Today, as whole world know the corona-virus (COVID-19) already has an impact on the global economy and broader market. Companies are face problems in their sector, they cancelling conferences and events. They are closing their campuses to outsiders and in some instances, companies impose a work-from-home policy. In the IT services industry, decision-making is stalled, and we already see clients cancelling planned contracts.
COVID-19 response will define your reputation for the next decade-
We analyses the rapidly evolving economic forecasts and works with IT Company and digital executive advisory boards to understand the drivers around technology spend in IT. Most IT organizations expect a revenue decrease in 2020, of course. Most of the organizations, in recent survey reported that technology-led transformation projects are being revised to drive efficiency and return of investment. The impact is:
Re-evaluation of investment to assess the possibility of achieving efficiencies while reducing costs.
Leveraging existing internal resources and technology investments to cut unnecessary costs and focusing monetary resources on more critical areas.
Maintaining only those projects the deliver a significant and consistent return of investment or projects that secure short-term business continuity.
The current IT markets situation Therefore, We all expects strong downward pressure and indeed negative growth in IT services, software and hardware, in 2020
Services-The IT services market will be strongly impacted in 2020 and beyond. Project services will be hit hardest, significantly more than managed and recurring services.
Software-We have seen some strong growth in software usage, while other categories have been negatively impacted. A block on developments without short-term investment will restrict spending on traditional applications software with heavy investments in resources and complex deployments. But online collaboration and cloud solutions are mission critical right now to allow greater flexibility. Anything that helps with business resilience such as automation and financial planning and forecasting will be seen, post-pandemic, as crucial to recovery and ongoing operations.
Security and maintaining- Cyber security is heightened importance Challenges in the Time of this Corona pandemic. With increasing numbers of remote workers constantly connected through collaboration tools, the risk of services outages is exponentially increased and network investments and others will rise.
Key action to overcome from effect:
For IT Industry, your COVID-19 response will define your reputation and underpin your success for the next decade. The pandemic is accelerating the redefinition of business values. Technology vendors should:
Emphasize financial value to bring a sharp focus on Rest of Investment- Help customers to understand financial and business outcomes that an ongoing or a brand-new project can deliver.
Create ecosystem value to accommodate new chains-Highlight how technology can help to connect the entire value chain, extending the infrastructure with other organizations to continuously deliver optimization across the entire value chain.
Focus on Societal Value to promptly services with COVID 19 measures-Understand and act on crisis management capabilities and provide free or premium solutions to the market to generate customer loyalty for the long term. Helping customers, employees, and society as a whole will shape new internal processes and increase employees’ engagement and customer loyalty and brand awareness.