Like winter coronacrisis is coming, and it is as fast and unpredictable as the virus itself. Every day new information emerges, and analytics are trying their best to give some prognosis about the possible outcomes of the pandemic. And it is already pretty clear that things will never be the same again. COVID-19 has turned our routine upside down, and there’s hardly any area of life that has been left untouched. Billions of people on lockdown are now switching to digital means to continue with their daily life.
Major changes so far
- Remote is the new normal
To reduce the spread of the virus, a lot of employed people were asked to work remotely. Nevertheless, WFH has been around for a while now and is considered to be quite a flexible working arrangement for many. Among advantages, people state the opportunity to have a better work-life balance due to the absence of commute and a more spacious working environment, unlike the cramped offices. Employers benefit as well by reducing office costs and having their employees happier and more productive. Having said that, you need to have the right personality type. You have to be mentally stable, disciplined and focused. Unfortunately, in the current state of affairs, there isn’t a lot of choices. Either you go remote or become unemployed. Of course, not all the sectors can provide remote work for their employees. Luckily, working from home is a common practice in the IT industry.
- Everything moves to online
It all began with the educational sector, when schools, colleges, universities were shut down offline. Followed by the entertainment industry with the movie theatres, clubs, concert halls and gyms all closing down. Cafes and restaurants are either not working at all, or providing only “to go” options or delivery. Cash usage is minimized, so most of the financial operations are conducted online. Due to social distancing, people also have to socialize through apps. COVID-19 led to the cancellation of major tech events, like the Mobile World Congress and Global Marketing Summit, which means a lot of potential business partnerships aren’t going to be established. Although online alternatives helped limit the fallout from canceled events, there is no chance to network properly during live streams.
Which industries will benefit?
- Online education
Demand for education and productivity apps is likely to grow. In recent news Ukrainian startup, Preply has got a $10 million investment. Preply is an international Ed-Tech market place for foreign language learning. Now they are planning to implement new features and potentially create Android and IOS versions.
- Video streaming
COVID-19 pandemic is prompting the development of 5G technology. There is an ongoing debate regarding this fast speed communication tool, but, it is no doubt, that two areas are heavily dependent on it amidst the pandemic: telehealth and teleconferencing. Right now having a doctor’s appointment online might be a good alternative to offline meetings. Video Conference software company Zoom is one of the biggest winners from the coronacrisis. Google and Microsoft also announced that they would give free access to video conferencing services and live document collaboration. Coronavirus will also have an impact on streaming platforms like Netflix, Hulu, and YouTube. Sites that monetize their content will have significant increases in their ad revenue from increased demand on their platforms.
- Virtual Reality
Major IT companies have already named VR as a tool to advance employees’ training. They can remain their skills sharp with practical workshops, which previously were mainly available only in a workplace setting. Those tutorials can give employees hands-on experience. VR and live streaming are also booming in the real estate sphere now, because buyers don’t need to visit the houses.
- Smart cities
Smart city technology has proven to mitigate the impact of COVID-19. It is a valuable tool in crisis management. The design of cities really affected and created public health. It is debatable whether urbanization has led to the pandemic, but advanced real-time surveillance, thorough contact tracing, and rapid, targeted quarantine, helped countries like South Korea and Singapore rapidly contain COVID-19.
- Remote work services
During these uncertain times, digital tools are proving to be more vital than ever. There is a high demand now for project management tools, cloud service tools, productivity, and time management tools. Also, it is important to remember about the security of the data.
With the immense financial and economic pressures connected to COVID-19, the tendency is to focus on the urgent and the immediate. The biggest tech companies will likely emerge on the other side of this much stronger. The ones which thrive or, at least, survive will have to help out those less fortunate. In the immediate period, IT companies need to make sure that the safety and health of their employees, suppliers, and partners are a priority. They have to increase agility, improve the sustainability of operations, reduce risks, and become more effective. Executives have to detect markets that are open to integration and capitalize on opportunities for investment and sales in those markets as fast as possible. So far, the main fields of interest are health care, security, and predictive analytics. And, if the interest in the former might cool down once the pandemic is over, the later will be in demand. Predictive analytics can be used in retail, insurance and risk assessment, social media analysis, and the health industry as well.
The digital future isn’t near, it is here already. As new technologies are being adopted, companies will need to prepare for it. They shouldn’t just observe the changes passively, companies have to live through strategic end-to-end digital transformation.
Offline world is put on hold now. But every cloud has a silver lining. And for the tech world this lockdown gives a lot of new opportunities. Lab 325 can help you create your MVP in all new and beneficial directions and DNA325 can hire IT specialists in your product companies.