Forget the recent debacle in the stock exchanges globally. Experts are of the opinion that while the rest of the economy is struggling to survive from the crippling impact of the COVID-19 pandemic, it is the technology domain that manages to survive and even thriving during this period.

Here are some of the facts that indicate the growth of the technology sector during this pandemic time.

  • Amazon has hired 100,000 warehouse workers to meet the increasing demand during the pandemic
  • Microsoft has revealed that the number of users using its online collaboration software had climbed nearly 40% in the same period

Though many companies have their contingency plans in place, they are not sufficient to ensure operational effectiveness during the nationwide quarantined and widespread travel restrictions during the global health emergency.

Here are the top five ways the coronavirus can affect the tech industry in the near future or the post-COVID era.

1.Crisis Management

As mentioned above, traditional business continuity plans cannot withstand the impact of a pandemic. Cancellations of industry events can reduce development opportunities and travel restrictions result in decreased client interactions.

How Technology Supports

  • A centralized system can be created to monitor all the processes done by various teams while managing the continually evolving crisis
  • A data analysis framework can be established using Big Data, AI, and ML technologies to provide actionable insights for making real-time decisions
  • VR and AR-based simulation exercises are done on regular basis using realistic scenarios

2.Supply Chain

Globally, the supply chain is disrupted and cashflow-related challenges weigh high. Startups and SMEs have hit hard in this pandemic time and they need a subsidy or financial relaxations to remain ready for the aftermath.

Another nail in the coffin for supply chain management is the compulsion of remote working practice. Also, daily operations get affected because of a lack of in-store alternatives. For example, smartphone production is expected to decline by 12% YoY in the first quarter of 2020. The manufacturing and workforce-dominated sectors hit hard because of supply chain-related and operational issues.

How Technology Responds

  • Vendor management and operational management software can be made for managing supply chain and daily operations effectively
  • Customized mobility solution can be developed for real-time connectivity and collaboration
  • Supply chain modifications can be done by introducing automation in the processes to keep businesses ready for a long term

3.Workforce

The absence of full-time employees and reduced productivity of remote employees hurt daily operations badly. Also, gig workers including drivers, delivery workers, and support staff are seldom available amid the nationwide lockdown in this troubled time. The pandemic age also results in a slowdown in recruiting employees that could affect the operation.

What’s more, cybersecurity risks are increased when most employees work from home across the world and get access to the company’s confidential information through their PCs or laptops.

How Technology Helps

  • Robotic Process Automation (RPA) can be a great option to implement in this pandemic time
  • Robust communication platforms like Gmail, Skype, etc. are relatively safe to share important information
  • Customized ERP solution and IoT-based mobility solution can help enterprises track the processes and activities of employees
  • Technological advancements can be used in enterprise software solutions to manage remote and onsite work

4.Financial Reporting

Issues of operations and supply chain disruptions eventually affect financial reporting for the short to long-term. Public companies and established enterprises have to disclose revised guidance for the upcoming quarters while considering the COVID-19 impact.

Role of Technology

  • Customized enterprise software can take care of financials and other processes while assisting enterprises to comply with all the regulations
  • Advanced AI-based solutions can predict the financial situation more effectively. These predictions are accurate and easy to share with shareholders
  • AI and ML-based solutions can analyze the big data effectively and revisit key assumptions

5.Taxation

Many governments across the world have declared some relaxations and subsidies for SMEs, startups, and even established companies. Also, some countries have changed their tax structure by keeping the impact of COVID-19 in mind.

Operations related to tax compliance are highly challenging for businesses because they need to calculate both short-term losses and their impact on forecasts. Also, the supply chain configuration affects tax implications in the short to medium-term.

How Technology Helps

  • Technology enables companies to come up with a contingency plan to meet tax compliance-related regulations on time
  • Real-time access to necessary information can make the taxation process less cumbersome
  • Income statements and other taxation reports can be fetched in the real-time

The tech industry has also found solutions to cope with strategy and customer-service related issues in this troubled time.

Concluding Remarks

In a nutshell, the technology industry has attempted to handle the pandemic time innovatively and found novel ways to emerge stronger than other sectors. There is no exaggeration in mentioning that the technology industry has acted as a torchbearer to drive other industries away from this crisis. Be it remote working or supply chain management, the technology sector has dealt with creativity and innovation to come out bravely.