Not only has the virus affected the health of people globally, but its impact can also be seen in the global economy with the working within every industry getting adversely affected by things such as travel restrictions, store closures, loss of production, and events cancellation. So, to combat this issue and get the working back on track, most companies are resorting to remote working for their continued operations. And this has been serving as a great backup plan amidst this threat. But before we get to the details of this backup plan, it is necessary that we get to the details of what brought it about.
Impact of Coronavirus on Global Economy
With the spread of the coronavirus, almost every industry has been affected, which automatically leads to a negative impact on the economy. The companies have been experiencing a fall in their production as well as sales. There have been delays in the delivery of the solutions and products by the companies. The manufacturing has become stagnant. The stock prices have been falling. The travel industry is experiencing a steep fall in its operations with the restriction put up on traveling owing to this virus. And there are a lot of things. All these have led to a severe fall in the GDP of the world. Even the estimates for the growth of GDP have been lowered down to a remarkable extent. All this is sure to bring recession within the global economy, which will come out as another major problem for all the industries in the world.
Impact of Coronavirus on IT IndustryThe IT industry has been among one of the fastest-growing industries in the world. There is no denial of the fact that the technology is in everyone’s hands today, and we all want to have better technologies with the fast-paced technological advancements. But this technological growth even has come to a halt amid the spread of the coronavirus, and this has considerably impacted the entire IT industry. This is how!
Loss of Work Due to Office Closures
Most companies have kept their offices closed owing to the spread of coronavirus as a preventative step for their employees. However, such closures simply mean that the complete working of the organizations shall be affected with their delivery processes getting delayed and products and solutions coming later than expected in the market. This considerably is going to affect the profitability and revenues of the companies.
The IT companies organize various events. There are events on a global scale as well, where these companies participate in marketing or launching their products and services. However, due to a threat of the spread of the virus at public and mass gatherings, all these events are getting canceled because of the companies pulling out from them. This also comes as a big loss to the companies and the IT industry as a whole.
Remote Working as A Back-Up PlanWhile the loss from the event cancellation can still be handled, the companies cannot keep waiting for the things to get in control to resume their operations. But opening up would also be a risk. So, what is needed for the companies is that they play somewhere in the gray line where they could find a way to keep up with their continuous operations without the need actually to open their offices. And remote working can help a long way in that.
With remote working, the companies can easily have their employees work from home and have control over their operations. There are software that would help the employees stay in touch virtually and have meetings with their colleagues and clients to keep up with smooth working. Another thing that the IT companies can do is hire services from other companies in a region where the effect of the virus has been comparatively less. Such remotely working companies will also help pull off the burden from your organization, and you can stay assured of good quality services from them.
Many companies have been testing this idea and keeping a one-day or a one-week work from home for their employees to see the effectiveness of working and productivity of employees during the remote working hours. Such tests are surely going to work out in the long run in case there arises a situation where remote working becomes imperative.
The coronavirus has come as a big threat to physical health as well as the economic health of the world. But there are always preventative measures. Everyone knows that coronavirus can be prevented by keeping simple things in mind, such as using sanitizers, washing hands, avoiding mass gatherings, etc. Similarly, the impact of the virus on the world economy can also be prevented with some steps, remote working forming one of the major solutions for the same. Most IT industries have been testing this, and they have been finding it to be working out. With remote working, the companies can have their operations running smoothly, and this will, for sure, help prevent the negative impacts that these companies have been experiencing. So, this is kind of a backup plan that the companies can use for their continued operations amid this delicate pandemic situation.