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Blog : COVID19- Effect on IT industries & How to Overcome

COVID19- Effect on IT industries & How to Overcome

COVID19- Effect on IT industries & How to Overcome

03-06-2020,    EvermolPro
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A major setback had been seen after this peril attack of Covid19, the productivity has gone into vain as the industries are not able to increase their production to a great level. It’s becoming quite challenging for the business to turn their wheels of productivity, this lockdown period is affecting the financial growth of the business and the revenue that is being generated is quite low as being compared to earlier days.


Now a proper assessment is being required by every enterprise as how the productivity is going to be increased during such a drastic situation. In this crucial time, it’s very important to track the market feasibility as well what are the changes being required to overcome it. People are also losing their jobs as companies are not able to pay the salaries due to the closure of projects which are being carried, apart from this major reduction of salary are being seen in this current situation. The momentum of production is getting slower as the organization is not able to generate revenue.

However, if this condition going to extend a few months more entrepreneurs have to make certain changes in their business module by reducing variable expenses and shifting their focus in the Digital form of marketing i.e. an organization has to set up its business structure online. A significant impact has been seen in most of the IT industry’s which affects the supply of raw material as well as inflationary risk in products. India has to battle with the lowering down of GDP as most of the IT business is dependant on the US and Europe market, clients are lowering down their investment as these two countries are highly affected in this pandemic. But as we all know that every sunset will result in a sunrise, we have to prepare ourselves by framing some strong yet fruitful business strategy that makes us stand ahead in the coming years. Staffing issues as well as a slow down in the recruitment process is the major impact that can be seen in this current scenario, a major layoff can be seen from IT industries.

It’s time to have a futuristic approach and create a strong foundation for carrying out the business process. The best thing that we as Indian possess is a strong and developing mindset, India is a place having an extensive source of manpower which can be used to extend business and increase productivity out of it. Digital transformation is likely to see in the coming years as people are now likely to partner themselves to those having innovating digital capability. We have to plan policies regarding how to strategize, plan, and communicate accordingly. A requirement will be there regarding the sales revenue and the time taken to manufacture a product.

Here are a few things which might help to overcome the losses and afloat during this epidemic:

  1. Stay connected with customers: The companies have to develop a strong communication with the customers and a transparent relationship has to be there while making any sort of collaboration. Customer may put their trust as long as the communication is transparent.
  2. A healthy relationship must be there along with the third parties: As third parties are the major source of supplying raw materials they must know how the business is undergoing with this crisis hence a prior notice given to them will result in a strong relationship among them.
  3. Consulting Stakeholders: It’s very important to communicate with the investors and made them understand that the business will probably gain its momentum soon this crisis comes to an end and this can only be happened by keeping an honest conversation along with the stakeholders.
  4. Keeping the team engaged: A manager must possess great leadership qualities and the team should be updated with any modification that is being taken by the organization.

 

In this current situation, it’s very important to put our efforts as well as making our country stand ahead in the global market. Stay Safe and Be Healthy!!!

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