supply chain of China has also been caused due to the pandemic situation. The closure of Chinese industries and supply networks has significantly affected world & specially Indian technology companies.
The U.S. technology relies on China for its immense manufacturing capabilities in consumer electronics, microelectronic chips, phones, and other products. Pandemic has been affected financially, and it has an adverse impact on other technology players’ bottom line. Leading hardware company Hewlett Packard has lowered its earnings guidance citing the havoc on the global supply chain.
The supply chain has slowed down because of the shutting down of factories in China and is expected to disrupt the migration of 5G equipment to major global markets such as the U.S., Europe, and other places. Even the micro chips which are been used for any electronic device are also affected. As per VLSIreserach a Semiconductor market research company market is shifting too much and many things change in 2020in the semiconductor market.
The rapidly spreading of COVID-19 has also prompted technology companies to encourage remote working for employees, heralding a new era in the future of work. The companies adapted to work from home. Conglomerates like Twitter, Cisco, Oracle, Hitachi, and others started ‘work from home.’
Organizations should adopt strategic measures to ensure continued business growth. In current times of the social distancing in collaborative efforts has been made possible by virtual web conferencing or meeting tools. Technologies like cloud based documents sharing have made communication between teams flexible. Tech firms are exploring new ways to do business in the pandemic situation and communicate with clients, vendors, and other partners.
A person should believe that the right tools and methodologies can help the business and keep the show going as the people working from home can have new challenges in cybersecurity and molested attacks. Internet criminals disguised as alarming covid-19 news reports have been reported, targeting the global workforce with phishing emails that contain malicious software.
IT teams should reassess their security threats and should ensure that their company’s firewall, antivirus protection, and other security features. With the chaos around coronavirus, new business opportunities for the global technology sector seems imminent. Innovators globally are leveraging disruptive technologies to find innovations and unique solutions to improve the pandemic and further outbreak.