Impact on Economy:
The economic impact of COVID-19 is very disturbing. No one has been spared of its ill effects. Economies of about 100 plus countries have been destroyed out of which some of them have asked for monetary help from IMF. Businesses across the world namely hospitality, entertainment, aviation etc have seen a major negative impact. Various sports events such as IPL and Olympics have been postponed. Schools and colleges have been closed. The virus has also disrupted the functioning of various online giants such as Amazon. Countries such as USA, Italy and Spain are suffering the most since their death toll is very high.
The lockdown in India will have a sizeable impact on the economy mainly on consumption which is the biggest component of GDP.
Every business can build brand trust by being both helpful and topical as consumers deal with the coronavirus and its impact on their day-to-day.
The Information Technology and enabled services has been one of the key driving forces fuelling the world’s economic growth. The IT sector includes IT services, Business Process Management, Software products & engineering services and hardware. IT outsourcing is the strategic use of external service suppliers to efficiently provide IT-related business process, application service and infrastructure solutions for end-to-end business outcomes which were conventionally handled by internal resources.
Companies opt for outsourcing primarily to scale back their business costs, accelerate time regarding completion of project, rely on external expertise to achieve tasks different from their core competencies and take advantage of intellectual property amongst others. As per Statista, in 2019, the global market size of Information Technology Outsourcing (ITO) amounted to USD 66.52 billion which was 72% of the worldwide market size of outsourced services. The IT services market has inflated considerably by around USD 160 billion since 2015 (total size USD 866 billion) and is forecast to grow by another 110 billion between 2019 and 2021.
IT outsourcing is one of the most flourishing industries in the world. However, with the outbreak of coronavirus; a mixed impact is expected on the IT outsourcing industry.
Advice and best practices for a work-from-home life
This is a stressful time to say the least. Everything is impacted by COVID-19 in some way, including our work.
Once we’ve taken time to acknowledge how lucky we are to work in digital, it’s time to assess if our current content strategy needs any adjusting based on current events.
As a lot of companies are implementing work from home policies during the coronavirus to help #FlattenTheCurve, office workers will have to make some big adjustments for their new work environment. Content to help them with productivity at home will be greatly appreciated.
Executives and staff alike are looking for advice on how to improve productivity while working from home, perhaps for the first time. Consider creating content with suggestions on how to set up a home office or maintain a schedule while dealing with at-home distractions.
Now companies are adopting work from remote location, thereby requiring more cloud services and IT applications to effectively enhance and strenghthen their information related security from cyber attacks. So on one side, when the Indian IT industry is expected to witness pressure on new contracts and pricing, there are segments within the IT domain wherein outsourcing is anticipated to increase.
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