‘Novel Coronavirus’ – It’s a name which tends to instil fear within our minds. It is a name called upon so many times, that I am sure these viruses might find themselves sneezing non-stop. Sorry! I know that the situation does not warrant for superstitions or dark humour. But, when you are facing a difficult situation, if you are not taking necessary countermeasures – cry or laugh – it makes less of difference. Note: Washing your hands does make the difference.
Coming to the point, Coronavirus has brought the whole world on the brink of a standstill. With social distancing being the necessary evil, many businesses are facing a shutdown. Similarly, businesses are being affected.
The businesses also include Software Development Companies which are also being affected by the viral spread of this Virus.
IMPACT OF CORONAVIRUS ON SOFTWARE DEVELOPMENT COMPANIES:
* With most of the companies adopting no travel policies; the Software Development Companies, compared to others are able to adapt to the present conditions more rapidly
* This is due to the fact that work from is a factor which is able to be easily handled by the employees and there is capable Digital workforce created for the Company.
* However, there are few factors which are undoubtedly going to affect the performances. An individual working from home is ought to face more interruptions than while working from office. Also, even though individual work from home is attained easily, working as virtual teams is rather difficult and collaborations are affected.
* With the increase in online traffic, the demand for Software Development Companies is inadvertently increasing, and it might remain so in the future.
* Thus, Coronavirus has given and is giving for the Software Development Companies a huge market as more and more business are tapping the online platform to establish themselves.
* Small and Mid-sized Business (SMBs) are the ones largely affected due to the coronavirus. And as such, these are the ones which will be the market for Software Development Companies.
* Hence, all the SMBs which have not yet established themselves online require the help of the Software Development Companies.
* With the boost in increasing demands on one hand, there have been cancellations of major events due to spread of coronavirus. As Such, annual conferences of Software Development Companies have had to be cancelled to maintain social distancing.
* In current situations, in response to these circumstances, some companies have opted for conducting virtual conferences, which seems like a tangible option.
* Thus, Software Development Companies need to reach out more and more and adapt to virtual advertising to reach out to more clients. This means there is a need to install new advertisement strategies while maintaining social distancing.
* Also, many other events of other organizations are being cancelled increasing the demand for online collaborations.
* However, the Software Development Companies need to understand that Coronvirus is leading to Economic downturn.
* And thus, even if now in the event of coronavirus spread, some businesses are actively approaching the Software Development Companies, the future seems to unpredictable. There are chances that due to economic downturn, business would surely reduce their spending on advertisement and as such, fewer clients will be available in the future. This is like a constant fight between the need to be online versus the lack in funds for approaching the tech companies for that purpose.
* In face of such situations, Software Development Companies need to fast identify which are the new prospects so as to tap them with their newly developed virtual sales team.
* Also, if you are a well established company, adapting will be comparatively easier.
* However, if you are a start up Software Development Company, there will be more pressure on you due to the drop in the advertising spend of the corporate industries.
* Another factor which is undoubtedly affecting the Software Development Companies is that many important parts of the system are imported from China. Due to lockdown and stop of supply from China, Software Development Companies will inadvertently be affected. A lack of resources in such circumstances is thus inevitable.
* In wake of this situation, Software Development Companies thus need to be on a lookout for alternative sources as the situation may be prolonged due to coronavirus.
* Also, there is a possibility of the prices of the resources there by increasing in the future. It’s bound to be a tough year ahead.
* Other than that Coronavirus is posing a threat to the Software Development Companies due to the fact that health organisations are advising against use of Smartphone as it is the device we touch again and again and pose a threat for spreading Novel Coronavirus.
What I have mentioned above are some of the probable effects of Coronavirus on Software Development Companies, and some hints so as to overcome these effects. At the end of the day, it is important to remember that for any business in such circumstances, adapting and being proactive is the only option. Analyse and react immediately. And as I always say, Stay safe!