Impact of COVID-19 on Businesses
As the world fights a war against an invisible enemy, it’s almost impossible to not notice the impact of the battle. Every day we get up confined by self-created boundaries and try to let the transformation sink in our not-so-normal lives. Now we know how birds and animals trapped in cages must have felt being the subject of amusement for so many years. The tables have clearly turned now!
Everyone from a politician to a janitor is going through the adverse impact of the deadly virus. Healthcare has been hit hard with the economy depleting every second, therefore such situations call for extra efforts. Since we cannot let the progress stumble, we must work with what we have. Technology is what we have right now, and it is more than enough to survive the impact of the vicious disease.
Ever since the wave of modernization started dominating the transformation, different sectors for all those years have been working closely on technology. Complete digitalization was the only objective, and now in difficult times like this, it is the only way to stand firm on the grounds.
It is time that we go through some of the businesses that are currently observing the impact of COVID-19. Let us see how the pandemic has affected their growth and what back-up plans have they triggered.
The more we think about the medical industry, the more gratitude we can feel towards the dedicated doctors and nurses fighting on the front line. The eruption of COVID-19 triggered the need for telehealth services. It is definitely one of the most effective ways to contain the spread of the virus while keeping up with essential care. Technologies like wearable personal IoT devices can be used to track the vital signs, whereas the chatbots can initiate the early diagnoses based on the symptoms suggested by the user.
Places where medical services are highly expensive, it is a must that the authorities ensure telehealth to be covered by insurance. Two major pillars for telehealth to be successful are good internet connection & tech literacy. Efforts are being made in the direction where doctors can provide care to the patients who fall beyond their jurisdiction. This industry, even in such a difficult situation, is trying to hit the bull’s eye. But in order to win the battle, it calls for colossal initiatives from all over the world.
This particular sector is the sole of our future development; hence it cannot be compromised at any point. This is the reason why institutions started providing online courses/ classes. With the help of online education, they wanted to ensure that the effects on this particular field could be minimized. The advent of Artificial Intelligence, Augmented Reality, 3D printing, etc created a close-knit web of distant learning.
Access to such educational technologies is limited to a particular section of society and is also dependent on different other aspects. It could possibly create a wider divide in terms of readiness, hence this is the time when the sector needs to put in more dedication and boost the productivity level. We must remember that education is the right of every child and even a pandemic must not be able to snatch it away.
3. Working From Home
To contain the spread lockdown was necessary, but to keep the revenue funnel running working from home is necessary. That is the reason why a lot of companies have asked their employees to work from home. A bunch of technologies like work collaboration tools, virtual meetings, voice over internet protocols, cloud technology, virtual private networks, facial recognition, etc is helping the teams to work remotely. Tech helps in maintaining a subtle balance between WFH and privacy.
Not only technology ensures flexibility, but it also keeps a check on the spread of the virus and saves time and money involved in daily commuting. That is the reason why a lot of companies are thinking about its extension even after the lockdown is lifted. But it is surely not a fairy tale. Every once in a while the employees are stuck with problems like tech support, data security, privacy, work-life balance, etc. In the long run, it is a must that a proper guideline is established for the remote workers and a better flow is maintained between all the involved parties.
Along with many other industries, banking is also the one that has been subjected to multiple transformations due to the outbreak of the epidemic. This sector had initiated the digital change long back, and now it is preparing to launch the next set of transformation post-pandemic. There is no doubt in the fact that card, paper, cheques, and cash everything is going to be changed. It would be interesting to witness what the banking sector has in store for the masses.
Soon the entire business models from marketing and mobile app development to supply chains and finance would take a huge leap in order to survive the entire situation. No matter what the reason is but winds of change are here and we must feel every blow of it!
Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well. Get hooked to his writings, and get a strong yet interesting dose of technology through his unique voice.