How is Coronavirus affecting the IT industry?

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The outbreak of a global pandemic, Coronavirus has indeed affected the information technology (IT) industry. The impact is such that the overall business is affected because the main factor liquidity is lacking. Whether it is any sort of business or even the information technology sector, working capital is needed to keep it in motion.

Due to Coronavirus, everything has come to a standstill. Many IT companies are canceling their conferences due to the contagious disease. The result is that the industries are facing opportunities for partnership and many other initiatives. They have preferred that their employees must work from home.

IT industry focus:

The information technology industry is now focusing on the main factor, and that is the safety of its workers and employees. They must be healthy and safe in all the possible ways. Well, they are now finding smart technologies and solutions to cover up the possible losses.

To combat the pandemic, the industries and companies are therefore opting videoconferencing technology to be closely associated with their employees, the Government, and the citizens as well. In this way, they can also grasp the initiatives that have been delayed.

Coronavirus has affected the IT industry and the scars will be visible in the future long run. Below are the mentioned effects on the IT industry –

1 – Disruption to Supply chains:

The sudden delivery of Coronavirus from China has forced many industries to go into quarantine. Many Technology companies who manufacture their products have decided to shut down their factories and plants. Other information technology industries have decided to go on for partial or full shut down due to the increasing effect of this pandemic.

For example – The prominent company Apple has decided to shut down the manufacture and supply of its famous product iPhone. Since there will be a delay in the manufacture of the product, there will be a delay in the supply as well.

Companies have their plans in their production or investments that include information technology and telecommunication sectors. The effect can be easily observed and cannot be quoted as future after-effects.

2 – Cancellations/Missed partnerships:

Many conferences for the IT industries, and other dignified companies that were scheduled recently had to be canceled. There were other companies too that had rescheduled their presence in these conferences, but due to the excessive effect of the coronavirus had to cancel it.

Besides many IT companies, to name some – Google had to shift its major event to the online platform. Other esteemed companies like Facebook and IBM, also had to cancel their respective conferences and events. The major loss can be calculated in the amount that we cannot expect.

If the alternatives are considered of these canceled conferences and events, it may recover the purpose of the companies but that positive effect will not be seen. Certain facts or proposals cannot be discussed online or through live streaming.

Attendees, marketers, and many other business associates may not get that actual value as compared to in-person opportunities. The effect can be surely visualized on the IT companies in the form of missed opportunities.

3 – Remote interactions: 5G technology:

In this pandemic need of the hour, remote interactions are very important and much needed. 5G technology is being considered as the fastest communication process. It will make the connection quicker and will be helpful for remote operations. Many companies and IT industries are targeting on this lightning-fast speed for two major categories – teleconferencing and telehealth.

Teleconferencing –

Many industries and companies have opted for a 5G communication process for their official work that is now turned into remote work. 5G connection will provide uninterrupted communication and real-time value to the related employer’s work, who have switched due to health concerns in this coronavirus pandemic.

Telehealth–

5G communication tool will quickly avail of the health services that are affected by the coronavirus pandemic. This tool will allow physicians to diagnose and treat patients by providing much-dignified hospitals for their help.

If the 5G technology tools work well, then it can be considered and used for prospects, proposals, and opportunities. This will highlight the communication level in all ways and will be a successful contribution to the world.

4 – Investment in smart city as a valuable tool:

Many bigger IT companies have opted for smart city solutions in this crisis. This will be a relief to the companies that have temporarily shut down their workforce. Investment in small and smart cities will help the Government to meet the needs due to the coronavirus pandemic.

Most importantly, the infrastructure, surveillance systems and citizen communications platforms play an important role. If this works out well, then the Government can certainly make further investments as a permanent solution in the future.

5 – Boosting Virtual Reality (VR):

Coronavirus pandemic has affected the bigger IT companies that they are forced to allow their employees to work from home. This has increased the opportunity for hands-on training or can be said VR (virtual reality). The companies are therefore opting for virtual-reality tools to keep their employees updated and improve their skills with hands-on tutorials.

In this way, many meetings can be held through VR. The employees can also learn complex ideas and designs from their homes that will be beneficial for them later.

Conclusion

Many industries, companies are surely fighting their battle as their business is affected tremendously. They are looking out for various technologies, tools, solutions to come out from this crisis. Though temporarily, it may help them to cover up their basic needs.

Surveys have mentioned that 20% to 40% of employees are experiencing collaboration and communication as the biggest struggle while working remotely. The IT companies are also planning their strategies to work remotely, keeping in mind the health and safety of their employees.

Though the companies are struggling to cover up the major expenses, they too know that the economic structure has come down in this Coronavirus pandemic.

Article Authored by: Maria Baeza

Maria Baeza is a Content Marketing Manager at Top Mobile Tech. It is a blog where I cover all the tips & tricks related to Mobile and more related to tech.  Stay connected to the rest of the world with Top Mobile Tech. We bring the latest and critical news to your mobile and computer devices.