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Has COVID-19 pushed us into the digital future?

BOSSES, HAVE YOU THINK OF DIGITALISE YOUR BUSINESS?

Has COVID-19 pushed us into the digital future?

Since the COVID-19 outbreak was first diagnosed, it has spread with alarming speed, infecting millions and bringing economic activity to a near-standstill as countries imposed tight restrictions on movement to halt the spread of the virus, to over 200 countries and all states. The pandemic is negatively affecting global economic growth beyond anything experienced in nearly a century.

As the health and human toll grows, the economic damage is already evident and represents the largest economic shock the world has experienced in decades. Not only that, the human costs in terms of lives lost will permanently affect global economic growth in addition to the cost of rising levels of poverty, lives upended, careers derailed, and increased social unrest. Global trade could also fall by 18%, depending on the depth and extent of the global economic downturn, exacting an especially heavy economic toll on trade-dependent developing and emerging economies.

Many businesses are experiencing devastating financial consequences from the pandemic, whether because of supply chain impacts, forced shutdowns, a significant pullback in consumer spending, or all of the above. Consumer discretionary manufacturers and retailers, oil and gas companies, and the service industry are among the sectors that have been struck the most grievous blows. To avoid catastrophic revenue losses, these companies have no choice but to shift focus to their business’s existing digital channels or make a bigger pivot to a digital business model.

A hero is known in the time of misfortune. Although most of the big corporates and SMEs were forced to shutdown during the Covid-19 pandemic, some of the corporates were still able to survive in managing the crisis steadily and even more stably by digitising their business well. 

During the COVID-19 pandemic, there are no doubts that technologies are playing a crucial role in keeping our society functional in a time of lockdowns and quarantines. Digitization has stepped in to bridge the gaps left by mandated shutdowns and social distancing measures. For instance, we would have no way to work, shop, go to school, and more without digital tools and technologies.

Are we looking towards a digital future?

As a matter of fact, we do. Soon, we will be entering a future in which all questions about business can be answered by digital transformation. Many would now argue that the digital transformation of different industries could be the death of creativity and imagination.

In fact, it's a valid point. That is why the digital transformation we need must strike a balance between machine intelligence and human imagination. Survival in the post-COVID-19 era can only be achieved through a comprehensive and balanced digital transition.

BOSSES, HAVE YOU THINK OF DIGITALISE YOUR BUSINESS?

Our experienced Tech Star consultants will guide you through the entire process of software development and digitization. We believe, together, we will find the best digital solutions for your enterprise, define and plan IT strategies that will have a global impact on your business.

Feel free to contact us for consultancy. Stay healthy during this pandemic and keep POSITIVE!