Last 45-60 days have been nothing short of a whirlwind for all of us. From cancelled travel plans to complete shutdowns, most countries have been impacted in more ways than one.
While the scale of the COVID-19 pandemic is still unravelling and we have crossed 2 million confirmed cases (at the time of penning this piece), what is given is the severe financial and economic losses for countries and organisations alike. Naturally, there will also be those who gain out of this pandemic – like in any other world event – but what is certain is the change in the political and economic balance of powers once the world gets a better grip at the pandemic.
For those in the technology ecosystem, this pandemic has been no different, and it has ushered in a host of challenges.
At the sell-side, while both the enterprise and consumer hardware manufacturers are finding it difficult to fulfil orders given the disruption in the supply chain, those in the services business are finding it challenging to keep a balance between reduced demand, increase in the cost of operations and additional pressures on margins. At the buy-side, IT decision-makers are finding it difficult to get approvals on new projects and are having to go to lengths to justify both current and new spends on technology. The startups, by far, are the most impacted given the uncertainty in their revenue and constant cash burn, amongst other issues. Even those in the government and the investment ecosystem, including VCs, PEs and Fund Managers, are at their wit’s end. Nobody in the ecosystem has been spared.
But then, not all is doomsday, at least not yet. There are enough and more proof points that technology is proving to be a significant (and probably the only) differentiator in the current times.
While the panic in the current times is expected, one consistent trend across all these calls has been the focus on technology. Organisations and its leaders expect technology and digital to be a key pillar of differentiation going forward. Hence, I am certain that technology companies will stand to benefit (in the long run) due to the pandemic.
COVID-19 is a rude reminder of the fragility in our systems of doing business. It’s also a game-changer for government and organisations if they take the right lessons from this world event and invest in the right people and technology assets to transform for a better future.
(The author is Chief Analyst, Founder & CEO of Greyhound Research)
[Source: Economic Times]
P.S.: To help our clients and subscribers better tackle COVID-19, we at Greyhound Research have decided to launch a new research theme called Transform For COVID-19. It includes insights and practical guidance on how you can transform your organisation during this pandemic. You can access the new research theme, Transform For COVID-19, here.
Sanchit Vir Gogia: Sanchit is the Chief Analyst, Founder & CEO of Greyhound Research, a Global, Award-Winning, Technology & Innovation Research & Advisory firm. To read more about him, click here.
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