The pandemic spared no one. Industries across the country have undergone irreversible changes. However, the one industry that has managed to recover and even adapt to new changes is IT, technology, and tech-enabled services which saw a resurgence with the growing demand for remote working solutions, digitization solutions and more. Adjusting to remote working situations themselves, they’ve managed to help other businesses adapt and revive during the pandemic. Let’s look at the top trends that impacted the industry:
Tested Positive for Digitization
The pandemic forced companies to revisit and realign their requirements to suit remote working situations. The digitization of processes and dynamic work-from-home solutions have all been pivotal in helping employees retain productivity, students manage online education. As a result, the IT and ITES industries have improved revenue with these service offerings catering to demand from multiple sectors.
Silicon Valley’s Grip Loosens
With each industry facing huge blowbacks, people were pretty much forced or inspired to create their own tech solutions. This loosened the tight grip Silicon Valley has had and allowed companies across the world to open their doors to innovation and self-sustenance. In fact, many software companies in Noida, tech organizations and startups in Bangalore and other cities burned the midnight oil to develop home-grown solutions and even cater to international borders. Self-reliance became the new trend.
The Bot Implementation
The new solutions of chatbots and SaaS, which were earlier nice to have, now became must-haves. In the light of the pandemic, chatbots became the new members of organizations that took over work shifts, allowed companies with a lean workforce to build customer relations and retain pre-covid time engagement.
Work from home led to the reduction in dependence on office rentals and allied support as organizations set themselves up to prune costs and invest in remote work infrastructure instead. With the easing of the lockdown, offices did open up but were advised by respective governments to function on a lean model. For example, IT companies in Bangalore were advised by the State Government to allow work from home for at least till March 2021.
While many employees preferred working from home, there was a request for a functioning office space to ensure productivity. This led to a rise in the demand for co-working spaces that factor in concerns around social distancing, hygiene, and sanitation as they continue to support hybrid work models.
With necessity as the mother of invention, the digital transformation that is seeping into every aspect of our lives – how we work, live, learn, interact, consume, move is perhaps the biggest invention induced by the pandemic. As per a report by McKinsey and Company, how people and businesses have responded to the pandemic indicates that technology adoption has been speeded-up by several years. Also, many of these changes could be in place for the long haul.
Companies that have been able to use technology to rethink and restructure have not only stayed afloat but are on the path to fast recovery and growth in years to come. With industries, businesses and consumer interactions taking a quantum leap in digitization, it is but natural that IT and ITES will be the fastest growing industries in times to come.
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