FRACK TECH

5 Ways COVID-19 has affected Tech Companies

Corona virus has not spared the tech companies like all other fields of life during the recent past. Big business giants that never stopped for anything or anyone hit a pause button on their operations. Initially, it was a big loss however the show runners have started to get behind the idea that this might be a blessing in disguise.

1- Limited Technical operations.

At the beginning of 2020 when the virus had started to spread, many countries didn’t realize the severity of the situation and continued their regular operations. It was only the early March when things got out of hands and countries went for full lockdown.

The effects on big and small businesses were detrimental. 90% of them didn’t have a plan to deal with such catastrophic circumstances. It led to the failure in meeting deadlines, being unable to fulfill business requirements, and disrupting the supply chain cycle.

Tech solution providing companies saw a steep low of 10.1% on the technical production in the year 2020 which is the lowest of all time.

2- Cancellation of big launches and conferences.

Contingency plans that make sure the continuity of productive business outcomes were not in place which caused a huge loss to the tech industry. No international or domestic flight operations lead to the cancellation of big events; such as the launch of 5G iPhone and iPhone SE2 is still pending. Most of the production units are dependent on china which unfortunately was the first country to be affected by this pandemic. Temporarily closed warehouses and factories caused the production of the smart watch, smart speaker, TVs, and video games as well.

Even today, when the situation is getting better and the curve has started to flatten, the 200 million full-time workers have lost their source of income since the Pandemic. With limited or no production in the factories and disrupted balance of production & demand, companies have leadoff millions of employees. 53.8% of employees that still have a job are worried about losing it at any timesoftware development service industry still suggests the cancellation of events worldwide. As a result, business giants i.e.

Facebook, Microsoft, Apple, Dell postponed their events for an undecided period of time.

3- Fear of losing jobs.

Projects in pipelines have not been executed in months which has lead big companies to pull off their deals. Apart from that, work from home culture has not been quite helpful during these hard times. People need constant engagement with colleagues, tag ups, meetings, and discussions to get work done.

Security risk is always there when employees share crucial company information with each other over the internet via zoom or hangouts. Alongside this, the partition between work and home life has totally vanished.

4- Increased Productivity.

No matter how bad the situation, there is always a bright side to it. We can’t simply deny the facts and figures explaining the devastating impact of COVID-19 on business and services. However, the streaming industry has seen a great boom. With almost everyone in the professional and educational world using video conferencing to get work done, zoom, hangouts, and WhatsApp calling are more in demand than anything else.

A recent survey showed increased productivity during work from home practice. Flexibility and job satisfaction go hand in hand which is why employees and employers both endorse this culture. Companies pay millions of dollars for office maintenance, rents, food, and electricity bills every year. Employees pay a fortune for their commute back and forth every month. Working from home helped save money that used to go for daycare and domestic help as well.

5- Streaming and tech industry.

Our lack of preparation and planning to deal with a pandemic has led millions of people to lose their jobs. A big shift in the technology and software industry trends have been witnessed, businesses going under and there hardly is any labor for the daily wagers. However, with millions of people stuck at home for the last few months, streaming and online tech industry has clearly been enjoying all the attention. The services providing industry saw a great increase in demand for secure platforms and software development in order to equip the world for productive outcomes.

The future for big tech and IT giants seems bright as the executives realize the big shift in traditional working style. Inclination towards WFH has created more business than ever before.

What future holds?

In devastating times like this when people are not certain about their livelihood, the main concern is to stop the virus from spreading any further by keeping businesses closed and maintaining social distancing.

However, the world has seen some unexpected transformations such as a pollution-free planet, a decline in exhausting 9-5 job culture, cost-effective work from home trend, and a huge increase in the consumption of modern technology, streaming, and online retail. By 2025, 25% of the workforce is expected to be working from home full-time

Overall, this pandemic has hit a reset button on businesses around the world. All that can be done at this stage is to find a way to live in this new transformed environment.

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